How much is enough for retirement in Singapore?

[Harlequin]

Irrelevant:

Harlequin:

hmmm... like that har...

Anyone wrote to CPF pertaining the MS and pledging property please share the reply from CPF...

Aunty

I called CPF board. The lady who answered confirmed that one's property can be used as 50% of the MS. The effective amount of money left in CPF after that will be 69,500 (Retirement Account) and 38,500 Medisave....... provided one retires this year. This is no guarantee that the CPF board will not change the rules by next year.

Words in bold are mine. :evil:

Even when the cpf account with sufficient balance to meet the MS? Wow, it's like pawning, tweaked.

[dolphinsiah]

Irrelevant:

Harlequin:

hmmm... like that har...

Anyone wrote to CPF pertaining the MS and pledging property please share the reply from CPF...

Aunty

I called CPF board. The lady who answered confirmed that one's property can be used as 50% of the MS. The effective amount of money left in CPF after that will be 69,500 (Retirement Account) and 38,500 Medisave....... provided one retires this year. This is no guarantee that the CPF board will not change the rules by next year.

Words in bold are mine. :evil:

To me this is something to look for when I turn 55....at least I know if I cannot work I can still pledge my property.....and get some cash to do things I want to do....

I know is still early....to dream..... :snooze: but must have dream then will work hard for the money :moneyflies:

[Headache2010]

Irrelevant:

Harlequin:

hmmm... like that har...

Anyone wrote to CPF pertaining the MS and pledging property please share the reply from CPF...

Aunty

I called CPF board. The lady who answered confirmed that one's property can be used as 50% of the MS. The effective amount of money left in CPF after that will be 69,500 (Retirement Account) and 38,500 Medisave....... provided one retires this year. This is no guarantee that the CPF board will not change the rules by next year.

Words in bold are mine. :evil:

At age 55, for someone who has used his CPF to pay for his property (= or more than 50% of MS) , can pledge 50% of the MS.

OA + SA at age 55, all amount goes into RA. If one has $100k, and could pledge 50% of MS, he could withdraw $30,500 on his 55th birthday.
Likewise if one has $100k in RA but didn't use OA for his property, he cannot withdraw a single cent as it's below the MS.

[starlight1968sg]

CPF Retirement Planning Roadshow:

https://www.areyouready.sg/YourInfoHub/ ... -2015.aspx
I just missed the one nearest to my home.

[kyith]

there is this fear that if the sum is below minimum sum, you will never see your money. it just means that you have less money at age 65 to convert to CPF Life, which is an annuity that distributes $X annually until the assured passed away.


if you get all the money out, you will need to think about how to spend wisely till your last days. the theoractical safe method by academics: still points back to an annuity.

[starlight1968sg]

kyith:

there is this fear that if the sum is below minimum sum, you will never see your money. it just means that you have less money at age 65 to convert to CPF Life, which is an annuity that distributes $X annually until the assured passed away.


if you get all the money out, you will need to think about how to spend wisely till your last days. the theoractical safe method by academics: still points back to an annuity.

If I am not wrong, we can defer the buying of CPF Life to even after age 65?

[kyith]

starlight1968sg:

kyith:

there is this fear that if the sum is below minimum sum, you will never see your money. it just means that you have less money at age 65 to convert to CPF Life, which is an annuity that distributes $X annually until the assured passed away.


if you get all the money out, you will need to think about how to spend wisely till your last days. the theoractical safe method by academics: still points back to an annuity.

If I am not wrong, we can defer the buying of CPF Life to even after age 65?

there seem to be some changes, such at the enhanced cpf life would be better funded and higher payout.

this is not special. in the USA social security, there is a recommendation that if you can delay the moment u start drawing social security from 65 to 70 years, your payout is larger.

essentially, the longer you delay the larger the amount for annuity, but your 'return on investment' may be lower. but make no mistake, when you are de-accumulating you are not worried about the return but the cash flow

[starlight1968sg]

Kyith

My concern is if the cpf member dies while yet to hop into the cpf life, does this mean the cpf money will go to his beneficiaries listed in the cpf nomination?

[kyith]

i think so starlight, though i cannot confirm. even in the old days there is this part of cpf life that bequest a certain amount to beneficiaries.


theoractically have not ‘bought into’ cpf life at that point.

[starlight1968sg]

I was relooking at the title of this thread.

To be more objective, I think the age at which one amass the specific amt of money is relevant. In other words, if one is at age 45, having 1 mil is not enough. But if one is at age 65, then having 1 mil with no debts except the unforeseen medical expenses is probably enough for a simple lifestyle.