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I received $15k interest fr CPF Post Reply Rate topic
uiop1223 Supreme	04-Jan-2023 13:47        uiop1223 About Contact  Quote this Post!
x 0   x 1  Alert Admin	Wow. My reply got removed. Censorship super power now 🤐
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Nippon72 Senior	03-Jan-2023 21:05        Nippon72 About Contact  Quote this Post! Style: Fundamental   Mood: Yells: "Dude, is ALWAYS Time in the market than Timing the market! "
x 1   x 1  Alert Admin	Buddy, can you share your scepticism why - CPF is not our money? Are there instances (your relatives or friends) unable to withdraw their money or did not receive their payout when they are 65/70yo? -  1M65 is crap? Mathematically is not possible or what is our challenges in reaching? Or you are aware of a better scheme elsewhere? -  Mr Loo who imo has done a great job to share with us on the merits of CPF is a clown? Any reason why you think so? In fact he has raised my CPF awareness for my own retirement planning albeit late at age 47.  So that we can all be wiser on the blindspot we (especially myself) is not aware of?  I confess with no eyes blink I am a supporter of our CPF scheme! Let' s give credits where they are due & feedback/proposal if there is one! Looking fwd towards my 55 RA & 65 payout.    uiop1223      ( Date: 03-Jan-2023 12:16) Posted: Its like insurance. CPF money is not 100% your money. It is used as retirement scheme. So dont count on withdrawing the full cpf money in acct. expect changes over the yrs. Dpnt be a fool like clown loo.. what 1M65 crap investshare      ( Date: 03-Jan-2023 10:16) Posted: Hmm in a way, it is forced risk sharing. Is this not a tax
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investshare Supreme	03-Jan-2023 19:42        investshare About Contact  Quote this Post!
x 0   x 0  Alert Admin	Thank you. HVRRVH      ( Date: 03-Jan-2023 09:19) Posted: @investshare and all wishes to know more, this is quite useful  https://providend.com/10-important-aspects-about-your-cpf-retirement-account/?gclid=Cj0KCQiAnsqdBhCGARIsAAyjYjRuVPmnOUGhtfCzNU7g-seDeGJoOpkTohe5fDhaPiLPIfbYSUS9xOAaAs_uEALw_wcB
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vicloo Elite	03-Jan-2023 15:08        vicloo About Contact  Quote this Post!
x 0   x 0  Alert Admin	You finally get it... Basically mandatory for everyone with sufficient cpf savings to buy annuity insurance. There is even option to buy private insurance in place of cpf life subjected to approval by cpf. investshare      ( Date: 03-Jan-2023 10:16) Posted: Hmm in a way, it is forced risk sharing. Is this not a tax? uiop1223      ( Date: 03-Jan-2023 09:09) Posted: Got this from CPFB website: CPF LIFE is actuarially fair and works through risk-pooling. This means that interest earned on the annuity premium is shared amongst all members to form part of their monthly payouts. When a member leaves the CPF LIFE Scheme or passes away, the Board will refund the unused premium. CPF Board does not keep any of the interest earned. Instead, it is pooled and used to ensure that remaining CPF LIFE members continue to get monthly payouts for as long as they live. => so int earned on premium is pooled to distribute among members. Only the unused premium is refunded
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investshare Supreme	03-Jan-2023 10:16        investshare About Contact  Quote this Post!
x 0   x 1  Alert Admin	Hmm in a way, it is forced risk sharing. Is this not a tax? uiop1223      ( Date: 03-Jan-2023 09:09) Posted: Got this from CPFB website: CPF LIFE is actuarially fair and works through risk-pooling. This means that interest earned on the annuity premium is shared amongst all members to form part of their monthly payouts. When a member leaves the CPF LIFE Scheme or passes away, the Board will refund the unused premium. CPF Board does not keep any of the interest earned. Instead, it is pooled and used to ensure that remaining CPF LIFE members continue to get monthly payouts for as long as they live. => so int earned on premium is pooled to distribute among members. Only the unused premium is refunded
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HVRRVH Elite	03-Jan-2023 09:47        HVRRVH About Contact  Quote this Post!
