You can't withdraw shit from your CPF
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Originally posted by charlize:
Singaporeans are the minority.
All become slaves to the new rulers.
The new rulers is the opposition party who will chase all the foreigners out and singaporeans become the majority again.
Let us be optimistic
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Originally posted by Seowlah:
Ya hor.
Vote for a government that will give a free house, free education, free health care, free transport, everything free and no need to work, just got too much time but do not know how to do with the time everyday.
Vote for me and I will make your dreams come true
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Originally posted by fireng:
Vote for me and I will make your dreams come true
Everyone will vote for you.
100% votes for you.
But you must form a political party first leh.
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Originally posted by fireng:
The new rulers is the opposition party who will chase all the foreigners out and singaporeans become the majority again.
Let us be optimistic
I don't think so.
I just don't want to say out loud the terrible consequences of the policies of today.
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Originally posted by Georgetan884:
only partner in big 4, top lawyer/partner in big foreign law firm, regional sales director 17k - 20k per month
before everyone gets excited, ceiling for CPF contribution is $4500 /mth, your salary that is. -
they set it this way so that everyone will get CPF LIFE annunity.
CPF LIFE is an annuity that is suposed to pay for life, till the day you die. and if i not wrong, the minimum sum is 106,000.
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remember how i mentioned in the other thread that
"for many of us CPFlife is not an option" ?
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Originally posted by bladez87:
CPF LIFE is an annuity that is suposed to pay for life, till the day you die. and if i not wrong, the minimum sum is 106,000.
Minimum sum increases every year, taking into account inflation. The base year used is 2003. -
Speaking of CPF Life, I heard from someone that there is some sort of admin fee, premium fee (?) you need to pay for this CPF Life scheme.
I didn't bother to check up on the details.
Maybe anybody can give a short summary what it is all about if they know anything about it?
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Originally posted by fireng:
I assume by 2030 the PAP will no longer be in power, old man Lee and his son Lee will be dead too and singapore would be a much ebtter place to stay in.
There will be a new govt, less foreigners, increase in wages etc etc so everybody lets be optimistic
ya lor and maybe u will be dead by that time also -
Originally posted by charlize:
Speaking of CPF Life, I heard from someone that there is some sort of admin fee, premium fee (?) you need to pay for this CPF Life scheme.
I didn't bother to check up on the details.
Maybe anybody can give a short summary what it is all about if they know anything about it?
Something like that. CPF Life is an annuity = insurance plan, which means you need to pay a premium.
For e.g. you have $100 000 in your CPF RA (Retirement Acc) when you turn 62, you can use that money ($100k) to buy a CPFLife plan, which would give you a few hundred every mth for the rest of your life.
Of course this example is simplistic and the monthly payout differs (depending on which CPF Life plan you opt for)
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cpf life is a scam... just another mean by cpf to retain your money longer.
how many of us can live up to 80 to collect the payout? most will die before you reach the minimum payout age, losing a significant chunk of cpf savings. for nothing.
and considering that the payout is meagre at $300/month, what is going to happen to the excess money collected from those who died before they are allowed to collect payouts?
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Originally posted by maxtor:
Something like that. CPF Life is an annuity = insurance plan, which means you need to pay a premium.
For e.g. you have $100 000 in your CPF RA (Retirement Acc) when you turn 62, you can use that money ($100k) to buy a CPFLife plan, which would give you a few hundred every mth for the rest of your life.
Of course this example is simplistic and the monthly payout differs (depending on which CPF Life plan you opt for)
How much is the premium?
Someone mentioned it was about 10%.
Don't know whether true or not.
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Originally posted by deathmaster:
cpf life is a scam... just another mean by cpf to retain your money longer.
how many of us can live up to 80 to collect the payout? most will die before you reach the minimum payout age, losing a significant chunk of cpf savings. for nothing.
and considering that the payout is meagre at $300/month, what is going to happen to the excess money collected from those who died before they are allowed to collect payouts?
Bro, the payout age start at 62, as per the current MSS (Minimum Sum Scheme)How much the payout is depends on how much "premium" u use to buy the CPF Life plan, and which option (4 choices) you decide on.
I can try to get some figures when i am free and post it up here.
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Originally posted by charlize:
How much is the premium?
Someone mentioned it was about 10%.
Don't know whether true or not.
I am not sure. I think can be up to 100% of your CPF Retirement Acc.I have to check..
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Originally posted by maxtor:
Bro, the payout age start at 62, as per the current MSS (Minimum Sum Scheme)How much the payout is depends on how much "premium" u use to buy the CPF Life plan, and which option (4 choices) you decide on.
I can try to get some figures when i am free and post it up here.
Please do.
I want to find out about this scheme especially on the premium part.
I can't seem to find out how much premium must be paid - whether lump sum one time payment etc.
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Originally posted by deathmaster:
cpf life is a scam... just another mean by cpf to retain your money longer.
how many of us can live up to 80 to collect the payout? most will die before you reach the minimum payout age, losing a significant chunk of cpf savings. for nothing.
and considering that the payout is meagre at $300/month, what is going to happen to the excess money collected from those who died before they are allowed to collect payouts?
Paid to the beneficiary.
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Originally posted by Stevenson101:
Paid to the beneficiary.
depending on the plan you sign up for, a portion is earmarked for cpf life annuity scheme. your beneficiary does not get to collect that portion.
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Originally posted by charlize:
Please do.
I want to find out about this scheme especially on the premium part.
I can't seem to find out how much premium must be paid - whether lump sum one time payment etc.
Ok... :)
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Originally posted by deathmaster:
depending on the plan you sign up for, a portion is earmarked for cpf life annuity scheme. your beneficiary does not get to collect that portion.
How big is that portion?
It seems like nobody has a clue or details are quite hazy.
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Apparently, the website says the bequest to beneficiaries is classified as high, medium and low. LOL!
So vague for a national plan
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lol. i also quite lost at the cpf life. lol.
ok let me quote from the M9 text from SCI.
the MS can be made in full cash, part cash part property with property cap at 50% of the MS. meaning half of the MS must be in cash aka from cpf. Currently the MS will last you for 20 years starting from 62.
the LIFE scheme will include everyone who has at least 40k in their MS. upon joining the LIFE scheme at 55, the MS cash balance will be split into 2 parts, larger part goes to retirement acc RA. and a smaller part into LIFE premium, both earning CPF interest.
the RA will earn its own interest. but LIFE premium will be pooled together with everyone else to fund LIFE scheme. meaning that money will be taken out of your CPF and put into a public pool to earn interest.
Under default plan, RA and its interest will provide a monthly payment over 15 years, from 65 to 80.at 80, LIFE will start its payout. it he dies before exhausting his RA or LIFE premium, the balance will go to his beneficiaries.
So they take your part of your retirement fund out to invest separately and that part will only start payout at 80. -
what about high, medium and low bequest? How high's high and low's low lol
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Originally posted by charlize:
Please do.
I want to find out about this scheme especially on the premium part.
I can't seem to find out how much premium must be paid - whether lump sum one time payment etc.
Ok. I've consulted the CPF Life Guide. My answer to you is yes. The premium payable is = to 100% of your Retirement Account balance. This is a lump sum = one time payment at age 55. Once you reach age 62, your monthly payouts will commence.
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Originally posted by deathmaster:
depending on the plan you sign up for, a portion is earmarked for cpf life annuity scheme. your beneficiary does not get to collect that portion.
to my understanding , what you said is partially right. only under the extremely high payout rate plan, do your beneficiaries not get anything when u die. i think...