FRS or ERS?

[vsvs24]

A lot of uncertainty in life. CPF life payout also has uncertainties.

No one knows 10 yrs later will the actual payout be the same as projected payout.

 

[magicming]

A lot of uncertainty in life. CPF life payout also has uncertainties.

No one knows 10 yrs later will the actual payout be the same as projected payout.

True. In my own case, the CPF life estimator says $2150. But I round down to $2k. For me an assured $2k is enough security.

 

[BBCWatcher]

ofc if u know how to invest yr cash to get better returns, then u can even try to opt for BRS

Why stop there? If you have an acceptable alternative life annuity you can apply to withdraw every penny from CPF as early as age 55. (Except for your MediSave balance.)

 

[Oldnerd79]

True. In my own case, the CPF life estimator says $2150. But I round down to $2k. For me an assured $2k is enough security.

My CPF life estimator says 4k+ for ERS layout at 70, means by then 4k+ is equivalent to today's 2k ish lol

Not sure if I input the numbers correctly, I pretend I'm 55 now and enter the ERS amount I estimated (assuming when I'm 55 FRS is 300k and ERS 450k)

For basic living expenses is ok, can forget about the luxuries

 

[dork32]

dork32 did reveal his side history all long family lives. I just finish another funeral father sister gone at age 64. Mandai Crematorium every 15 mins funeral car and tour bus come in. Burning chambers working OT and mine is 7.30 pm burn very jam like Causeway jam.

it is not just that i have long life.

one of the idea of choosing ers basic is as follows:

you earn about 4% interest.
you get a payout which is basically drawing your own money
if you die you, your kids will spend the money for you
if you die slightly older, you will finsh drawiing everything and leave nothing for your kids
if you die very old, they pay you till the day that you die.

to me this deal is ok for me.

 

[andyhtc]

My CPF life estimator says 4k+ for ERS layout at 70, means by then 4k+ is equivalent to today's 2k ish lol

Not sure if I input the numbers correctly, I pretend I'm 55 now and enter the ERS amount I estimated (assuming when I'm 55 FRS is 300k and ERS 450k)

For basic living expenses is ok, can forget about the luxuries

COE could be $300k by then and everything is super inflated.

 

[sohguanh]

so what if u suay suay live till 90?

Why does doctor almost always wanna take a look at a patient family history on top of patient illness itself? Too much occurrences have happened in reality for them not to ignore. So if you beat the odds then you super lucky else I think majority all no exception to fall to family history this mysterious phenomena.

 

[magicming]

My CPF life estimator says 4k+ for ERS layout at 70, means by then 4k+ is equivalent to today's 2k ish lol

Not sure if I input the numbers correctly, I pretend I'm 55 now and enter the ERS amount I estimated (assuming when I'm 55 FRS is 300k and ERS 450k)

For basic living expenses is ok, can forget about the luxuries

CPF LIFE payout just for the essential basics. Need other funds to top up all the extras and the inflation etc. But just in case lose all the other money. At least still got the CPF Life. Unless Singapore govt close down.

 

[sohguanh]

For basic living expenses is ok, can forget about the luxuries

The definition of living expenses varies among individual. If you eat and live like a monk (someone coin this term) even if inflation you might just have enough. E.g 3 meals per day never cross $5 becuz you cook yourself for instance etc

 

[vsvs24]

The definition of living expenses varies among individual. If you eat and live like a monk (someone coin this term) even if inflation you might just have enough. E.g 3 meals per day never cross $5 becuz you cook yourself for instance etc

Cook yourself also more than $5. Water and electricity going up also.

 

[sohguanh]

Cook yourself also more than $5. Water and electricity going up also.

If you only eat breakfast and lunch no need on lights. Water yes no choice but still it is much cheaper compared to you buy outside. If breakfast is a loaf of bread means buy one loaf eat 5-7 days. Lunch will see what you use to cook. It can be done I believe. But not all can do they have no choice pray ERS FRS to help them tide over.

 

[Oldnerd79]

The definition of living expenses varies among individual. If you eat and live like a monk (someone coin this term) even if inflation you might just have enough. E.g 3 meals per day never cross $5 becuz you cook yourself for instance etc

Yes just for my lifestyle la, my current living expenses is slightly above $2k a month, excluding taxes, parents allowance and the yearly discretionary spending like travel.

Seldom cook but will cook more when retired, however I don't think it will help me save money, sometimes I cook even more expensive than buying outside

 

[vsvs24]

If you only eat breakfast and lunch no need on lights. Water yes no choice but still it is much cheaper compared to you buy outside. If breakfast is a loaf of bread means buy one loaf eat 5-7 days. Lunch will see what you use to cook. It can be done I believe. But not all can do they have no choice pray ERS FRS to help them tide over.

Don't be so hard on yourself.

 

[sohguanh]

Seldom cook but will cook more when retired, however I don't think it will help me save money, sometimes I cook even more expensive than buying outside

Again when cook depend what you use to cook. For me a pack of rice vermicelli, cabbage all can eat multiple meals and an egg one meal. Soy sauce add a bit. Eat like a monk.

 

[item2sell]

Again when cook depend what you use to cook. For me a pack of rice vermicelli, cabbage all can eat multiple meals and an egg one meal. Soy sauce add a bit. Eat like a monk.

At 80 what’s the point of survival.

 

[sohguanh]

At 80 what’s the point of survival.

Then yes can make oneself die but in Spore euthanasia is illegal. Commit suicide a crime too. Accident is most feasible option.

 

[Oldnerd79]

CPF LIFE payout just for the essential basics. Need other funds to top up all the extras and the inflation etc. But just in case lose all the other money. At least still got the CPF Life. Unless Singapore govt close down.

If even ERS payout is only enough for basics, then it's not that attractive. might as well go for FRS. To top up, still can rent out spare rooms, followed by drawing down SA bit by bit. and lastly is my 2 safety nets - surrender whole life policy and HDB lease buyback.

 

[magicming]

COE could be $300k by then and everything is super inflated.

True. But if we plan for huge inflation etc, it might be cannot retire at all. So depressing. So I just plan for simple retirement.

 

[item2sell]

Then yes can make oneself die but in Spore euthanasia is illegal. Commit suicide a crime too. Accident is most feasible option.

it will be legalised one day. The earth is overpopulated. Not enough food.

 

[magicming]

Actually, $2k can lead quite a decent life. Currently, my basic expenses less than $1k a month. I save a lot on transport as I’m used to taking bus and MRT. Yesterday I had lunch at a cafe. Soup. Main course. Carrot cake dessert. and a cappuccino. All in about $30. Can go for a resto meal 3 times a week. One month also less than $400. Every 2-3 months also can go for holiday.