More CPF savings with new rules

[Enye]

Like that can la, I mean that money goes quickly while it is slow to save.  Frankly after slogging for long it is right to pamper oneself but just have to keep for rainy days and retirement.  Just don't spend on xmm. 

 

if can work another 10 years, cpf will build up another 200-300k to be withdrawn by 65 to spend?

 

min sum in RA still compounding leh

 

[Ingenius]

if can work another 10 years, cpf will build up another 200-300k to be withdrawn by 65 to spend?

 

min sum in RA still compounding leh

 

work additional 10 years where got another 200-300k la, don't make me happy ok ?  a bit optimistic leh, even if contribution for full 6k and the 2.5% to 3% interest.  you top form today ah ? lol

[Jman888]

if can work another 10 years, cpf will build up another 200-300k to be withdrawn by 65 to spend?

 

min sum in RA still compounding leh

 

after 55 the contribution rate not so high, won't get that much by 65.

[Ingenius]

I find putting in 200k and then withdraw 2k every month for as long as you live, is very good deal.  But the draw down age is 65 which I feel is better to be earlier, like 60.  2k plus other income can live happily.

[Kusje]

work additional 10 years where got another 200-300k la, don't make me happy ok ?  a bit optimistic leh, even if contribution for full 6k and the 2.5% to 3% interest.  you top form today ah ? lol

 

Add the interest from current CPF since you are not withdrawing it. Should be close la.

[Enye]

work additional 10 years where got another 200-300k la, don't make me happy ok ?  a bit optimistic leh, even if contribution for full 6k and the 2.5% to 3% interest.  you top form today ah ? lol

 

bo meh? 1 year contribute ~20k, 10 years easily 200 plus k

 

after 55 the contribution rate not so high, won't get that much by 65.

 

old people contribution rates going up thanks to pap

 

[Mustank]

when I reach 65, man I rather go to office

look for a few jokers go and lim kopi, talk cock

better go office keep busy abit, then suddenly donno what to do

[Ingenius]

when I reach 65, man I rather go to office

look for a few jokers go and lim kopi, talk cock

better go office keep busy abit, then suddenly donno what to do

True, but the problem is at 65 don't think can work in office liao, cos not employable.  Options are drive uber, drive coach to Malaysia, be property agent etc. If want lim kopi can find retiree khaki in mcf by then.  many here sure retire also. 

bo meh? 1 year contribute ~20k, 10 years easily 200 plus k

 

 

old people contribution rates going up thanks to pap

 

thats why we must vote pap.  

Edited January 5, 2016 by Ingenius

[Showster]

Endure till you reach the MA and SA cap.

 

Something like max 30+% of 102K (contribution cap) every year goes into OA. 

 

But not after 65 years old.

 

 

bo meh? 1 year contribute ~20k, 10 years easily 200 plus k

 

 

old people contribution rates going up thanks to pap

 

 

Edited January 5, 2016 by Seohster

[Mustank]

True, but the problem is at 65 don't think can work in office liao, cos not employable.  Options are drive uber, drive coach to Malaysia, be property agent etc. If want lim kopi can find retiree khaki in mcf by then.  many here sure retire also. 

thats why we must vote pap.  

 

can lah

if knowledge worker, the knowledge will be damn valuable

of course much slower in learning new developments than young ones

[Spring]

I find putting in 200k and then withdraw 2k every month for as long as you live, is very good deal.  But the draw down age is 65 which I feel is better to be earlier, like 60.  2k plus other income can live happily.

 

Your idea on withdrawals from age 60 is good but if that really happens, you would get lesser monthly amounts cos this payout amounts depend on stats of how long an average person is likely to live till.

 

I understand the payout from 65 is on stats that we will on average live for another 20 years ie 85yrs old. So if we start at 60, the payouts will be expected to last for 25 years which means less monthly amounts. As the retirement age is now 65, think it's a fair compromise to start from that age.

[Showster]

Survey finds two in five adults not confident about retiring

Survey finds that only one in three elderly Singaporeans believed they could retire comfortably with their current savings and investments.PHOTO: ST FILE

PUBLISHED

17 MIN AGO

FACEBOOKTWITTEREMAIL

 

Rachael Boon

 

Singapore - DBS Bank and Manulife's newest report found two in five Singapore respondents not being confident about their retirement preparations.

The report, which focused on the retirement attitudes, expectations and preparedness of those between 40 and 60 years old, was released on Tuesday.

