CPF Life - Standard Plan

[keenklee]

You forgot to mention the most important part. How much are you receiving monthly from Cpf life?

IMHO.
This is important, because it sets the benchmark, 10 years later, hopefully someone can report if the FRS will give this same amount.

 

[Gondon72]

GXGX to TS. Will come back next month to see the actual amount of money given by CPF life per month. (usually I divided by 15 years to estimate it. Agar agar $1160..)

 

[eggie011]

Okay, a lot of questions on the part that is left in the RA. This is the 20% that you can take back. I've read some stuff, did some maths and this is the answer.

This amount is calculated as follows.

(RA - topups) * 0.2 - 5000.

Let's put in my numbers.

(253011.18 - 10000) * 0.2 - 5000
= 43602.24.

So it is correct.
I assume sometime in the future, it will be transferred to OA. Again, will update when that happens.

 

[eggie011]

You forgot to mention the most important part. How much are you receiving monthly from Cpf life?

Will update on 2/3 Sep when the payout starts. Stay tuned.

 

[coyote]

IMHO.
This is important, because it sets the benchmark, 10 years later, hopefully someone can report if the FRS will give this same amount.

Well, mathematics don't change... People in the future will get more...that's only because their BRS, FRS and ERS amounts track with inflation. Little basis for comparisons.

 

[coyote]

Will update on 2/3 Sep when the payout starts. Stay tuned.

You should already know by now.

 

[a4973]

From Google

Extra Savings Above the Target: If you set aside more than your required retirement sum, or if you had extra cash left over after your specific premium was calculated and deducted, the remainder stays in your account.

Any idea what is the purpose for leaving that balance? Thank you

 

[a4973]

I wonder what formula cpf use to decide this $209k for premium.

I always thought for standard plan, everything in RA will be used as premium.

More importantly what is the purpose for leaving that balance in RA especially if it is illiquid but still not contributing to CPF Life payout. So far I can only see the upside of 4% RA interest staying in RA perhaps as bequest.

 

[van123]

There is that 20% option less 5k withdrawal option before payout start.

Is it possible to put the 20% into CPF life premium instead of leaving it for withdrawal in RA
Anyone know

 

[weng0202]

sagu observes many people think they can save the same or if not more money than their CPF money if the Government had not have the CPF system that forces your employers to also contribute to your CPF money, true ?



#saguwisdom

Problem is they "think" only. Not many ppl will be able to do so because got money will think of how to spend it instead

 

[yokine3a]

Is it possible to put the 20% into CPF life premium instead of leaving it for withdrawal in RA
Anyone know

Just dun withdraw this 20%, it will then be used as cpflife payout. No need to take out put back.

 

[a4973]

Just dun withdraw this 20%, it will then be used as cpflife payout. No need to take out put back.

Do you mean to just leave that 20% in RA and it will be transferred to the CPF Life premium account to be paid out as CPF Life payout? Because I believe if the 20% just sit in RA it is not part of CPF Life payout. Thank you

 

[yokine3a]

Do you mean to just leave that 20% in RA and it will be transferred to the CPF Life premium account to be paid out as CPF Life payout? Because I believe if the 20% just sit in RA it is not part of CPF Life payout. Thank you

This 20% is an option, for ppl who may need some cash. You can choose not to execute this option, just like you can choose not to withdraw 5k upon reaching 55yo, but everyone has an option to withdraw 5k.

 

[yokine3a]

So TS did submit a request to withdraw 20% from RA?
No wonder cpf didn't sweep everything into the pool.

 

[Wanderer123]

I took a lot out of OA to invest. Left some in there to pay mortgage. You can see I still have some in OA still servicing my loan.

That RA bit, haha, I also donno.

I got a feeling its just going to be stuck there, earning 4%, can only pass it to your beneficiaries in future, just my hunch.

 

[bruiser69]

I think if one was to take out 20%, then the payout will be correspondingly less. No right no wrong just do what is best for individual self

 

[eggie011]

So TS did submit a request to withdraw 20% from RA?
No wonder cpf didn't sweep everything into the pool.

I honestly don't remember if there was such an option.

 

[WoollyMammoth]

My parent when retire pledged property and empty ra but still not enough to reach frs. Now whenever I deposit cash into ra, the ra is quickly emptied to add to the cpf life premium. There is a bar that tells still how far to the frs.

 

[bruiser69]

I honestly don't remember if there was such an option.

Wah! Call CPF nao and scold them

Dunno true or not, cos I heard this from my older collicks. Sometime back, a certain community was griping that after working so long and hard all the years, even when it came to their retirement their monies were permanently locked and they can only take out bit by bit month by month.

They went to see their MPs and told them at the very least, prease set aside a small sum for them to perform the haj lah

 

[d3n]

i think i will withdraw that $5k to use it (flight and logistic) for moving to Thailand for retirement