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

[Showster]

is this real or fake news?

buy hdb $400k, fully paid by cpf

sell hdb $500k, have to top up $12k to ownself cpf account due to accrued interest?

then sell hdb for fck, smlj?

 

after holding/living is a hdb for 35-40 years

your accrued interest is perhaps $300k-$400k?

and your hdb is depreciating after 35-40 years old ...

means you owe yourself a big fck of accrued interest when you sell?

 

 

It’s true.

 

But you pay yourself and the money is still there.

 

You can use it to buy another HDB or private, or withdraw at the correct withdrawal age.

[Wt_know]

bro, i want to sell my hdb because i have no money la

where the hell i can find $12k to pay myself?

 

to make things worse, imagine that if my accrued interest is $300k because living in the hdb for 35 years

and i need to top up $50k accrued interest after selling the hdb

 

i sell hdb, i need to borrow $50k from ah loong ... sure die

i no sell hdb, no money ... also die

 

simi logic? i am confused

Edited October 24, 2018 by Wt_know

[Tiger1]

bro, i want to sell my hdb because i have no money la

where the hell i can find $12k to pay myself?

 

to make things worse, imagine that if my accrued interest is $300k because living in the hdb for 35 years

and i need to top up $50k accrued interest after selling the hdb

 

i sell hdb, i need to borrow $50k from ah loong ... sure die

i no sell hdb, no money ... also die

 

simi logic? i am confused

You mean you actually tried to understand their logic ah? Save it la. Once you understand today, they change it tomor. Lppl.

I have more than 500k in my cpf now and I am 45. Am I rich? Na! Will I ever see my monies? Most likely not. F the garment.

[Wt_know]

wah $500k in cpf

you just met T2 benchmark for posting in mcf ... hahahaha

[Throttle2]

is this real or fake news?

buy hdb $400k, fully paid by cpf

sell hdb $500k, have to top up $12k to ownself cpf account due to accrued interest?

then sell hdb for fck, smlj?

 

after holding/living is a hdb for 35-40 years

your accrued interest is perhaps $300k-$400k?

and your hdb is depreciating after 35-40 years old ...

means you owe yourself a big fck of accrued interest when you sell?

 

 

Abothen but you pay yourself and you get it back according to the withdrawal rules lor

[NamNam]

Yep, actually, it's not the problem of only Singapore, but all around the world. Everybody struggling with finance plan, follow a lot of consumer goods like a fancy car(which cannot afford), electric gadgets or buy a lot of clothes(branded, expensive but hardly ever use). 

 

So we need to cut off all these unnecessary things and be minimalist. Living frugally is the best way to deal with a crazy financial situation like the present

[Throttle2]

wah $500k in cpf

you just met T2 benchmark for posting in mcf ... hahahaha

 

$500k in CPF, most people in MCF have by 40 yrs old

 

Dont anyhow set my benchmark leh.

No job, no cpf is my benchmark

[Wt_know]

65+28=93

why not 65+20=85

with 8 years lesser, the payout would be higher right?

who to decide 28 years that the guy will live till 93 years old?

i know TOC has low credibility but i am merely asking on the logic of +28 to 93 years old?

Edited January 28, 2019 by Wt_know

[Kusje]

65+28=93

why not 65+20=85

with 8 years lesser, the payout would be higher right?

who to decide 28 years that the guy will live till 93 years old?

i know TOC has low credibility but i am merely asking on the logic of +28 to 93 years old?

Who says TOC has low credibility?

 

Credibility is higher than the govt propaganda papers for sure.

[Ct3833]

wah $500k in cpf

you just met T2 benchmark for posting in mcf ... hahahaha

Let's be real, most people who have a house will not have 500k in cpf. T2 has a different benchmark of his own that is yet to be validated.

Who says TOC has low credibility?

 

Credibility is higher than the govt propaganda papers for sure.

