New CPF LIFE Estimator

[reddevil0728]

What is "3k+"?

Asking about payout it seems

 

[zoneguard]

3. Within 25 years, the inflation rate trajectory is unknown. So it is very challenging to convert a nominal dollar value payout 25 years later to today's dollars.

MAS has an inflation calculator. Pick the following:

Category: Overall.
That costs: SGD 1000 in Year: 1996 would cost in 2021.
SGD 1,415.04

Number of years:

25

Percentage change :

41.50 %

Compound average annual rate of inflation:

1.4 %

Check with Excel:
=FV(1.4%,25,,-1000)
=$1,415.63

=PV(1.4%,25,,-1415.63)
=$1,000

 

[dork32]

MAS has an inflation calculator. Pick the following:

Category: Overall.
That costs: SGD 1000 in Year: 1996 would cost in 2021.
SGD 1,415.04

Number of years:

25

Percentage change :

41.50 %

Compound average annual rate of inflation:

1.4 %

Check with Excel:
=FV(1.4%,25,,-1000)
=$1,415.63

=PV(1.4%,25,,-1415.63)
=$1,000

if you have ocd the the excel formula is =RATE(25,0,1000,-1415.05)
= 1.398%

 

[zoneguard]

Looks like CPF rolled out a new planner: https://www.cpf.gov.sg/member/tools-and-services/planners/cpf-planner-retirement-income

This caters for a personalized consumption basket based on your choice of lifestyle, inflation rate of 2% ,SA balance and salary projection to project retirement income at 65 for CPF LIFE Standard plan. I assume gender is also catered for.

Singpass is required though for the SA balance to be retrieved to start the planner.

The result is the payout value and whether it exceeds or falls short of the desired value to support the lifestyle.

 

[The_Davis]

Did anyone write in to ask about the bequest amount?

 

[reddevil0728]

Did anyone write in to ask about the bequest amount?

When you wrote in were they able to provide or they say can’t?

 

[The_Davis]

When you wrote in were they able to provide or they say can’t?

I never write in - see this thread many saying that so asked just in case

 

[reddevil0728]

I never write in - see this thread many saying that so asked just in case

Oh. Then just write in la.

if they can’t say they will tell you also

 

[lzydata]

Did anyone write in to ask about the bequest amount?

Not sure if this is sufficient:

How much CPF LIFE premium balance will my beneficiaries receive when I pass away?

After you pass away, your beneficiaries will receive your CPF LIFE premium balance, which is the total CPF LIFE premium that you have paid less the total payouts you have received from your premium, together with any remaining CPF savings.

For example, if you paid a CPF LIFE premium of $200,000 and pass away after receiving a monthly payout of $1,000 for ten months, we will pay your CPF LIFE premium balance of $190,000 (i.e. $200,000 - [$1,000 x 10 months]) together with any CPF savings to your beneficiaries.

On the other hand, if you pass away before receiving any payouts, we will pay your CPF LIFE premium balance of $200,000, together with any remaining CPF savings to your beneficiaries.

https://www.cpf.gov.sg/member/faq/r...remium-balance-will-my-beneficiaries-receive-

 

[The_Davis]

For those who started cpf life already, the cpf website got tell you how much bequest ?

 

[qhong61]

Not sure if this is sufficient:

How much CPF LIFE premium balance will my beneficiaries receive when I pass away?

After you pass away, your beneficiaries will receive your CPF LIFE premium balance, which is the total CPF LIFE premium that you have paid less the total payouts you have received from your premium, together with any remaining CPF savings.

For example, if you paid a CPF LIFE premium of $200,000 and pass away after receiving a monthly payout of $1,000 for ten months, we will pay your CPF LIFE premium balance of $190,000 (i.e. $200,000 - [$1,000 x 10 months]) together with any CPF savings to your beneficiaries.

On the other hand, if you pass away before receiving any payouts, we will pay your CPF LIFE premium balance of $200,000, together with any remaining CPF savings to your beneficiaries.

https://www.cpf.gov.sg/member/faq/r...remium-balance-will-my-beneficiaries-receive-

So beneficiary will hope we pass away earlier.

 

[reddevil0728]

So beneficiary will hope we pass away earlier.

That’s a strange way of putting it?

then like that it is not just money in cpf? It’s everything else that you have?

cause the longer you survive, the more you consume, the less is for them

 

[chong18]

Anyone notice the CPF life estimator has been removed from CPF website? The new version doesn't allow those below 55 to key in age (for eg start payout at 70) to estimate payouts anymore