x 0   x 1  Alert Admin	Good isn' t it? Zero already but still continue to receive monthly payout. Of course, in the grand scheme of things, some will lose out cos they passaway early before exhausting their BRS/FRS/ERS but fair is fair, the money goes to their bequeath.  AlanKoh      ( Date: 03-Jan-2023 09:28) Posted: After 65 if you started monthly withdrawal. the interest is not for your own RA account but to the pool.(Not sure what is the interest rate like?). I think you only can enjoy this pool interest when you are 80 years old and above.  Before 80 years old you are withdrawing your own CPF life account money. Example: Your FRS at 65 years old is $176,000. Your monthly payout is $980 /mth. This FRS of $176,000 will last about 15 years. (from 65 years old to 80 years old). by 80 years old. your FRS will be zero. uiop1223      ( Date: 03-Jan-2023 09:09) Posted: Got this from CPFB website: CPF LIFE is actuarially fair and works through risk-pooling. This means that interest earned on the annuity premium is shared amongst all members to form part of their monthly payouts. When a member leaves the CPF LIFE Scheme or passes away, the Board will refund the unused premium. CPF Board does not keep any of the interest earned. Instead, it is pooled and used to ensure that remaining CPF LIFE members continue to get monthly payouts for as long as they live. => so int earned on premium is pooled to distribute among members. Only the unused premium is refunded
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AlanKoh Member	03-Jan-2023 09:28        AlanKoh About Contact  Quote this Post!
x 0   x 0  Alert Admin	After 65 if you started monthly withdrawal. the interest is not for your own RA account but to the pool.(Not sure what is the interest rate like?). I think you only can enjoy this pool interest when you are 80 years old and above.  Before 80 years old you are withdrawing your own CPF life account money. Example: Your FRS at 65 years old is $176,000. Your monthly payout is $980 /mth. This FRS of $176,000 will last about 15 years. (from 65 years old to 80 years old). by 80 years old. your FRS will be zero. uiop1223      ( Date: 03-Jan-2023 09:09) Posted: Got this from CPFB website: CPF LIFE is actuarially fair and works through risk-pooling. This means that interest earned on the annuity premium is shared amongst all members to form part of their monthly payouts. When a member leaves the CPF LIFE Scheme or passes away, the Board will refund the unused premium. CPF Board does not keep any of the interest earned. Instead, it is pooled and used to ensure that remaining CPF LIFE members continue to get monthly payouts for as long as they live. => so int earned on premium is pooled to distribute among members. Only the unused premium is refunded
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uiop1223 Supreme	03-Jan-2023 09:19        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Anyway, the objective of cpf is to meet retirement needs. Not as savings to pass on to next generation. Get pte freehold landed or at least pte condo.. dont hand over hdb. Ur kids will not like
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HVRRVH Elite	03-Jan-2023 09:19        HVRRVH About Contact  Quote this Post!
x 0   x 0  Alert Admin	@investshare and all wishes to know more, this is quite useful  https://providend.com/10-important-aspects-about-your-cpf-retirement-account/?gclid=Cj0KCQiAnsqdBhCGARIsAAyjYjRuVPmnOUGhtfCzNU7g-seDeGJoOpkTohe5fDhaPiLPIfbYSUS9xOAaAs_uEALw_wcB
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uiop1223 Supreme	03-Jan-2023 09:09        uiop1223 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Got this from CPFB website: CPF LIFE is actuarially fair and works through risk-pooling. This means that interest earned on the annuity premium is shared amongst all members to form part of their monthly payouts. When a member leaves the CPF LIFE Scheme or passes away, the Board will refund the unused premium. CPF Board does not keep any of the interest earned. Instead, it is pooled and used to ensure that remaining CPF LIFE members continue to get monthly payouts for as long as they live. => so int earned on premium is pooled to distribute among members. Only the unused premium is refunded
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vicloo Elite	03-Jan-2023 09:02        vicloo About Contact  Quote this Post!