Why 93? The answer is simple, the avg life expectancy currently is 83, by extending the computation to 93, meaning they get avg of 10year payout saving per person. Put it the other way around, on avg the payout would have stopped at 83, the rest of imaginary years are their saving. Edited January 28, 2019 by Ct3833

[Kopites]

Let's be real, most people who have a house will not have 500k in cpf. T2 has a different benchmark of his own that is yet to be validated.

My special, medi, ordinary add up more than 500k. But they said medic cannot touch. Special cannot touch will transfer to the retirement. ordinary which will transfer to retirement once reach age requirement. Meet retirement balance requirement can withdraw the balance but the retirement required balance so high now. Edited January 28, 2019 by Kopites

[Ct3833]

My special, medi, ordinary add up more than 500k. But they said medic cannot touch. Special cannot touch will transfer to the retirement. ordinary which will transfer to retirement once reach age requirement. Meet retirement balance requirement can withdraw the balance but the retirement required balance so high now.

cannot  take medisave and the amount to be save aside for RA into consideration. but your case is still an exception than norm. Most of the people would not have 500k in CPF because of housing.

[Ct3833]

65+28=93

why not 65+20=85

with 8 years lesser, the payout would be higher right?

who to decide 28 years that the guy will live till 93 years old?

i know TOC has low credibility but i am merely asking on the logic of +28 to 93 years old?

Every successful profitable business has a secret formula and let me share this formula.

First, we have to understand that  the payout is actually a delayed payment of the CPG holder's money.

Second, the money should be given to the account holder till 93 mathematically, but if the person pass away before 93, the rest of payment would become saving to the CPF board(the government). That means, the CPF holder will be short changed of his payment.

 

Now,  the avg life expectancy is 83, meaning CPF save 10 years of payout per person on average of SGPrean.

Let me show you an interesting sum :

average life expectancy = 83

SGP population = 5,000,000

average number of people passing = 5,000,000/83 = 62,240

assuming $500 saving per month per person for 10 year .... $500*12*10*62,240 = $3.73 billion per year of saving from the money that   did not get paid out.

[Jman888]

balance not go to the nominated beneficiaries meh.

[Evillusion]

My special, medi, ordinary add up more than 500k. But they said medic cannot touch. Special cannot touch will transfer to the retirement. ordinary which will transfer to retirement once reach age requirement. Meet retirement balance requirement can withdraw the balance but the retirement required balance so high now.

Medi is 51k, that means you have 450k for retirement sum. RF is about 170k now.......if according to age i think we can safely say you have to have 180-200k in your rf. Even if you have the max 200k in your rf you will still have 250k that you can withdraw cash at 55. But best is put the whole sum in your rf.......earn interest.

[Kopites]

cannot take medisave and the amount to be save aside for RA into consideration. but your case is still an exception than norm. Most of the people would not have 500k in CPF because of housing.

Yes..you are right about housing.

 

Cpf/hdb only permitted me and wifey to use 30% off the purchase price from ordinary. The balance we settled by cash.

Edited January 29, 2019 by Kopites

[Wt_know]

why not cpf "decide" the min level and not the max level

for example

65+20 = 85 .... this means ownself cover ownself till 85 and the chance to up lorry is already high

65+28 = 93 ... balance goes to beneficiaries ... why? pass cpf $$ to children to buy bigger hdb or kick the can down the road?

if the person up lorry before 85, cpf also goes to beneficiaries ... so no diff

the diff is why the person has to live in meagre because the cpf $$ is predestined to pass on to beneficiaries?

 

 

the only reason i can think of is ... without the extra 8 years ... can't even get > $400/mth

 

balance not go to the nominated beneficiaries meh.

 

Edited January 29, 2019 by Wt_know

[Kopites]

Medi is 51k, that means you have 450k for retirement sum. RF is about 170k now.......if according to age i think we can safely say you have to have 180-200k in your rf. Even if you have the max 200k in your rf you will still have 250k that you can withdraw cash at 55. But best is put the whole sum in your rf.......earn interest.