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

[Windwaver]

6 hours ago, Kopites said:

I see myself as a street lamp that shine their pathway than a rock that hinder their progress. 😁

Some see us as a wall and some thinks the world owes them something 

[Starry]

19 hours ago, Wt_know said:

of course $x + $y la ... accrued interest is also compounded

this is equivalent to $x is left in OA "untouch" earning 2.5% year-on-year compounded

Oh ok thanks.

Got another question hor......for those above 55,  where FRS already set aside, can we still do monthly cash-top ups into OA and SA and use it like a bank? lol

Edited June 26, 2022 by Starry

[Volvobrick]

8 minutes ago, Starry said:

Oh ok thanks.

Got another question hor......for those above 55,  where FRS already set aside, can we still do monthly cash-top ups into OA and SA and use it like a bank? lol

Yes. Up to 30k plus per year. 

[Starry]

15 minutes ago, Volvobrick said:

Yes. Up to 30k plus per year. 

Wah...can withdraw those top-ups  anytime right? (I mean for those above 55 and FRS already set aside)

[Wt_know]

12 minutes ago, Starry said:

Wah...can withdraw those top-ups  anytime right? (I mean for those above 55 and FRS already set aside)

can only withdraw SA first until SA is kosong then can withdraw OA. 

[Ct3833]

2 hours ago, Starry said:

Oh ok thanks.

Got another question hor......for those above 55,  where FRS already set aside, can we still do monthly cash-top ups into OA and SA and use it like a bank? lol

Yes like what @Volvobrick said, best is top up to ERS using cash, and top up oa and sa

[Throttle2]

2 hours ago, Wt_know said:

can only withdraw SA first until SA is kosong then can withdraw OA. 

i estimated that if i continue working to 55, my CPF would have $1.5mil.

say $300k set aside for FRS and $200k in medisave, that means i have OA of $1mil.  If i stop work at 55, I can still top up with cash into the OA?  Really?  You mean i can add $30k+++ every year to earn the 2.5%? 
wah if can, song leh. I top $35k every year until 65 yrs old , that means, i would easily have $1.6mil (excluding frs and medisave) inside earning 2.5% by the time i hit 65?  (2M65 acheived)

2.5% of 1.6mil = $40,000 = $3300 per month + FRS payout $1700 per month

$5000 per month simply from CPF alone with principal 100% intact. 
sounds not too bad leh.   Still cant cover everything but simple utilities, hp and meals, and a motorbike should be no problem right? Even in 2040?


CPF wansui!
 

 

[awhtc]

CPF will not give out free lunch as it sets a cap on the top-up 🙂

Topping up your loved ones’ retirement savings

Boost your loved ones’ retirement savings by topping up to the current Full Retirement Sum (FRS) if they are below 55 or Enhanced Retirement Sum (ERS) if they are 55 and above.

https://www.cpf.gov.sg/member/growing-your-savings/saving-more-with-cpf/top-up-to-enjoy-higher-retirement-payouts/top-ups-for-loved-ones-employees-and-others

[awhtc]

15 hours ago, Windwaver said:

Some see us as a wall and some thinks the world owes them something 

There are quite a lot of such people at my workplace sitting there doing nothing constructive at senior positions, making very poor decisions and earning big bucks while the juniors are slogging away and suffering from the poor decisions.  Such people are best kicked out of the organisation. 

[Si4dr]

3 hours ago, awhtc said:

There are quite a lot of such people at my workplace sitting there doing nothing constructive at senior positions, making very poor decisions and earning big bucks while the juniors are slogging away and suffering from the poor decisions.  Such people are best kicked out of the organisation. 

When bad - junior/lower incompetent

When good - upper take all the credits

I thought all most organisation is like that.....😢

[Throttle2]

3 hours ago, awhtc said:

There are quite a lot of such people at my workplace sitting there doing nothing constructive at senior positions, making very poor decisions and earning big bucks while the juniors are slogging away and suffering from the poor decisions.  Such people are best kicked out of the organisation. 

Agreed, fire them.  Join my (ex) brotherhood

Edited June 27, 2022 by Throttle2

[Windwaver]

15 hours ago, awhtc said:

There are quite a lot of such people at my workplace sitting there doing nothing constructive at senior positions, making very poor decisions and earning big bucks while the juniors are slogging away and suffering from the poor decisions.  Such people are best kicked out of the organisation. 

They are busy forming relationship in office (WFO)

[Sdf4786k]

On 6/23/2022 at 1:16 PM, awhtc said:

Singapore core inflation jumps to 13-year high of 3.6% in May amid rising food prices

SINGAPORE - Core consumer prices in Singapore surged to a 13-year high last month led by rising food prices.

Core inflation - which excludes accommodation and private transport costs - jumped to 3.6 per cent in May on a year-on-year basis, up from 3.3 per cent in April.

May's inflation is in line with the 3.6 per cent rise forecast by economists in a Bloomberg poll, It is also the highest since December 2008, when core inflation hit 4.2 per cent.

https://www.straitstimes.com/business/economy/singapore-core-inflation-jumps-to-13-year-high-in-may-amid-rising-food-prices

We must place trust that the environment will do what’s right to not only provide a reasonable adjustment to the pay wages but also protect and deliver all people who place their trust.

but if the trust is broken, then we going to be in a difficult situation 

[Starry]

Hey guys, check with you all one question.

Assuming someone has already met  the prevailing this year FRS ($192k)  in his SA. 

Will further contribution continue to be allocated into SA?  Or will it auto goes into OA since SA already met this year FRS?

 

 

[Volvobrick]

12 minutes ago, Starry said:

Hey guys, check with you all one question.

Assuming someone has already met  the prevailing this year FRS ($192k)  in his SA. 

Will further contribution continue to be allocated into SA?  Or will it auto goes into OA since SA already met this year FRS?

 

 

Allocation continues....

[Kopites]

On 6/26/2022 at 4:10 PM, Starry said:

Oh ok thanks.

Got another question hor......for those above 55,  where FRS already set aside, can we still do monthly cash-top ups into OA and SA and use it like a bank? lol

Yes. Keep your MA at the ceiling then your compulsory and voluntary will be allocate between OA, SA according to your age group. 

[Kopites]

7 hours ago, Starry said:

Hey guys, check with you all one question.

Assuming someone has already met  the prevailing this year FRS ($192k)  in his SA. 

Will further contribution continue to be allocated into SA?  Or will it auto goes into OA since SA already met this year FRS?

 

 

The next step after hitting FRS is on how to preserve this 4% account by "shielding".

Compound interest cum continue monthly contribution can reaches a tidy sum in years to come. 

[Wt_know]

1 hour ago, Kopites said:

The next step after hitting FRS is on how to preserve this 4% account by "shielding".

Compound interest cum continue monthly contribution can reaches a tidy sum in years to come. 

i hit FRS donkey years liao leh ... still feel same same but no different ...

may be have to wait until 85 then can feel it ... lol

Edited July 12, 2022 by Wt_know