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The best way to prepare for retirement is to use less CPF $$


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(edited)

no matter how big is the salary ... max CPF is only $1800

the point here is

1. buy within means ... cheap and good

2. have a lot of $$$ for downpayment so that the monthly payment is low and fall within the 60-70% of OA monthly contribution

 

just like buying a car ... can pay 70% downpayment and monthly repayment is just 20-30% of salary

or $0 downpayment and monthly repayment is 50-60% of salary ... then eat bread and drink water

 

 

Oic, so his salary must be quite big that he only needs to use 60% of his monthly contribution

 

to pay for his housing and the balance 40% goes into his OA.

 

So the best way to save for retirement is having a big salary.

 

:D

 

Edited by Wt_know
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Turbocharged

 

Not wipe out cos you say you and your friend will only use 60% of your OA.

 

So if 360k is just 60% of your OA then you have a balance of 40%

 

or 240k in your OA.

 

:D

Sorry my error.

 

I mean monthly installment 60~70% or OA contribution.

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(edited)

You buy new or resale?

 

360K for JWext 4-room???? [bigcry][bigcry][bigcry]

 

I bought at 170K for premium unit somemore. Already hiam kwee liao lor. If just 1 or 2 years earlier, I could have gotten it 100K niah. 200Kish could have gotten the executive flat..... Regret not hooting it then..... But, was too conservative...... thinking of retrenchment, job loss, etc......

 

 

 

 

 

the good thing is you probably finish paying off the loan in 10 years, you can start feeling happy seeing your cpf statement after that [laugh][laugh]

Edited by Jman888
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Turbocharged

You buy new or resale?

 

360K for JWext 4-room???? [bigcry][bigcry][bigcry]

 

I bought at 170K for premium unit somemore. Already hiam kwee liao lor. If just 1 or 2 years earlier, I could have gotten it 100K niah. 200Kish could have gotten the executive flat..... Regret not hooting it then..... But, was too conservative...... thinking of retrenchment, job loss, etc......

 

 

 

Resale lah.

CPF should be "wiped out" for property purchase. At least that is my perspective because I don't foresee getting the money back in one lump sum unless I get the f*ck outta here.

I more worry if Kenna retrenchment, cannot pay.😭😭😭

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(edited)

in the good old days ... the safer rule is build "reserve" in OA to service the monthly HDB loan for at least 12-18 months in case of unemployment/retrenched

 

Resale lah.

I more worry if Kenna retrenchment, cannot pay.😭😭😭

 

Edited by Wt_know
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Yup, now feeling rich just by looking at the statement of account. [laugh]

 

But, cannot touch..... [bigcry]

 

 

 

the good thing is you probably finish paying off the loan in 10 years, you can start feeling happy seeing your cpf statement after that [laugh][laugh]

 

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Supercharged

 

Oic, so his salary must be quite big that he only needs to use 60% of his monthly contribution

 

to pay for his housing and the balance 40% goes into his OA.

 

So the best way to save for retirement is having a big salary.

 

:D

 

wow... another zorro spotted~! [laugh] [laugh] [laugh]

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(edited)

your statement of account show

 

$xxx,xxx in $$ used for property >> this one everyone also have ... lol

or

$xxx,xxx in OA

 

got difference leh .... hehe

 

Yup, now feeling rich just by looking at the statement of account. [laugh]

 

But, cannot touch..... [bigcry]

 

 

 

Edited by Wt_know
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(edited)

 

 

have a lot of $$$ for downpayment so that the monthly payment is low and fall within the 60-70% of OA monthly contribution

 

 

 

 

I completely agree.

 

Thats why I regretted marrying a smart and beautiful women.

 

I should have married a rich, smart and beautiful women.

 

I shouldn't have settled so easily.

 

I hope single men don't make the same mistake I made.

 

You can be born to a rich family, not within our control, you can be the next Bill Gates,

 

within our control but how many can be like him? 1 in 1 million, 1 in 10 million?

 

Marry a rich lady - only viable option left.