x 0   x 0  Alert Admin	If example if you FRC is 350k, at 55, cpf will take 50 from your oa to RA lor. Hope you get it now. If you want to avoid, put all your oa to tbill 2 mths b4 u hit 55 for 6 mths lor haha. investshare      ( Date: 03-Jan-2023 08:56) Posted: Thanks, but Still confuse.. If I have the following at 55: OA $200k SA $300k Will all go to RA? HVRRVH      ( Date: 03-Jan-2023 08:11) Posted: I may add that OA & SA accounts are still ' there' and can continue to receive contributions from work or volunteer contributions even after age 55. We can also consider ' shielding' the SA by using the SA money just prior to 55 years old. The key thing to remember is that we do have the option to ' take out' the money as long as we met BRS [can take out whatever beyond BRS or FRS if no house to pledge]. If you do nothing, even at age 65 you can withdraw up to 20% from RA before CPF life plan [whichever plan you chose] kick in. Don' t believe what others say what CPF ' can see cannot touch' . Not only CPF can see and touch [pay house, pay education, pay medical, invest], if we are into legacy planning, it can form a big part of our legacy plannin not to mention it is a very useful feature for our retirement planning too.
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vicloo Elite	03-Jan-2023 09:00        vicloo About Contact  Quote this Post!
x 0   x 0  Alert Admin	Go check cpf website on your age and what is the FRC number. Cpf will only automatically take cpfoa to RA if your SA not enough. After you choose your cpf plan, extra money on RA can withdraw also (after you withdraw all your OA 1st.) investshare      ( Date: 03-Jan-2023 08:56) Posted: Thanks, but Still confuse.. If I have the following at 55: OA $200k SA $300k Will all go to RA? HVRRVH      ( Date: 03-Jan-2023 08:11) Posted: I may add that OA & SA accounts are still ' there' and can continue to receive contributions from work or volunteer contributions even after age 55. We can also consider ' shielding' the SA by using the SA money just prior to 55 years old. The key thing to remember is that we do have the option to ' take out' the money as long as we met BRS [can take out whatever beyond BRS or FRS if no house to pledge]. If you do nothing, even at age 65 you can withdraw up to 20% from RA before CPF life plan [whichever plan you chose] kick in. Don' t believe what others say what CPF ' can see cannot touch' . Not only CPF can see and touch [pay house, pay education, pay medical, invest], if we are into legacy planning, it can form a big part of our legacy plannin not to mention it is a very useful feature for our retirement planning too.
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investshare Supreme	03-Jan-2023 08:56        investshare About Contact  Quote this Post!
x 0   x 1  Alert Admin	Thanks, but Still confuse.. If I have the following at 55: OA $200k SA $300k Will all go to RA? HVRRVH      ( Date: 03-Jan-2023 08:11) Posted: I may add that OA & SA accounts are still ' there' and can continue to receive contributions from work or volunteer contributions even after age 55. We can also consider ' shielding' the SA by using the SA money just prior to 55 years old. The key thing to remember is that we do have the option to ' take out' the money as long as we met BRS [can take out whatever beyond BRS or FRS if no house to pledge]. If you do nothing, even at age 65 you can withdraw up to 20% from RA before CPF life plan [whichever plan you chose] kick in. Don' t believe what others say what CPF ' can see cannot touch' . Not only CPF can see and touch [pay house, pay education, pay medical, invest], if we are into legacy planning, it can form a big part of our legacy plannin not to mention it is a very useful feature for our retirement planning too.  HVRRVH      ( Date: 03-Jan-2023 08:00) Posted: 2 things here. 1st, basic retirement sum, full retirement sum and enhanced retirement sum. 2nd, choosing of basic, standard or escalated CPF life plans. We can only choose either basic, standard or escalated plan when we reach 65. What happens at age 55   is that regardless of your wishes [as to which plan you want at age 65], all the money in OA and SA will be pulled together and form a newly created RA. At this point, your money in RA [pulled from OA & SA], regardless of the amount, will accumulate interest till age 65. At anytime before age 65, if you RA already met basic retirement sum [currently at about 106k], you can withdraw any amount above that if you pledge your fully paid house. If don' t or nothing to pledge, you must then set aside full retirement sum [X2 of BRS] and can withdraw the rest of the amount.
