How retiree in Singapore saved over $1.6m in her CPF

[fandango]

CPF?

You again?!?

 

[desmond_yee1]

anyone got the cpf roadshow photo?

 

[middleclass]

whats the point having 1.6mil at 67yo

cant enjoy most things liao

Heng ah, I got more than $1.6 mil now

 

[desmond_yee1]

Can fact check this?

 

[YouHeypiCanLiao]

can unpay ?


Read HWZ Forum Rules!

 

[RinoaX]

1.6mio can anytime take out whole sum to use? No right? So what's the point.

 

[-Hera-]

67 Liao still don't want take out and enjoy? So much money also useless.

 

[item2sell]

Fake person Lai de.
That’s why it is known as 160th

 

[peaceheart]

whats the point having 1.6mil at 67yo
cant enjoy most things liao

Yah loh. Most likely some extreme hoarder, freegan whatever for her whole life. Lived but nv actually lived

 

[d3n]

whats the point having 1.6mil at 67yo

cant enjoy most things liao

Exactly.

worst still kena illness also GG max

 

[bluethesky]

A 67-year-old retiree holds a record of sorts that most of us would yearn for - she has more than $1.2 million in her Ordinary Account (OA) of the Central Provident Fund (CPF).

If that's not impressive enough, she has another $400,000 in her Retirement Account and over $50,000 in her MediSave account.

Please subscribe or log in to continue reading the full article.
https://www.straitstimes.com/business/invest/how-retiree-saved-over-16m-in-her-cpf

Actually how many percent of CPF members can do that????? Anyway it is my dreamm....stilll dreaming....

 

[Dividends]

If the 1m65 movement's founder can hit 1m48, I don't see why $1.6m at 67 isn't possible.

 

[Jack_Chen]

For every 67 year old with million dollar CPF account, I can show at least 100 people without milliion dollar in CPF.

1 rambo among an army of poor peasants, very proud meh as a nation?

 

[theMKR]

1.6mil look impressive but once u discover it's only for appearance sake and you can't use it like a snap of a finger, it's worthless!

for her age, she can la.

1 snap, can get 1.6m - brs

 

[PortaPumper]

no photo of this 67yo millionaire charbor how to go tackle her siah?

 

[kimsix]

3. Cut loan tenure​

You don't have to be stuck with a home loan for the long haul even if you signed one for 30 years. It does seem bleak if you have to pay for it until you are 65 if you took it out when you were 35.
So you should set a goal to make a lump sum loan repayment every year or every other year. The aim must be to slowly cut the tenure to 25, 20, 15 and even 10 years.
You should also ask for a lower tenure if you can refinance the loan at a lower interest rate so that you can pay bigger sums monthly. If you need motivation to do this, just read your monthly loan statement.
You should know that paying a home loan is akin to taking three steps forward and then moving two steps back.
Just when you think your monthly repayment has knocked off a part of the loan, the accrued interest will be added on. This means only a small portion of the loan is actually paid off monthly.
So the only way to make a significant reduction in the loan is when you make a lump sum payment.

4. Refund home loan to CPF​

Congratulations if you have paid off your mortgage. Your OA would have been growing steadily since you stopped using CPF for payments. Just like how you set targets to reduce your home loan, you should now set targets to give your OA a regular boost by refunding the money that you withdrew for your home loan.
Go to myCPF, under the "My Request", "Property" and "Make a housing refund with cash". You should see the amount that you have withdrawn for your loan plus the accrued interest on the sum withdrawn.
Some people wonder why they are charged interest on their own money that had been used to pay off the loan. But this interest is not a cost; it is just a signal that you have missed earning this much in interest in CPF because you took the money out for the home loan.
The good news is that if you can slowly refund the principal sum and accrued interest back to your OA, you not only regain interest that was "missed", you can have a high level of savings in your CPF again, as if you have never used a dollar to pay for your home loan.
This is the secret to how people who have dutifully contributed to their CPF since they were young achieve about $700,000 in their OA when they are in their early 50s.
If you can achieve this, you will stand a chance to have $1 million or more in your OA when you are in your 60s. Even if you miss the mark by half, you will still be among the next generation of retirees who can still have decent savings for old age.
But is putting so much money in the CPF a good idea when you can use it for investment?
Janet says: "It is not so easy to make money in the stock market, and I think it is better to leave your money in the CPF and treat it like an insurance policy where you can withdraw at any time you want after 55."

3 and 4, not possible now thanks to hdb failure. hope mbt suffer before enjoy his cpf.

boomers have it easy. cheap big house, super short loan tenure.

who is she to teach us now?

 

[tankgunner]

Jin satki sia

 

[HandTired]

After coming to EDMW, I thought I have seen all kinds of fetish there is to see.

I was wrong.

 

[lifeisshort]

67 years old still has OA....i thought no more.....only RA.

 

[2Dollar]

The money is used by temasek to invest, if earn it will go to pockets of temasek, if lose raise cpf age and requirement