It found that 56 per cent of those who have started retirement planning did not seek any form of advice.

 

Only 36 per cent believed they could retire comfortably with their current savings and investments, while 30 per cent expect to downgrade their current lifestyle and habits when they retire.

Also, 38 per cent are worried about their ability to afford medical costs when they retire, while 32 per cent are not sure how much buffer they would need to health care costs when they retire.

[hsl118]

 

Survey finds two in five adults not confident about retiring

 

 

 

Survey finds that only one in three elderly Singaporeans believed they could retire comfortably with their current savings and investments.PHOTO: ST FILE

 

 

PUBLISHED17 MIN AGO

 

 

FACEBOOKTWITTEREMAIL

 

 

 

Rachael Boon

 

 

 

Singapore - DBS Bank and Manulife's newest report found two in five Singapore respondents not being confident about their retirement preparations.

The report, which focused on the retirement attitudes, expectations and preparedness of those between 40 and 60 years old, was released on Tuesday.

It found that 56 per cent of those who have started retirement planning did not seek any form of advice.

 

Only 36 per cent believed they could retire comfortably with their current savings and investments, while 30 per cent expect to downgrade their current lifestyle and habits when they retire.

Also, 38 per cent are worried about their ability to afford medical costs when they retire, while 32 per cent are not sure how much buffer they would need to health care costs when they retire.

Should be worried, if continue to live above means. New year, new page to work towards financial freedom

[Kusje]

 

Survey finds two in five adults not confident about retiring

Survey finds that only one in three elderly Singaporeans believed they could retire comfortably with their current savings and investments.PHOTO: ST FILE

PUBLISHED

17 MIN AGO

FACEBOOKTWITTEREMAIL

 

Rachael Boon

 

Singapore - DBS Bank and Manulife's newest report found two in five Singapore respondents not being confident about their retirement preparations.

The report, which focused on the retirement attitudes, expectations and preparedness of those between 40 and 60 years old, was released on Tuesday.

It found that 56 per cent of those who have started retirement planning did not seek any form of advice.

 

 

Only 36 per cent believed they could retire comfortably with their current savings and investments, while 30 per cent expect to downgrade their current lifestyle and habits when they retire.

Also, 38 per cent are worried about their ability to afford medical costs when they retire, while 32 per cent are not sure how much buffer they would need to health care costs when they retire.

 

 

Don't believe their stats either. 

 

I don't trust insurance salesmen.

[Ktglfc]

 

Survey finds two in five adults not confident about retiring

Survey finds that only one in three elderly Singaporeans believed they could retire comfortably with their current savings and investments.PHOTO: ST FILE

PUBLISHED

17 MIN AGO

FACEBOOKTWITTEREMAIL

 

Rachael Boon

 

Singapore - DBS Bank and Manulife's newest report found two in five Singapore respondents not being confident about their retirement preparations.

The report, which focused on the retirement attitudes, expectations and preparedness of those between 40 and 60 years old, was released on Tuesday.

It found that 56 per cent of those who have started retirement planning did not seek any form of advice.

 

 

Only 36 per cent believed they could retire comfortably with their current savings and investments, while 30 per cent expect to downgrade their current lifestyle and habits when they retire.

Also, 38 per cent are worried about their ability to afford medical costs when they retire, while 32 per cent are not sure how much buffer they would need to health care costs when they retire.

 

 

I am one of those that believe I won't be able to retire comfortably .... unless I ganna toto top-prize

[Enye]

I am one of those that believe I won't be able to retire comfortably .... unless I ganna toto top-prize

 

so you another one who needs $10m to retire type

 

life must be very good now

 

Edited January 6, 2016 by Enye

[Lala81]

That's why it is good to have minimum sum and annuity. People tend to spend their cpf money very fast.

 

it's well known that a lot of people usually blow  anywhere between 10-20% of their retirement funds within the 1st 2 years of their retirement. 

Edited January 6, 2016 by Lala81

[Spring]

it's well known that a lot of people usually blow  anywhere between 10-20% of their retirement funds within the 1st 2 years of their retirement. 

 

Think to be fair, retirees do deserve to spend their hard earned money on their interests whatever they may be. That said, prudence is always paramount in all financial decisions.

 

Overall financial planning to ensure steady flow of funds till your last years must be the priority and only then can individual interests be considered, my 2 cents.