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vicloo Elite	03-Jan-2023 08:51        vicloo About Contact  Quote this Post!
x 0   x 0  Alert Admin	Almost correct, except: 1) if the cpf member pass away before 80, there will be some residual value from the plan to pass on to the nominated person or family members. 2) Basic plan (max value to family), follow by Standard and Worst escalating. This also means Escalating plan pay you the highest monthly income. Hope this help. AlanKoh      ( Date: 03-Jan-2023 08:16) Posted: Correct me if I am wrong. So the $250K in your CPF Life Retirement account will not enjoy any interest till you die? Your monthly withdrawal of $1.5K is from your own CPF Life retiirement amount.This amount($250K) will last for about 15 years (From 65 years to 80 years old). Till then it will be zero. But if we invest this amount elsewhere with 4% interest. It can last us for about 10 years. (with $1.5K monthly withdrawal).So we must live above 90 years old to breakeven. vicloo      ( Date: 02-Jan-2023 13:41) Posted: For example u have 400k in cpfsa, and u choose basic cpf life which cost you 250k, so at 65 you receive monthly annuity from the basic cpf life plan... Say example 1.5k per mth till you die. 150k retain in cpfoa or cpfra gets 4% or 2.5%
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Jiyaji Member	03-Jan-2023 08:46        Jiyaji About Contact  Quote this Post!
x 0   x 0  Alert Admin	A life long annuity is very rare in pension schemes world-wide (which tend to be mostly private or based on high income tax). CPF Life is a much lauded scheme. The end of benefits/balances (?) if I were to die early may be less (but by then I am dead ... so " what me worry" ) but the security of having a steady income no matter what age I die is definitely a plus. That said - I am at an age where I can choose to remain either in the old scheme or CPF Life before I turn 80.  Ideally, my recomendation for those who have other income streams is to maximise returns from those schemes by the time you turn 70. Postpone CPF Life withdrawals until you turn 70 (max age at which withdrawal is compulsory) That way one can get higher monthly payouts when one may not have the abiliity (physical/mental) to track investments with the same vigour as before. My 2 cents worth ... :)
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AlanKoh Member	03-Jan-2023 08:16        AlanKoh About Contact  Quote this Post!
x 0   x 0  Alert Admin	Correct me if I am wrong. So the $250K in your CPF Life Retirement account will not enjoy any interest till you die? Your monthly withdrawal of $1.5K is from your own CPF Life retiirement amount.This amount($250K) will last for about 15 years (From 65 years to 80 years old). Till then it will be zero. But if we invest this amount elsewhere with 4% interest. It can last us for about 10 years. (with $1.5K monthly withdrawal).So we must live above 90 years old to breakeven. vicloo      ( Date: 02-Jan-2023 13:41) Posted: For example u have 400k in cpfsa, and u choose basic cpf life which cost you 250k, so at 65 you receive monthly annuity from the basic cpf life plan... Say example 1.5k per mth till you die. 150k retain in cpfoa or cpfra gets 4% or 2.5% vicloo      ( Date: 02-Jan-2023 13:38) Posted: Once you start taking monthly sum, your payout follow the annuity insurance payout scheme until you die, no longer follow any cpf interests scheme etc. You cant withdraw it anyway also. Only money not in cpf life plan will get interests from cpf-RA account.
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HVRRVH Elite	03-Jan-2023 08:11        HVRRVH About Contact  Quote this Post!
x 0   x 1  Alert Admin	I may add that OA & SA accounts are still ' there' and can continue to receive contributions from work or volunteer contributions even after age 55. We can also consider ' shielding' the SA by using the SA money just prior to 55 years old. The key thing to remember is that we do have the option to ' take out' the money as long as we met BRS [can take out whatever beyond BRS or FRS if no house to pledge]. If you do nothing, even at age 65 you can withdraw up to 20% from RA before CPF life plan [whichever plan you chose] kick in. Don' t believe what others say what CPF ' can see cannot touch' . Not only CPF can see and touch [pay house, pay education, pay medical, invest], if we are into legacy planning, it can form a big part of our legacy plannin not to mention it is a very useful feature for our retirement planning too.  HVRRVH      ( Date: 03-Jan-2023 08:00) Posted: 2 things here. 1st, basic retirement sum, full retirement sum and enhanced retirement sum. 2nd, choosing of basic, standard or escalated CPF life plans. We can only choose either basic, standard or escalated plan when we reach 65. What happens at age 55   is that regardless of your wishes [as to which plan you want at age 65], all the money in OA and SA will be pulled together and form a newly created RA. At this point, your money in RA [pulled from OA & SA], regardless of the amount, will accumulate interest till age 65. At anytime before age 65, if you RA already met basic retirement sum [currently at about 106k], you can withdraw any amount above that if you pledge your fully paid house. If don' t or nothing to pledge, you must then set aside full retirement sum [X2 of BRS] and can withdraw the rest of the amount.  investshare      ( Date: 02-Jan-2023 21:46) Posted: Can I choose basic scheme at 55? Will they still move FRS to RA at 55
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HVRRVH Elite	03-Jan-2023 08:00        HVRRVH About Contact  Quote this Post!
