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

Wt_know

By Wt_know,
in Investment & Financial Matters

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t0y0ta

t0y0ta

Supercharged
On 11/9/2023 at 6:04 PM, Spidey10 said:

if like this not enuff....i think we all die liao....i only half leh....eat grass :grin:

In the blog he just complain that based on FRS (220k for him), the payout only 1k+ per month from 65, he need at least 5+k.

Of course outside the FRS, he at least can earn interest on 900k cash. And he should have significant stocks/investment.

But classic never-enough-money syndrome.

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mersaylee

mersaylee

Hypersonic
On 11/9/2023 at 6:04 PM, Spidey10 said:

if like this not enuff....i think we all die liao....i only half leh....eat grass :grin:

Half eat grass...liddat I eat dirt...😅

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Ct3833

Ct3833

Supersonic
(edited)
On 11/9/2023 at 6:43 PM, t0y0ta said:

In the blog he just complain that based on FRS (220k for him), the payout only 1k+ per month from 65, he need at least 5+k.

Of course outside the FRS, he at least can earn interest on 900k cash. And he should have significant stocks/investment.

But classic never-enough-money syndrome.

He can simply spend about 130k to top up his RA to ERS, that will give him about 2k per month of CPFLife payout when he reaches 65. plus anothe 2.5k from CPF interest, he will have about 4.5k per month. Assuming he does not touch his CPF acct, the 4.5k is perpetual payout till his last day. Plus drawing on his saving monhtly slowly, he will have more than 5k to spend per month. 

But during the first 10 years of retirement, 7k to 10k would allow a  more meaningful life.😅 5k a bit tight in spending, and no car.

Edited by Ct3833
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Rayleigh

Rayleigh

6th Gear
On 11/8/2023 at 10:13 AM, Spidey10 said:

am testing as well to clear...but the guy at CPF say dun really need to clear it to "0" since I have met my FRS. is just a number there...and when/if I sell my house, it will just come over and i can reuse/withdraw again... no harm, just a number for me. :grin:

Already shared liao many times liao.

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Throttle2

Throttle2

Supersonic
On 11/9/2023 at 9:41 PM, Ct3833 said:

He can simply spend about 130k to top up his RA to ERS, that will give him about 2k per month of CPFLife payout when he reaches 65. plus anothe 2.5k from CPF interest, he will have about 4.5k per month. Assuming he does not touch his CPF acct, the 4.5k is perpetual payout till his last day. Plus drawing on his saving monhtly slowly, he will have more than 5k to spend per month. 

But during the first 10 years of retirement, 7k to 10k would allow a  more meaningful life.😅 5k a bit tight in spending, and no car.

No matter how i formulate, $10k pm not enough for me still, looks like gotta carry on working.   🥺🥺🥹🥹😢😔😓

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Throttle2

Throttle2

Supersonic
On 11/9/2023 at 9:41 PM, Ct3833 said:

He can simply spend about 130k to top up his RA to ERS, that will give him about 2k per month of CPFLife payout when he reaches 65. plus anothe 2.5k from CPF interest, he will have about 4.5k per month. Assuming he does not touch his CPF acct, the 4.5k is perpetual payout till his last day. Plus drawing on his saving monhtly slowly, he will have more than 5k to spend per month. 

But during the first 10 years of retirement, 7k to 10k would allow a  more meaningful life.😅 5k a bit tight in spending, and no car.

No matter how i formulate, $10k pm not enough for me still, looks like gotta carry on working.   🥺🥺🥹🥹😢😔😓

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Throttle2

Throttle2

Supersonic
(edited)

Truth of the matter, our CPF will never be enough for a full retirement unless we downgrade our lifestyle drastically.

CPF is just a nice bonus at the end of your working life.

If you are thinking of relying on your CPF only for retirement, you can possibly retire at 70 yrs old

Edited by Throttle2
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Wt_know

Wt_know

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On 11/10/2023 at 11:45 AM, Throttle2 said:

If you are thinking of relying on your CPF only for retirement, you can possibly retire at 70 yrs old

oops ... pecah lobang liao ... that's the "point" ...  [laugh] 

especially with the million dollar hdbeee ... [sly] 

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Throttle2

Throttle2

Supersonic
On 11/26/2023 at 12:32 PM, Ct3833 said:

Time to deposite into your SRS again.

 

 

 

 

Screenshot_20231126_122942_Chrome.jpg

Damn it

Damn it

Damn it

Damn it

Damn it

Damn it

Damn it.

😤😤😠😠🤬🤬🤬😡😡

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Ct3833

Ct3833

Supersonic
(edited)
On 11/26/2023 at 6:48 PM, Throttle2 said:

Damn it

Damn it

Damn it

Damn it

Damn it

Damn it

Damn it.

😤😤😠😠🤬🤬🤬😡😡

You still have up to end Dec, 15.3k will save you about 3plus k of tax

Edited by Ct3833
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Throttle2

Throttle2

Supersonic
On 11/26/2023 at 6:53 PM, Ct3833 said:

You still have up to end Dec, 15.3k will save you about 3plus k of tax

To do what? 
my SA is max out long long time ago.

i cant top up anything anywhere.

did i get it wrong?

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Ct3833

Ct3833

Supersonic
On 11/26/2023 at 7:28 PM, Throttle2 said:

To do what? 
my SA is max out long long time ago.

i cant top up anything anywhere.

did i get it wrong?

You contribute 15.3k into your SRS acct, with that you avoid paying income tax for the 15.3k that you park into your SRS.

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Throttle2

Throttle2

Supersonic
On 11/26/2023 at 7:37 PM, Ct3833 said:

You contribute 15.3k into your SRS acct, with that you avoid paying income tax for the 15.3k that you park into your SRS.

Nah. I dont like SRS.  Will not use it.  Cant be bothered.

Waste my time and effort. 
thanks for suggestion

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