 

:D

Edited by Jamesc
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Supercharged

 

 

the good thing is you probably finish paying off the loan in 10 years, you can start feeling happy seeing your cpf statement after that [laugh][laugh]

 

not really. cos you still owe your CPF interest for the amount you took out for the loan to buy the house.

you never really PAID up that loan until you liquidate your unit.

your wife better not be reading this forum~! [laugh]

or you actually prefer sleeping on the sofa?!? [laugh]

 

 

I completely agree.

 

Thats why I regretted marrying a smart and beautiful women.

 

I should have married a rich, smart and beautiful women.

 

I shouldn't have settled so easily.

 

I hope single men don't make the same mistake I made.

 

You can be born to a rich family, not within our control, you have be the next Bill Gates,

 

within our control but how many can be like him? 1 in 1 million, 1 in 10 million?

 

Marry a rich lady - only viable option left.

 

:D

 

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wow... another zorro spotted~! [laugh] [laugh] [laugh]

 

Haha! But the more important statement is

 

How many people can have a big salary to start with.

 

If we all had big salaries we don't need to worry about

 

housing or retirement.

 

:D

 

not really. cos you still owe your CPF interest for the amount you took out for the loan to buy the house.

you never really PAID up that loan until you liquidate your unit.

your wife better not be reading this forum~!

or you actually prefer sleeping on the sofa?!? [laugh]

 

 

 

I have a very comfortable sofa.

 

:D

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Supercharged

[laugh] wanted to praise. but already praised you for earlier post. gotta wait [;)]

 

 

...

 

I have a very comfortable sofa.

 

:D

 

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actually, if you really think about it, it is not exactly a bad idea.

it is actually a HUGE paradigm shift.

 

our neighbors across the causeway has been dealing with their housing loans without touching their EPF. and they still managed to get by on their monthy salary (dun compare exchange rates, their salary range is very similar to ours ie, an engineer earning SGD2500 will earn roughly about RM2500 for a similar job). and i am really amazed, given that their cost of living is so much higher. (ie one tin of Milo cos about SGD16, but there, it cost around RM28.)

 

i'd be all for it if the CPF returns with higher interest rates. (comparing to EPF, our returns are shit~!)

 

back in the days when our grandparents cannot use CPF to buy house, they managed to put our parents thru school till graduation, set up a family and still afford a car... ALL ON ONE SINGLE salary.

today? try telling your spouse not to work. i can bet you, 8 out of 10 couples will say you siao ah?!? how to afford a house and a family on one single salary?!?

 

agree? share your view. [:)]

 

isn't it obvious?

 

to ban CPF use for hdb is going to cause a hell lot of problem

1. drastically drop demand for hdb. this might cause prices to crash. leaving alot of home owners in negative equity.

2. alot of people will have problem servicing their loans.

 

to give 80% discount on all BTO is going to crash the hdb market. no one will be able to sell off their property whether it is to upgrade or to cash out. this will have a impact on the property market at large. For most ppl whose asset is in their property. this will kill their retirement plans.

 

for those hdb owners still not so bad. for those private prop owner, if valuation drop too much, bank will ask them to top up. if cannot top up then hong gan liao.

 

not only property will crash. economy at large will crash.

 

so explain to me again, how the fark is this a good idea?

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Resale lah.

 

I more worry if Kenna retrenchment, cannot pay.

 

As long as you are willing to work there will always be a job for you.

 

I am looking forward to the $3,000 dish washing job at the sushi place.

 

:D

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(edited)

cpf > hdb resale > private property > economy

interlink gao gao liao

TOO BIG TO FAIL

Edited by Wt_know
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Supercharged

like i said, it is a paradigm shift.

you think the incumbent G will do it now that so many people have bought the flats at such high prices?!?

 

i said the idea is not a bad one. it requires a HUGE paradigm shift to re-implement it.

and even if it were to be introduced, it has to be a tapered implementation to deal with the scenario that you described.
it will be a much more effective cooling measure than all the current duties that is slapped on the buyer when a housing transaction takes place. no?

good thing no come cheap. cheap thing may not come good.
want good thing to come cheap? intial high price to pay.

 

again, all i am saying is the idea may not be a bad one.

it is the implementation that needs to be discussed.

 

 

isn't it obvious?