x 0   x 1  Alert Admin	2 things here. 1st, basic retirement sum, full retirement sum and enhanced retirement sum. 2nd, choosing of basic, standard or escalated CPF life plans. We can only choose either basic, standard or escalated plan when we reach 65. What happens at age 55   is that regardless of your wishes [as to which plan you want at age 65], all the money in OA and SA will be pulled together and form a newly created RA. At this point, your money in RA [pulled from OA & SA], regardless of the amount, will accumulate interest till age 65. At anytime before age 65, if you RA already met basic retirement sum [currently at about 106k], you can withdraw any amount above that if you pledge your fully paid house. If don' t or nothing to pledge, you must then set aside full retirement sum [X2 of BRS] and can withdraw the rest of the amount.  investshare      ( Date: 02-Jan-2023 21:46) Posted: Can I choose basic scheme at 55? Will they still move FRS to RA at 55? vicloo      ( Date: 02-Jan-2023 16:57) Posted: It depends how much you have in SA, RA will seek for Full Retirement Sum (FRS), say example FRS of your age is 300k, if you already have more than 300k in SA, your OA $ will not be moved to RA, unless you voluntarily transfer OA to SA b4 55. Your extra RA money can also be withdraw in cash. If your SA doesnt have enough money to meet FRS, cpf will take money from OA automatically to meet FRS.
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vicloo Elite	03-Jan-2023 07:37        vicloo About Contact  Quote this Post!
x 0   x 0  Alert Admin	The system is designed to automatically transfer money from cpfoa to RA to meet FRS (if your SA has less than FRS). If you choose Basic annuity plan, the remaining money can be withdraw out in cash base on limit by cpf yearly. Need to check. If you want to not allow CPF to transfer your money to SA automatically (assume your case SA has less than FRS), put your cpfoa money in Tbill, FD, or use it to pay for your house etc few months before you hit 55, then they wouldnt touch money not available readily in account. This is not financial advise, personally I see putting in SA is good to get 4% investshare      ( Date: 02-Jan-2023 21:46) Posted: Can I choose basic scheme at 55? Will they still move FRS to RA at 55? vicloo      ( Date: 02-Jan-2023 16:57) Posted: It depends how much you have in SA, RA will seek for Full Retirement Sum (FRS), say example FRS of your age is 300k, if you already have more than 300k in SA, your OA $ will not be moved to RA, unless you voluntarily transfer OA to SA b4 55. Your extra RA money can also be withdraw in cash. If your SA doesnt have enough money to meet FRS, cpf will take money from OA automatically to meet FRS.
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pikachu Master	03-Jan-2023 07:04        pikachu About Contact  Quote this Post!   Mood: Yells: "Holy Cow!"
x 0   x 1  Alert Admin	Agree Nippon72      ( Date: 02-Jan-2023 13:02) Posted: A welfare state will result in the downfall of our country. Firstly, there is no supply of oil, commodities and minerals from the ground of this 700 sq km island. So where do we generate revenue to sustain a welfare state? And if we were to be one for whatever reasons, there will be a time we will  see no impetus to work hard cos we see each other just " leeching" on the state. Then the economy goes downhill, 1SGD may revert to 1RM. We are no longer competitive and may have to return to Malaysia on their terms. Today this may sound far fetched today, never say never. If Singapore is not an exceptional shinning red dot, there is no reason for an independent sovereign Singapore. I hope in my remaining lifetime this will not happen though.  simpleguy123      ( Date: 02-Jan-2023 11:54) Posted: THIS. . . is the truth. In their eyes, it justifies not setting up a welfare state
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