Dear CPF: Give Me Back My Money!

[Jman888]

 

In the old days, the only inheritance from parents is probably their house and that is also shared with many siblings (older days got more kids in the family)

 

Thesedays, not only get the house but also lots of CPF money! And best of all, less siblings to share with because family thesedays are small and they are getting smaller every year.

 

Should have been born 30 years later. Darn,.,,

 

Think in another 20-30 years, we will have a generation that wouldn't want to work very hard.

 

 

if you want to wait for the parents cpf and hdb to pass on to you, if they die at age 80, you dun need those money or there isn't much left.

[Myxilplix]

Yeah I take it as just another tax to pay. At the end of it all, if i cannot hold "my money" in my hands then i don't consider it my money. Just pretty numbers on a statement.

 

Yes you can "use" it and then have to pay it back and still can't get to touch it.

 

Just another long-term game of Whose Line Is It Anyway, where the rules are made up and ultimately the numbers don't matter.

[Viceroymenthol]

Our govt should re-look our FT policy to ban these FT coming to Singapore to criticize our govt!!

 

Very angry!!

 

Hehehe

[Joseph22]

he want the money to left to his children lah... Which also no use of those money.

 

 

if you want to wait for the parents cpf and hdb to pass on to you, if they die at age 80, you dun need those money or there isn't much left.

 

[Icedbs]

Yeah I take it as just another tax to pay. At the end of it all, if i cannot hold "my money" in my hands then i don't consider it my money. Just pretty numbers on a statement.

 

Yes you can "use" it and then have to pay it back and still can't get to touch it.

 

Just another long-term game of Whose Line Is It Anyway, where the rules are made up and ultimately the numbers don't matter.

 

Msians best.........when 55, they retire, go back Msia, take out all CPF!

 

[1fast1]

 

In the old days, the only inheritance from parents is probably their house and that is also shared with many siblings (older days got more kids in the family)

 

Thesedays, not only get the house but also lots of CPF money! And best of all, less siblings to share with because family thesedays are small and they are getting smaller every year.

 

Should have been born 30 years later. Darn,.,,

 

Think in another 20-30 years, we will have a generation that wouldn't want to work very hard.

 

How nice and optimistic you are. Apart from inflationary devaluation of the inheritance, if this gahmen keeps winning power, I predict:

 

1) A change in the law that mandates that CPF monies go in full or in part to the NOK's CPF, and will not be disbursed in cash. Then the children get to play the waiting "see no touch" game also.

 

2) The ultimate: a change in the law that mandates that unused CPF go in full or in part back to the gahmen. This may be "dressed up" as a "silver welfare fund" or whatever - a common pool used to support the elderly indigents in society. Basically, the NOK get robbed of their inheritance.

 

I can actually see 1 happening before too long and would probably pass without any real dissent in the mainstream media (online grumbling doesn't count). 2 would be extremely controversial, but don't think it can never happen. If I recall correctly, they were actually toying with this at one point.

Edited November 20, 2013 by Turboflat4

[Icedbs]

 

How nice and optimistic you are. Apart from inflationary devaluation of the inheritance, if this gahmen keeps winning power, I predict:

 

1) A change in the law that mandates that CPF monies go in full or in part to the NOK's CPF, and will not be disbursed in cash. Then the children get to play the waiting "see no touch" game also.

 

2) The ultimate: a change in the law that mandates that unused CPF go in full or in part back to the gahmen. This may be "dressed up" as a "silver welfare fund" or whatever - a common pool used to support the elderly indigents in society. Basically, the NOK get robbed of their inheritance.

 

I can actually see 1 happening before too long and would probably pass without any real dissent in the mainstream media (online grumbling doesn't count). 2 would be extremely controversial, but don't think it can never happen. If I recall correctly, they were actually toying with this at one point.

 

I think you could be right.

 

It is a matter of time.

[Hydrocarbon]

 

How nice and optimistic you are. Apart from inflationary devaluation of the inheritance, if this gahmen keeps winning power, I predict:

 

1) A change in the law that mandates that CPF monies go in full or in part to the NOK's CPF, and will not be disbursed in cash. Then the children get to play the waiting "see no touch" game also.

 

2) The ultimate: a change in the law that mandates that unused CPF go in full or in part back to the gahmen. This may be "dressed up" as a "silver welfare fund" or whatever - a common pool used to support the elderly indigents in society. Basically, the NOK get robbed of their inheritance.

