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

[Freestylers09]

i thought buy BTO direct from HDB no grant iirc?

 

but anyway i think you're probably right. my wife also say i stupid pay up everything so fast. =(

 

 

mine resale..lol

 

bto no grant nvm..so add in abit using monthly contribution,still can balance the equation

 

ya i dun intend pay up also..

 

reasons stated before in some thread..lol

 

payup all,next time u sell,pay back ur cpf interest also v high..remember is compounded too..

 

30 years drag to play this game with 2 v simple logic

 

if i cleared cpf for housing, no more HPS,cpf nothing

 

if no clear, HPS kicked in..my spouse can get all my cpf + house free..this is what i mean..

 

things are there to explore to work it out for our benefit, just that whether how we see it thats all

 

if wana clear to get other property loan ,then diff game play liao of coz

Edited June 23, 2014 by Freestylers09

[Evillusion]

Brudder, still working and still employed is two different things hor. Must say properly OK!

ok...ok....ungainfully employed....ai sai buay?

 

At 90 years old, think i'll be happy if i can pee properly.

gibe Secretary.....can hold for you! Ai mai?

[Porche]

Zorro should just shut up

[Ktglfc]

i thought buy BTO direct from HDB no grant iirc?

 

but anyway i think you're probably right. my wife also say i stupid pay up everything so fast. =(

 

At least you are debt free now on property :)

[Wt_know]

pay up fast fast has its advantage too

 

1. your cpf OA start to build up reserve

2. your TDSR goes down

3. your MSR capability goes up

4. no home loan = priceless

5. can start to look for 2nd property liao

 

i thought buy BTO direct from HDB no grant iirc?

 

but anyway i think you're probably right. my wife also say i stupid pay up everything so fast. =(

 

[Kb27]

Background Story: NTUC CHIEF LIM SWEE SAY: CHANNEL NEWS ASIA TWISTED MY WORDS

 

Lim Swee Say, the PAP MP and Minister without Portfolio, has written in a clarification to Channel News Asia which he said has misreported him on the issue of CPF yesterday.

 

In an interview yesterday with the State-owned news channel, the gaffe-prone Minister was quoted as calling on Singaporeans to prepare for retirement by "using less CPF money when young".

 

This remarks subsequently went viral on the internet with many citing it as further proof of the lack of intelligence of the Minister.

 

No doubt in a hurry to correct this image, Lim wrote a lengthy and convoluted clarification to Channel News Asia today:

 

"I refer to the article, "Prepare for retirement 'by using less CPF money when young'" (23 June).

 

The article para-phrased my comments and wrote, "The best way for Singaporeans to prepare for retirement is to use less of their Central Provident Fund (CPF) money when they are young." It gave the impression that I have urged Singaporeans not to use their CPF monies before retirement for any purpose including housing, healthcare and education for our children.

 

This is incorrect.

 

For the record, I made three points about CPF:

 

Firstly, CPF is your money. Nobody can take away that money from you.

 

Secondly, your money with CPF is 100% safe and continues to earn risk free interest, even during challenging times like the global financial crisis in 2009.

 

As the third point was reported out of context, I reproduce the relevant text of my interview here:

 

"Thirdly, the money is mainly for your retirement purpose. Besides housing, healthcare and education for your children, a very important part of CPF is to cater for retirement. So, for every dollar, if you can defer the use of the dollar, it is better to defer the use of the dollar when you are still young. For example, instead of thinking of whether you can spend your CPF savings at the age of 55, I think we should think about how we should help our Singaporeans remain employed, to continue to earn a good living, a good job and at the same time, to continue to contribute to the CPF. Because the more money you have in your CPF and the longer you defer the use of the CPF, the more you will have for retirement, as all of us are living longer and longer. So, these are the three basic points: firstly, the CPF is your money, no one can take away from you. Secondly, your money is 100% safe. Thirdly, the less you make use of your money when you are young, the more money you will have for retirement."

 

It is clear in this context that 'young' refers to those who are aged 55 and "less use" of the CPF money refers to the CPF cash withdrawal for purposes other than housing, healthcare and education for the children."

----------------------------------

 

We are not quite sure what to make of this.

 

According to the Merriam Webster dictionary, the word "young" means:

"being in the early stage of life, growth, or development."

 

Young - Synonyms and More from the Free Merriam-Webster Dictionary

 

So why Lim chose to use the word "young" to describe those who are on the cusp of retirement is a great mystery.

 

Secondly, besides using CPF money for housing, children's education and healthcare, aren't Singaporeans entitled to invest the remaining investible sum into instruments that may potentially pay more to supplement the low interest rate of 2.5%? Otherwise how are we all going to retire on our CPF after paying for housing, children's education and healthcare?

 

 

Lim Swee Say writes to CNA to clarify but leave more confused

[Myxilplix]

Ah neh, 2 kosong 1 telur and 1 teh tarik please.

