Talking Point >>> Is your CPF enough for retirement?

[Wt_know]

Is your CPF enough for retirement?

 

i like one caller said ...

since the panel suggests that the onus lies on the cpf holder to manage their finances and be prudence in order to have enough money for retirement then return cpf money to us ... let us manage our own money .... no point to have cpf ... since cpf is not enough for retirement ... lolz

 

 

anyway, i support cpf scheme which is a national scheme to "force" people to save up

but the return generated in cpf is too low to offset the rise of cost of living and not to mention the OA is almost depleted for housing.

 

 

final vote result

Edited December 12, 2012 by Wt_know

[Baphomet]

CPF is only good for my kid when I die. she gets it in cash.

 

I do not think i will ever see "MY SAVINGS" when they keep shifting up the minimum sum and withdrawal age.

Edited December 12, 2012 by Baphomet

[Watwheels]

The question is as good as how much is enough. It will never be enough whatever the amount. But it's better dan nothing.

 

It's a matter of perspective. Anyway when I die I can't grab as much as I can to go with me. With too much left, children will fight over it. Might as well having some amount will be good enough.

Edited December 12, 2012 by Watwheels

[13177]

There is no fixed amount on how much is enough. Money is always not enough, nobody will find their money is enough.

[Speak_listen]

CPF is only good for my kid when I die. she gets it in cash.

 

I do not think i will ever see "MY SAVINGS" when they keep shifting up the minimum sum and withdrawal age.

anyone experience, when the parent die, the children (example only 1 child) get cash from the parent cpf?

in lump sum or installment ?

[S4vtec]

lump sum . divided equally amongst the spouse and children if not willed

Edited December 12, 2012 by S4vtec

[Arenz]

Obviously not enough, as most of our CPF is tied to the house. Unless we sell the house at a high price and retire in a developing country. But, CPF is one additional source of income stream at retirement, be it CPF Life or other annuity. We would also need other income streams, eg. dividends, rentals, filial children coffee money, etc. To me, best way is to continue to get a small income from doing something you like and not because of the pay.

[13177]

lump sum . divided equally amongst the spouse and children if not willed

Must inform the cpf in order to get the money? Or cpf automatic will know?

[Speak_listen]

lump sum . divided equally amongst the spouse and children if not willed

anyone experience how long the process?

coz ever here takes very long (more then a year?) for the process complete

[Baphomet]

anyone experience, when the parent die, the children (example only 1 child) get cash from the parent cpf?

in lump sum or installment ?

 

 

at the moment its still full payment in cash. In future.. who knows what they will come up with?

[EricTeh]

CPF is only good for my kid when I die. she gets it in cash.

 

I do not think i will ever see "MY SAVINGS" when they keep shifting up the minimum sum and withdrawal age.

 

that is where you are COMPLETELY WRONG

 

your kids will not SEE CASH

 

but will roll over to their CPF account

 

like that also can

 

 

how to enjoy the fruits of our hardwork when we are old

[Lala81]

It's enforced savings for the low-mid income group. I've always supported it.

Pay for your pigeon hole lor. At the very least.

[Wt_know]

that's one of the guest said ... do not under estimate the aspiration and urge want to use the cpf money to buy the biggest (aka most expensive) property

the money is there ... can see but cannot touch .... LOL

 

It's enforced savings for the low-mid income group. I've always supported it.

Pay for your pigeon hole lor. At the very least.

Edited December 12, 2012 by Wt_know

[Freestylers09]

cash la..

[Baphomet]

It's enforced savings for the low-mid income group. I've always supported it.

Pay for your pigeon hole lor. At the very least.

 

not least..thats all we can do..

[Alpha78]

that's one of the guest said ... do not under estimate the aspiration and urge want to use the cpf money to buy the biggest (aka most expensive) property

the money is there ... can see but cannot touch .... LOL

 

That, is attributed to the people who have realized the political risk of keeping your money with CPF. By maintaining a healthy OA balance, yet by the time one is due to retire, no one knows what changes to the rules and what negative effects they have on your income stream from CPF.

 

Based on that notion, the easiest way to mitigate the risk, is to use as much of your OA to buy property, without even meeting the minimum sum in CPF at 55. At least you have a roof over your head.

[Baphomet]

That, is attributed to the people who have realized the political risk of keeping your money with CPF. By maintaining a healthy OA balance, yet by the time one is due to retire, no one knows what changes to the rules and what negative effects they have on your income stream from CPF.

 

Based on that notion, the easiest way to mitigate the risk, is to use as much of your OA to buy property, without even meeting the minimum sum in CPF at 55. At least you have a roof over your head.

 

 

lets say u reach the withdrawal age. and u sell your flat.. the money still must go back to cpf account?

[Mustank]

That, is attributed to the people who have realized the political risk of keeping your money with CPF. By maintaining a healthy OA balance, yet by the time one is due to retire, no one knows what changes to the rules and what negative effects they have on your income stream from CPF.

 

Based on that notion, the easiest way to mitigate the risk, is to use as much of your OA to buy property, without even meeting the minimum sum in CPF at 55. At least you have a roof over your head.

 

 

Use CPF buy property got 4 big advantage:

1) Capital appreciation of property > 2.6% OA rate

2) You retire already, can rent out your HDB / property and move in stay with your kids = Passive Income

3) You buy property today, you enjoy today, whether in the form of self stay or rent out. OA withdrawal policy is based on prevaling policy at that time when you old

4) Rental > 2.6 OA rate