 

I can actually see 1 happening before too long and would probably pass without any real dissent in the mainstream media (online grumbling doesn't count). 2 would be extremely controversial, but don't think it can never happen. If I recall correctly, they were actually toying with this at one point.

 

1 would be b**tard, but I'd see Singaporeans accepting it after some kpkb, but 2.. Might be harder to spin.. You'll see more people asking stockbrokers to churn their account to get back a partial sum from CPF, the only winners will be the brokers.

 

Even if they wanted to do it, they would have it as a step by step programme. Maybe the Medisave Life thingy might be a part of it. Higher payments OUT of the citizen's CPF accounts..

[Ladykillerz]

Tricky question:

If every CPF contributors demand for a full refund, do you think CPF board is capable to pay each and everyone?

I reckon such question is easier to answer than this year PSLE.

[Yewheng]

http://mycpf.cpf.gov.sg/CPF/News/EmailAlerts/CPFEmailAlerts_21Nov2013.htm

Min amount need to set aside for Retirement Account at age 55 is half the Minimum Sum.

Base on MS $148k, minimum amount will be $74k.

So if let's say a person with Special Account say $30k and OA account is $40k just before age 55. Then the person will be in trouble if he still service housing loan through CPF OA account as all the amount will be locked in Retirement Account and cannot be touched.

But if a person has let's say $40k in SA and $60k in OA just before age 55, $74k will be to RA and there will still be $26k reminding that can be used to pay off housing loan.

So well...

Edited November 21, 2013 by Yewheng

[Wt_know]

in additiona to minimum sum locked into RA account, there is also valuation limit and cpf withdrawal limit

dont play play ... do not overstetch ! you don't know what is going to hit your hard when you are 55

 

http://www.moneysense.gov.sg/life-events/buying-a-home.aspx

Edited November 22, 2013 by Wt_know

[Ender]

 

How nice and optimistic you are. Apart from inflationary devaluation of the inheritance, if this gahmen keeps winning power, I predict:

 

1) A change in the law that mandates that CPF monies go in full or in part to the NOK's CPF, and will not be disbursed in cash. Then the children get to play the waiting "see no touch" game also.

 

2) The ultimate: a change in the law that mandates that unused CPF go in full or in part back to the gahmen. This may be "dressed up" as a "silver welfare fund" or whatever - a common pool used to support the elderly indigents in society. Basically, the NOK get robbed of their inheritance.

 

I can actually see 1 happening before too long and would probably pass without any real dissent in the mainstream media (online grumbling doesn't count). 2 would be extremely controversial, but don't think it can never happen. If I recall correctly, they were actually toying with this at one point.

no.1, require NOK to have a CPF account. How will the process be then if NOK do not have an CPF account? See how gen Y bloggers these day do not have a real job, and usually go around 'begging' for freebies in the name of a blog review.

[Baal]

CPF is meant for left to right. Min Sum is a safety net.....that is not for us though....

[Lmc1929]

at least give us the interest our money earned annually

[Wyfitms]

at least give us the interest our money earned annually

 

yeah.. in your dreams

[Gearosv2]

CPF immediate reply to that article... haha... seems too timely...

 

Dear CPF Member

This issue of InTouch with CPF covers:

• Can you use your CPF to repay housing loans after 55?
• Distributing your CPF according to your wishes
• Are You $avvy?

Can you use your CPF to repay housing loans after 55?

Whether your CPF can be used to repay housing loans after 55, depends on how much CPF savings you have at 55, and how much you have already used for housing.

When you turn 55, a Retirement Account (RA) is created using savings from first your Special Account, then Ordinary Account (OA) to meet the Minimum Sum (MS) relevant to your cohort. While the MS provides monthly payouts from your draw down age, the balance in your OA can be used for housing loan repayments.

Members who are able to set aside more than half of the MS, will be able to use the amount in excess of half of the MS for housing loan repayments.

For example:


If you continue working after 55, your CPF OA contributions can also be used for housing loan repayments.

However, housing withdrawal limits may apply. This is to safeguard members from overspending on their housing loan repayments at the expense of their retirement savings.

 

Source: http://view.ed4.net/v/EIB4EJG/L9GT/OTHMGZF/EYYCX/MAILACTION=1&FORMAT=H&HOSTED=TRUE

[Myxilplix]

"This is to safeguard members from overspending on their housing loan repayments at the expense of their retirement savings."

 

Laffo.

[Dumb]

What an irony!

 

Those who need and want to withdraw cannot.

 

Those who dont need and want to deposit also cannnot huh.

 

They say I hit the annual limit and cannot put in any more money!!! wtf rule.