Bid farewell to your hard earn money.....guess whom to thank

[Pufferfish1]

CPF, Medisave minimum sum to be increased

 

 

 

 

 

Published on May 30, 2012

 

 

 

 

CPF members, who turn 55 between July 1 and June 30 next year will have to set aside a minimum sum of $139,000, up from $131,000 last year. -- ST PHOTO: CAROLINE CHIA

 

 

 

CPF members, who turn 55 between July 1 and June 30 next year will have to set aside a minimum sum of $139,000, up from $131,000 last year.

 

The amount was adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life post-retirement.

 

From July 1, the Medisave minimum sum (MMS) will also be raised to $38,500 from $36,000, a 7 per cent increase.

 

Members will be able to withdraw their Medisave savings in excess of the amount at, or after, the age of 55. The maximum balance a member may have in his Medisave Account, known as the Medisave contribution ceiling (MCC), is set at $5,000 above the minimum sum, which means it would be increased correspondingly to $43,500, from $41,000 previously.

 

[Mightymito]

To put things in perspective , the minimum sum is also the max voluntary sum for the special account. The max for medisave is not much more than the min.

 

I am at current max for both. I will top up both to the limit.

 

Risk free 4% and 5%. Better than private retirement investment.

[ChickenMob]

dunno how many will live to see the money.

[Cheepo]

The cost of medical treatment is also going up quite quickly. And most of us do not notice unless we have paid some kind of big hospitalisation bill in recent years. A friend's wife went for 2 surgeries last year. I think total bill was more than 100k. No joke.

[Enye]

For PRs, this is indeed good news.

 

Where else can you find an investment with such returns until the day you decide to leave?

 

[Mllcg]

For PRs, this is indeed good news.

 

Where else can you find an investment with such returns until the day you decide to leave?

 

 

risk free some more

[Hephaestus]

if you have the hit cap for the minimum sum, and medisave , the interest generated would be able to meet the yearly increase in the new sum

[Maroon5]

To put things in perspective , the minimum sum is also the max voluntary sum for the special account. The max for medisave is not much more than the min.

 

I am at current max for both. I will top up both to the limit.

 

Risk free 4% and 5%. Better than private retirement investment.

 

risk free but u wil also never get it back in a lump sum. anyw r u nearing 55 soon?

[Rainman]

CPF, Medisave minimum sum to be increased

 

 

 

 

 

Published on May 30, 2012

 

 

 

 

CPF members, who turn 55 between July 1 and June 30 next year will have to set aside a minimum sum of $139,000, up from $131,000 last year. -- ST PHOTO: CAROLINE CHIA

 

 

 

CPF members, who turn 55 between July 1 and June 30 next year will have to set aside a minimum sum of $139,000, up from $131,000 last year.

 

The amount was adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life post-retirement.

 

From July 1, the Medisave minimum sum (MMS) will also be raised to $38,500 from $36,000, a 7 per cent increase.

 

Members will be able to withdraw their Medisave savings in excess of the amount at, or after, the age of 55. The maximum balance a member may have in his Medisave Account, known as the Medisave contribution ceiling (MCC), is set at $5,000 above the minimum sum, which means it would be increased correspondingly to $43,500, from $41,000 previously.

 

 

Guess the only way is to give up the citizenship.

[Vega]

Everytime i see my cpf statement, i feel very rich.

[Count-Bracula]

Everytime i see my cpf statement, i feel very rich.

 

Lich, lich not rich. Your Bengrish phail.

[Bigbadguy]

Everytime i see my cpf statement, i feel very rich.

 

Yeah me too.

Feel rich only :D

[Mightymito]

15 years to go.

 

Anyway once at max limit, the monthly medisave component goes to the ordinary account. So ordinary account is 29%, which can be used for housing.

 

The point is gahmen also limits how much you can put in, not just how little, cause CPF is not that bad.

[Ilovemoney]

To put things in perspective , the minimum sum is also the max voluntary sum for the special account. The max for medisave is not much more than the min.

 

I am at current max for both. I will top up both to the limit.

 

Risk free 4% and 5%. Better than private retirement investment.

long queue at tampines and robinson road, many topping up their cpf for such great returns.

[Mightymito]

long queue at tampines and robinson road, many topping up their cpf for such great returns.

 

 

Aiyah once you reach a certain age, the special account and medisave also somewhere almost neither here nor there might as well maximize it.

 

 

[Maroon5]

everytime i see my cpf statement, i feel very cham......for all singaporeans.

 

the goalposts shift and shift but we LL take their words as reasons and accept changes as they deem right.

 

the min sum is 139k now, drawdown age starts at 67 yrs young. u buy cpf life which even aft buying u never know how much u are actually going to get every month. they say u shd b able to live past 80 but looking ard the wakes u attend and the pple u know, u wonder which benchmark are they using. the barest minimal inflation rate is 5+% and yet we LL abt the 2.5% int they pay us. and whenever they make rate annoucements, they make it seem as tho we should be thankful they are still able to keep it unchanged at 2.5%.

 

but tis cpf issue is jus like the many issues we have on hand now. its damages irrevocable.

[Mightymito]

everytime i see my cpf statement, i feel very cham......for all singaporeans.

 

the goalposts shift and shift but we LL take their words as reasons and accept changes as they deem right.

 

the min sum is 139k now, drawdown age starts at 67 yrs young. u buy cpf life which even aft buying u never know how much u are actually going to get every month. they say u shd b able to live past 80 but looking ard the wakes u attend and the pple u know, u wonder which benchmark are they using. the barest minimal inflation rate is 5+% and yet we LL abt the 2.5% int they pay us. and whenever they make rate annoucements, they make it seem as tho we should be thankful they are still able to keep it unchanged at 2.5%.

 

but tis cpf issue is jus like the many issues we have on hand now. its damages irrevocable.

 

then why you let it at 2.5%? Transfer to special account lah.

[Maroon5]

15 years to go.

 

Anyway once at max limit, the monthly medisave component goes to the ordinary account. So ordinary account is 29%, which can be used for housing.

 

The point is gahmen also limits how much you can put in, not just how little, cause CPF is not that bad.

 

u r going to enter the big 4s in the terms of age....unless its really really spare cash, i would thk better to put somewhere much more accessible for rainy day reasons.

anyw they limit how much u can put in is both taxation motivated and preventive damage control.