Cannot draw CPF till 65?

[Zanter]

I think I half dead also cannot take out own money. Well not to say I have much money by time I can draw my money, its half eaten away by inflation already!

[Joseph22]

Think the 65 yo one is the monthly allowance right?? Or its refer to all the cpf money??

[Jamstart]

The CPF thingy is getting more and more confusing.

[Gearoil]

To make it simple to under-the-stand.

 

If you don't have enough money to make up to the Min Sum when you turn 55...you got NOTHING to take out!

 

That is you got only one chance to strike to take out your money....if you have much at 55!

 

If you got more than enough for the Min Sum required at that time, when one has turned 55, you can take out everyhing less th Min Sum amount. Meaning from OA as well as SA, leaving only your medi-Save for 'Khaw to slowly take it'

 

So it is fairly simple.

 

For those that have more than enough money, when they trun 55, they should ( I say should but of course there are always idiots around) TAKE OUT WHATEVER THEY CAN!

 

For the other case, of not satisfiying this requirement ( Min Sum) .....I don't want to know and definitely the gov also 'don't want to know you'!

 

Simple bo?

 

I also don't want to know those that have to work after 55 to 60 and beyond.

 

It's your' funeral' if one have to continue working thereafter becos of a lack of money!

[Joseph22]

I check out at cpf website. If ypu have enough min sum. You can chose to draw out slowly through out the year. But i think. Please draw out before you hit 65. It did not mention what happen to the sum when the cpf draw out kick in.

 

So note that contradite to what gearoil say. You dont need to die die draw out at 55. But also at 56 or 57.

 

However, having said that, with the ever changing policy of our gahmen, its better to draw out everything at the first chance.

[Civic2000]

You can withdraw your CPF savings when you turn 55, after setting aside your CPF Minimum Sum. So there is no change in the age of CPF withdraw. The 65 years old your are referring to is so call Drawn Down Age (DDA) for you to start receiving monthly payments from your CPF Minimum Sum. You will receive the monthly income until your CPF Minimum Sum is exhausted.

 

The DDA for members who turned 55 from 1999 to 2004 is 62. This has been gradually increased to 65 for those who turned 55 in 2009.

 

CPF member who has previously withdrawn his CPF on reaching 55 years may further withdraw his CPF on a yearly basis, i.e. on or after his 56th, 57th birthday and so on. Thus, there are some who prefer making partial withdrawal, instead of withdrawing the whole sum and chose to keep some saving in the OA to earn 2.5% interest, as no bank in S'pore can give you this interest rate. It works like a 12 month FD, as you are allowed to make yearly withdrawal.

[Gearoil]

I check out at cpf website. If ypu have enough min sum. You can chose to draw out slowly through out the year. But i think. Please draw out before you hit 65. It did not mention what happen to the sum when the cpf draw out kick in.

 

So note that contradite to what gearoil say. You dont need to die die draw out at 55. But also at 56 or 57.

 

However, having said that, with the ever changing policy of our gahmen, its better to draw out everything at the first chance.

 

Helo Joe 22.

 

I always give good advice.

 

but yet you pour cold water over what i've said.

 

Then you change your mind and quickly said it's better to do what I've said earlier.

 

Helo Joe 22

 

In life, you have to be on your wits, a moment of wrong decision or hesitation or not knowing what is best pertaining to ANY particular issue you are going to take action will....

 

......

 

 

..........

 

Land one in BIG shxt for life!

 

And that is another good advice!

 

[Gearoil]

You can withdraw your CPF savings when you turn 55, after setting aside your CPF Minimum Sum. So there is no change in the age of CPF withdraw. The 65 years old your are referring to is so call Drawn Down Age (DDA) for you to start receiving monthly payments from your CPF Minimum Sum. You will receive the monthly income until your CPF Minimum Sum is exhausted.

 

The DDA for members who turned 55 from 1999 to 2004 is 62. This has been gradually increased to 65 for those who turned 55 in 2009.

 

CPF member who has previously withdrawn his CPF on reaching 55 years may further withdraw his CPF on a yearly basis, i.e. on or after his 56th, 57th birthday and so on. Thus, there are some who prefer making partial withdrawal, instead of withdrawing the whole sum and chose to keep some saving in the OA to earn 2.5% interest, as no bank in S'pore can give you this interest rate. It works like a 12 month FD, as you are allowed to make yearly withdrawal.

 

Err...the way you always post replies to questions pertaining to anything that has got to do with any 'silver service related type of poiicy' seems to indicate you are...

 

1) In silver service

 

2) got your 2 1/2 months bonus this year.

 

3) will highly be likely to vote for the Papies this time round again.

 

4) Tend to keep behind the background in forums unless some goons ( definitely a Sinkie lah or else why ask about policy that affect sinkie) ask about some important question relaetd to silver service policy.

 

5) Could be a 'dangerous' type of person...just assuming...but then your avatar seems to indicated otherwise...hmm..

 

Anyway thanks for clarifying to some Sinkie who need to know...

 

THEY ARE DEAD MEAT BECOS SOMEONE HAS GOTTEN HOLD OF THEIR MONEY AND THESE WILL LIKELY NOT BE RELEASED TO THEM UNTIL AFTTER THEY HAVE DIED!

 

 

 

[Robo]

aiyah... they might as well pass a law to say CPF u DIE also cannot draw... change here and there until ppl blur. plus so much paper work waste time

[Joseph22]

Bro gearoil, you over sensitive liao. Cause from your initial post, it give a wrong impression that we had only 1 chance to take out the cpf money. I wanted to clarify that point nia. But ultimately, i agree with your view in taking out everything As CPF ruling is ever changing.

 

So bro, dont worry i am not here to throw cold water. I add on to your point nia.

 

Peace

[RadX]

Bro gearoil, you over sensitive liao. Cause from your initial post, it give a wrong impression that we had only 1 chance to take out the cpf money. I wanted to clarify that point nia. But ultimately, i agree with your view in taking out everything As CPF ruling is ever changing.

 

So bro, dont worry i am not here to throw cold water. I add on to your point nia.

 

Peace

 

jus ignore the IMH patient lah...and u will be ok

[Joseph22]

Bro Robo, you work in CPF board huh

why want to makan our CPF money??

[Civic2000]

I am a retiree. I withdrew my CPF 4 years ago and I am waiting to receive my monthly payments. I have never voted in last few elections, simply b'cos no opposition candidates in my constituency that that allowed the walk over for the Papies. By the way, what wrong with people working in the civil service?

[Evillusion]

this should be in the football channel! under moving and miniaturising goalpostt refereed by the Khawl

[Robo]

Bro Robo, you work in CPF board huh

why want to makan our CPF money??

 

u TKK i will nvr be a working in the civil service.

 

if 1% of the total CPF balance is mine i song gao julong liao!

 

better STFU liao. this thread quite sensitive... scarli next thing u know ISD come knock knock jio u jiak kopi den u know.

[Joseph22]

Dont worry, you see me carry their ball here i will likely be okay.

[Robo]

Dont worry, you see me carry their ball here i will likely be okay.

 

why even the need to do that? [laugh] not that u carry they will give u free COE or GST waiver or best no need income tax.

[Zanter]

Ok I only read the details. Its 65 before they pay you a monthly payment/allowance.