CPF Minimum Sum

[Zenten]

Every one will die "soon" - the problem is don't know how "soon".



This may surprise you: EVERYONE KNOWS THIS.



You will - at the rate the government decides. Pure and simple.

.....that rate is diminishing at the pace we are growing if we are still growing. One thing for sure your savings in the CPF is not going at the rate to keep up with inflation simply bcos Singapore's economy has been canned for the longest time. Garmen's idea of growth is to ram up the population to churn the economy much like pumping air into a balloon and we all know what's going to happen next. I want to go to Batam now....... give me back My money............ Please give me back My money.

 

[ed9119]

can we have an undertaking that there will be no whining and blaming again when your returned CPF money runs out ?

like it or not your CPF is not going to be enough

A better solution should be a national pension scheme in place to augment monthly CPF withdrawals regardless of one's CPF balances

p/s one benefit of the CPF system has been a lower income tax .... take away CPF, u can expect income taxes to shoot up.... look at Scandinavia and most of europe.... want good later years benefits and pension? Pay for it in income tax or beat the lobang by staying unemployed young and letting the state feed you

 

[sammy888]

It's a wonderful theory that only a few will be able to do.

Try asking the population to move it and see how many succeed and how many will actually be able to see the signs n take necessary action. The number of people caught in stock market crashes is a good indicator and not to forget these are people dabbling in it. How many have in hand a foreign currency account to effect transfers?

Even if the population is able to see it coming, how much money do you think you can move before the rate crashes and no one wants it? Would the rest of the world not already know of the impending disaster n no longer want your currency?

heheheh You are assuming I wait till there IS a problem then move the money around. I move it today if I can redraw it. You can not use selective gloom and doom scenarios glued together to win a case like that. Moving money around is how banks and money changers for example earn money. If this is not an effective thing to do you think they are still in business? heheh... Yes it is not something everyone will know but for those who do we have options available to us. Moving money out of CPF is the least of my worry but a means to an end. I want answers as to how they are using our money in places they "invest"it in. Simple as that.

 

[Yappy]

.....that rate is diminishing at the pace we are growing if we are still growing. One thing for sure your savings in the CPF is not going at the rate to keep up with inflation simply bcos Singapore's economy has been canned for the longest time. Garmen's idea of growth is to ram up the population to churn the economy much like pumping air into a balloon and we all know what's going to happen next. I want to go to Batam now....... give me back My money............ Please give me back My money.

Good and don't come back. u can live like a duke in Batam and I repeat, don't come back.

 

[Yappy]

Well written.

If the SG gov cannot pay back the CPF money, they will raise the retirement age to 99 or set a higher minimum sum

Nobody can stop them in parliament

If you cannot trust them, don't vote for them.
At the end of the day you would have no place to go as you don't trust anybody.
Which one would you suggest would be the better one? US, UK Swiss or...?????

 

[Kit]

Don't trust government = leave Singapore? Can you be more draconian than that?

As much as you like to think, the government is not Singapore. There's a difference between trusting the government and staying in Singapore (for Singaporeans). Not trusting the government does not mean he has to leave. Your comment which suggests "don't like it here then leave" is may I say....... childish at best.

 

[NineEleven]

The way I look at it? Surrender our passport & migrate is the only chance to see 100% refund of your CPF & hopefully the Medisave too.

 

[UncleFai]

The way I look at it? Surrender our passport & migrate is the only chance to see 100% refund of your CPF & hopefully the Medisave too.

You will:

http://mycpf.cpf.gov.sg/CPF/Templat...6A1-4677-B04F-C9B992C33DF2}&NRCACHEHINT=Guest

But rest assured that your minimum sum and medisave will most likely not be enough for the rest of your life (unless die early) - even in Batam.

 

[tomcat]

Another way to get exemption from the Minimum Sum and to cash it out is to buy an annualty from a private financial institution that pays out a monthly allowance equal to or more than that under the scheme under the Retriement Account of CPF Life. Of course that pre-supposes that one have the cash outlay to invest in a private annualty scheme first.

 

[ArchRival]

Good and don't come back. u can live like a duke in Batam and I repeat, don't come back.

Absolutely agree bro!
As much as any new citizen can pack up and leave sg, so could any other singaporean. Instead we should continue to enhance our integration efforts to help new citizens adapt to our cpf way of life!

 

[NineEleven]

You will:

http://mycpf.cpf.gov.sg/CPF/Templat...6A1-4677-B04F-C9B992C33DF2}&NRCACHEHINT=Guest

But rest assured that your minimum sum and medisave will most likely not be enough for the rest of your life (unless die early) - even in Batam.

Thank you Uncle Fai but of course cannot rely on full settlement from Cpf, probably only enough to buy an overseas apartment for me so maybe sell bakuteh there

 

[tomcat]

Absolutely agree bro!
As much as any new citizen can pack up and leave sg, so could any other singaporean. Instead we should continue to enhance our integration efforts to help new citizens adapt to our cpf way of life!