 

to ban CPF use for hdb is going to cause a hell lot of problem

1. drastically drop demand for hdb. this might cause prices to crash. leaving alot of home owners in negative equity.

2. alot of people will have problem servicing their loans.

 

to give 80% discount on all BTO is going to crash the hdb market. no one will be able to sell off their property whether it is to upgrade or to cash out. this will have a impact on the property market at large. For most ppl whose asset is in their property. this will kill their retirement plans.

 

for those hdb owners still not so bad. for those private prop owner, if valuation drop too much, bank will ask them to top up. if cannot top up then hong gan liao.

 

not only property will crash. economy at large will crash.

 

so explain to me again, how the fark is this a good idea?

 

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like i said, it is a paradigm shift.

you think the incumbent G will do it now that so many people have bought the flats at such high prices?!?

 

i said the idea is not a bad one. it requires a HUGE paradigm shift to re-implement it.

and even if it were to be introduced, it has to be a tapered implementation to deal with the scenario that you described.

it will be a much more effective cooling measure than all the current duties that is slapped on the buyer when a housing transaction takes place. no?

 

good thing no come cheap. cheap thing may not come good.

want good thing to come cheap? intial high price to pay.

 

again, all i am saying is the idea may not be a bad one.

it is the implementation that needs to be discussed.

 

 

 

 

if cpf cannot be used for housing, then cpf contribution no need to be so high if it purely meant for retirement. maybe 10% employee and 5% employer enough liao, everyone happy.

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Supercharged

you know, when people keep telling you not to worry, it is human nature to start~! :wacko:

and if they tell you not to worry one too many times...

 

 

CPF money 100% safe: Swee Say

BY AUDREY TAN, Straits Times

MINISTER in the Prime Minister's Office Lim Swee Say yesterday assured Singaporeans that their money in the Central Provident Fund (CPF) was "100 per cent safe".

While many investments had been lost during the global financial crisis, he pointed out, CPF had still continued to earn interest then.

"(The) money with CPF... was not only safe, but continued to earn risk-free interest," he told reporters on the sidelines of a mock parliamentary debate session for students at The Arts House.

He was responding to recent public discussions on the CPF, prompted by a May 15 post by blogger Roy Ngerng alleging that Prime Minister Lee Hsien Loong had misappropriated CPF savings.

Mr Ngerng has since been sued by Mr Lee for defamation.

Yesterday, Mr Lim reminded Singaporeans that the money in their CPF account was theirs - something that "nobody can take away".

He said: "You have the money, the account, and you receive the statement of accounts on a regular basis, so you know exactly how much money you have."

Mr Lim, who is also labour chief, emphasised that the CPF is used mainly for retirement, after accounting for housing, health care and education for children.

Considering how Singaporeans are living longer, he advised against the early use of CPF money, as this would leave less for retirement.

"Instead of thinking if you can spend your savings at the age of 55, we should think about how we can help Singaporeans remain employed, earn a good living and, at the same time, to continue to contribute to the CPF," he said.

The three-day Singapore Model Parliament event, which involved more than 100 students, ended yesterday.

Discussions were dominated by several national issues, such as Singapore's Constitution, minimum wage and cyber security, with the students taking on parliamentary roles including that of prime minister, ruling party MPs and opposition party MPs.

The event was organised by government feedback arm Reach's Youth Ambassadors from the National University of Singapore (NUS), the NUS Political Science Society and the Pro Bono Office of the NUS Faculty of Law.

Said NUS law student Navin Prakass Pillay, 23, who was one of the organisers: "I encountered participants who are very passionate about issues that young people are not really interested in... I found that very refreshing."

Source:

Straits Times 23 Jun 2014

- See more at: http://www.allsingaporestuff.com/article/lim-swee-say-your-cpf-monies-100-safe#sthash.2gjE0ibX.dpuf

 

 

"Instead of thinking if you can spend your savings at the age of 55, we should think about how we can help Singaporeans remain employed, earn a good living and, at the same time, to continue to contribute to the CPF," he said

 

reading between the lines, does that mean we gotta work till the day we go six foot under? :wacko:

scary thought hor? :blink:

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