CPF minimum sum to be revised upwards to S$131,000

[hquek]

I find it contradictory that govt sees no issue in promptly revising CPF min sum up and up based on inflation adjustment to reach 120K in 2003 figures; but dither dither when it comes to adjusting for the income ceiling of 8K for new HDB flats (this has been in place for 17 years?).

[Edureach]

Unless you are a high flyier or have multiple sources of income, when reaches 40, must keep away from all open house invitations.


Otherwise, cannot see your cpf, imagine min sum every year up min 5k to 8k. Ten years from now, min sum approx $200k and $50K for medisave?

[kwokwc]

Edureach:

Otherwise, cannot see your cpf, imagine min sum every year up min 5k to 8k. Ten years from now, min sum approx $200k and $50K for medisave?

Not surprising if it hits that level. It is just a matter of time when our CPF is consider as the money left for our kids when we die...

[MMM]

That sounds bad… Yes, I thought they would do more listening???


We currently have a property that is mainly financed through CPF and it’s rented out. Was telling hubby that with the regulation changes to CPF, even if we sell off the house and decide to do another investment, the main bulk of our monies will end up stuck in CPF… Don’t know can live LONG ENOUGH to see it one day since the age is always adjusting.

Also, why can’t they leave us to take care of our own hard earn monies. Not everyone need help to take care of monies???

In our case, we concluded that it’s probably better that we keep the property and continue to rent out as we are like encashing on our CPF every month instead.

[hquek]

WCW:

to say in a very bad way, the $ goes to the 15K mthly??

I personally feel it's not fair to say things like that. CPF is still our money - albeit it feels more like painting...can see, cannot touch.

The $ we pay in taxes....arrrrhhh, that's a different kettle of fish...I'll say that goes towards the 15k.

[Edureach]

kwokwc:

Edureach:

Otherwise, cannot see your cpf, imagine min sum every year up min 5k to 8k. Ten years from now, min sum approx $200k and $50K for medisave?

Not surprising if it hits that level. It is just a matter of time when our CPF is consider as the money left for our kids when we die...

That's why a career in banking is highly preferred here. Read business times weekend edition. Really cut throat to get in especially a career in investment banking. Need really high salary to paid for uni fees and housing.

My kids have factored in the cost of living and both have decided to try business courses over traditional engineering courses.

[Edureach]

MMM:

That sounds bad..... Yes, I thought they would do more listening????


We currently have a property that is mainly financed through CPF and it's rented out. Was telling hubby that with the regulation changes to CPF, even if we sell off the house and decide to do another investment, the main bulk of our monies will end up stuck in CPF.... Don't know can live LONG ENOUGH to see it one day since the age is always adjusting.

Also, why can't they leave us to take care of our own hard earn monies. Not everyone need help to take care of monies????

In our case, we concluded that it's probably better that we keep the property and continue to rent out as we are like encashing on our CPF every month instead.

Good idea! Unless you or your hubby have mastered the art of trading or investment.

[looking4Tutor]

hquek:

I personally feel it's not fair to say things like that. CPF is still our money - albeit it feels more like painting...can see, cannot touch.

so it is fair that they use the cpf monies for games and give us unrealistic interest rate.

[kwokwc]

Edureach:

kwokwc:

[quote=\"Edureach\"]Otherwise, cannot see your cpf, imagine min sum every year up min 5k to 8k. Ten years from now, min sum approx $200k and $50K for medisave?

Not surprising if it hits that level. It is just a matter of time when our CPF is consider as the money left for our kids when we die...

That's why a career in banking is highly preferred here. Read business times weekend edition. Really cut throat to get in especially a career in investment banking. Need really high salary to paid for uni fees and housing.

My kids have factored in the cost of living and both have decided to try business courses over traditional engineering courses.[/quote]I think the other good job to look into is becoming a tutor. Saw from another thread, a good tutor can earn over 10K for 1 classX2hour per week. And becoming a tutor, consider self-employed, so up the person to declare (of course, must declare a logical amount before IRAS charge for tax-evasion) and just pay medisave, no ordinary CPF, so can control the money one earns too.

[Edureach]

Nowadays, a top performer armed with an honours business/accountancy/economics degree from SMU/NUS/NTU after working for about three years, the salary hits 5 figure/mth.


The rest are trying very hard to close the gap lah.