Yes, we can always migrate if we can find greener pastures.
But in this respect, the Pinoys who gave up their Philippine citizenship to become new citizens here have a better deal.
When they have earned enough here, they can always take their CPF and their earnings and go back and re-acquire their Philippine citizenship and live happily and richly ever after. Apparently, under the laws of the Philippines, a Philippine citizen who has given up his citizenship to become a citizen of another country can easily re-acquire or claim back his Philippine citizenship.This law enacted in the Philippines in 2003 is called the Citizenship Retention and Reacquisition Act of 2003. It declares that natural-born citizens of the Philippines who become citizens of another country shall be deemed not to have lost their Philippine citizenship and can retain/re-acquire it back. Aren't they lucky. Lucky, lucky, lucky.
http://www.lawphil.net/statutes/repacts/ra2003/ra_9225_2003.html

 

[UncleFai]

Yes, we can always migrate if we can find greener pastures. But in this respect, the Pinoys who gave up their Philippine citizenship to become new citizens here have a better deal. When they have earned enough here, they can always take their CPF and their earnings and go back and re-acquire their Philippine citizenship and live happily and richly ever after. Apparently, under the laws of the Philippines, a Philippine citizen who has given up his citizenship to become a citizen of another country can easily re-acquire or claim back his Philippine citizenship.This law enacted in the Philippines in 2003 is called the Citizenship Retention and Reacquisition Act of 2003. It declares that natural-born citizens of the Philippines who become citizens of another country shall be deemed not to have lost their Philippine citizenship and can retain/re-acquire it back. Aren't they lucky. Lucky, lucky, lucky. http://www.lawphil.net/statutes/repacts/ra2003/ra_9225_2003.html

In your calculation, at the current CPF contribution rate how many years should they work so that there is enough CPF to "live happily and richly ever after"?

 

[ArchRival]

Yes, we can always migrate if we can find greener pastures.
But in this respect, the Pinoys who gave up their Philippine citizenship to become new citizens here have a better deal.
When they have earned enough here, they can always take their CPF and their earnings and go back and re-acquire their Philippine citizenship and live happily and richly ever after. Apparently, under the laws of the Philippines, a Philippine citizen who has given up his citizenship to become a citizen of another country can easily re-acquire or claim back his Philippine citizenship.This law enacted in the Philippines in 2003 is called the Citizenship Retention and Reacquisition Act of 2003. It declares that natural-born citizens of the Philippines who become citizens of another country shall be deemed not to have lost their Philippine citizenship and can retain/re-acquire it back. Aren't they lucky. Lucky, lucky, lucky.
http://www.lawphil.net/statutes/repacts/ra2003/ra_9225_2003.html

Agree with you too bro!
You can buy your own castle for only USD$179k! Way cheaper than any HDB no matter how you look at it!
You literally have greener pastures, and not only can you live happily and richly ever after, you can literally live like a king!
4 acres all yours! Comes complete with dungeons to torture dissidents who object to cpf!

[video=youtube;J8MyKXRIbQw]http://www.youtube.com/watch?v=J8MyKXRIbQw[/video]

 

[tomcat]

In your calculation, at the current CPF contribution rate how many years should they work so that there is enough CPF to "live happily and richly ever after"?

Well, it seems like the cost of living is so low in the Philippines that even the domestic maid's lowly salary in Singapore is enough to make a Pinoy rich in the Philippines. Have you not read about the case of Jeanilyn Bermudez who came to Singapore to work as a maid 30 years ago and now runs five businesses, including a recycling business that employs 20 people in her village? A maid's CPF is so low that I don't think she is depending on it to make her what she is today back in the Philippines. http://buzz.viddsee.com/cleaning-like-a-boss/

 

[starboard]

Don't trust government = leave Singapore? Can you be more draconian than that?

As much as you like to think, the government is not Singapore. There's a difference between trusting the government and staying in Singapore (for Singaporeans). Not trusting the government does not mean he has to leave. Your comment which suggests "don't like it here then leave" is may I say....... childish at best.

Well said. I was thinking of how to say it without being blunt.

 

[starboard]

You will:

http://mycpf.cpf.gov.sg/CPF/Templat...6A1-4677-B04F-C9B992C33DF2}&NRCACHEHINT=Guest

But rest assured that your minimum sum and medisave will most likely not be enough for the rest of your life (unless die early) - even in Batam.

So if minimum sum is not enough, why have the minimum sum?

 

[Zenten]

So if minimum sum is not enough, why have the minimum sum?

Because there will never be a maximum.......so just keep topping up.......

 

[Zenten]

Well, it seems like the cost of living is so low in the Philippines that even the domestic maid's lowly salary in Singapore is enough to make a Pinoy rich in the Philippines. Have you not read about the case of Jeanilyn Bermudez who came to Singapore to work as a maid 30 years ago and now runs five businesses, including a recycling business that employs 20 people in her village? A maid's CPF is so low that I don't think she is depending on it to make her what she is today back in the Philippines. http://buzz.viddsee.com/cleaning-like-a-boss/

A castle for US$179K? ...... and here we are all cooped up in our heavily subsidised HDB pigeon-holes. :bsmilie:

 

[Bukitimah]

You will: http://mycpf.cpf.gov.sg/CPF/Templates/MyCPF_PrinterFriendly_Template.aspx?NRMODE=Published&NRORIGINALURL=%2FCPF%2Fmy-cpf%2FOverseas%2FLivO9.ht&NRNODEGUID=%7BFDB86CE0-B6A1-4677-B04F-C9B992C33DF2%7D&NRCACHEHINT=Guest But rest assured that your minimum sum and medisave will most likely not be enough for the rest of your life (unless die early) - even in Batam.

To put things in the right perspective. Even if you don't draw out your CPF, it is also not enough right?

CPF isn't all bad and it works previously. Just like HDB, it has gone into biz mode. Provide options and let them decide. Stop the EC and high end HDB and build plenty of ordinary HDB at real cost. You got money buy private, no we have affordable home for you. Don't complicate matters. Why I pull in property into this discussion? Most would have no money left after their property mortgage which is inflated.