[Ktglfc]

 

 

Lim Swee Say writes to CNA to clarify but leave more confused

 

 

1st interview already very cleared, 2nd one even more cleared - to reinstate the word "young"

 

Wow, at age 55, still called young, then age 60, call senior citizen liao, cos can apply for senior citizen card... quite a big jump in 5 years

 

Anyway, more milky and murky... seems that not only lose touch on the ground, but also lose touch on using dictionary

[Kb27]

 

1st interview already very cleared, 2nd one even more cleared - to reinstate the word "young"

 

Wow, at age 55, still called young, then age 60, call senior citizen liao, cos can apply for senior citizen card... quite a big jump in 5 years

 

Anyway, more milky and murky... seems that not only lose touch on the ground, but also lose touch on using dictionary

 

The new young is 55 yrs old.

 

I wonder what you call a 30 or 40 yrs old, probably infants.

[Jman888]

 

1st interview already very cleared, 2nd one even more cleared - to reinstate the word "young"

 

Wow, at age 55, still called young, then age 60, call senior citizen liao, cos can apply for senior citizen card... quite a big jump in 5 years

 

Anyway, more milky and murky... seems that not only lose touch on the ground, but also lose touch on using dictionary

 

 

i won't admit i am old even if i am 70, dun believe ask @picnic06

Edited June 24, 2014 by Jman888

[Qpik]

pay up fast fast has its advantage too

 

1. your cpf OA start to build up reserve

2. your TDSR goes down

3. your MSR capability goes up

4. no home loan = priceless

5. can start to look for 2nd property liao

 

 

U c him no Up ah. Maybe he on the lookout for 4th or 5th property n in Sg hor

 

The new young is 55 yrs old.

 

I wonder what you call a 30 or 40 yrs old, probably infants.

How abt 90 yrs old??

[-zion88-]

Obviously LSS does not have a day in his adult life being poor.

Even during my time 20 years ago, when HDB flats are still cheap, I had to clear all my wife and my CPF OA and I can't imagine currently how these young couples can afford theirs with more expensive flats.

 

So to him is newly wed couples should only go buy 3-rm flat, have 3 kids and then save money in CPF and then go buy Condo ?

 

It is indeed stressful to be a Sporean male, with 2 yrs late in his career who hopes to get married before 30yo.

Why are our future generation marrying in their mid 30s ? you can blame the times are changing, but who made that paradigm shift ?

 

I don't mind "purchasing" a 3 rm flat as I feel a 3 rm is within my financial means. It also allows me to start small and slowly upgrade should there be a need to do so. However, 3 rm BTO comes with salary ceiling cap which end up also cannot buy.

 

So in the end they are also not encouraging ppl to start with a small flat and slowly upgrade. How to use LESS CPF money when the selection of how many rooms units are tagged to our salaries.

[Wt_know]

yalor like combined income $12K is big deal ... targeted to buy EC at $700k-$1M liao cannot buy BTO

 

 

I don't mind "purchasing" a 3 rm flat as I feel a 3 rm is within my financial means. It also allows me to start small and slowly upgrade should there be a need to do so. However, 3 rm BTO comes with salary ceiling cap which end up also cannot buy.

 

So in the end they are also not encouraging ppl to start with a small flat and slowly upgrade. How to use LESS CPF money when the selection of how many rooms units are tagged to our salaries.

 

Edited June 24, 2014 by Wt_know

[Kangadrool]

Better to hoot the largest possible size you can afford rather than through gradual upgrading.

 

Do it once and for all especially if you are starting a family.

 

 

I don't mind "purchasing" a 3 rm flat as I feel a 3 rm is within my financial means. It also allows me to start small and slowly upgrade should there be a need to do so. However, 3 rm BTO comes with salary ceiling cap which end up also cannot buy.

 

So in the end they are also not encouraging ppl to start with a small flat and slowly upgrade. How to use LESS CPF money when the selection of how many rooms units are tagged to our salaries.

 

[Wt_know]

yeah ... hoot EC ... maximum ROI

 

buy $700psf sell $1200psf ... lol

 

Better to hoot the largest possible size you can afford rather than through gradual upgrading.

 

Do it once and for all especially if you are starting a family.

 

 

 

Edited June 24, 2014 by Wt_know

[Jman888]

 

I don't mind "purchasing" a 3 rm flat as I feel a 3 rm is within my financial means. It also allows me to start small and slowly upgrade should there be a need to do so. However, 3 rm BTO comes with salary ceiling cap which end up also cannot buy.

 

So in the end they are also not encouraging ppl to start with a small flat and slowly upgrade. How to use LESS CPF money when the selection of how many rooms units are tagged to our salaries.

 

 

bto 3 room come with salary cap?? isn't the cap apply to all flat size $12K?

[-zion88-]

 

 

bto 3 room come with salary cap?? isn't the cap apply to all flat size $12K?

 

When I was selecting my BTO in 2010 - 2011.

 

3rm was 5K (combined)

4rm - 5rm was 8K (combined)

[Wt_know]

i thought salary >$5k still can buy 3rm but no "subsidy/grant" only

now hdb limit up to $10k liao ... ec $12k

 

 

When I was selecting my BTO in 2010 - 2011.

 

3rm was 5K (combined)

4rm - 5rm was 8K (combined)

 

Edited June 24, 2014 by Wt_know