Procedure for withdrawing your CPF at 55

[Leongsam]

All the details are in this PDF booklet.

http://mycpf.cpf.gov.sg/NR/rdonlyres/C7A3F0C7-F0E7-4B5A-9792-2C07D4B6C119/0/Reaching55_booklet.pdf

 

[nutbush]

minimum sum is $148000...:o

 

[nutbush]

what is property pledge?

 

[Leongsam]

minimum sum is $148000...:o

That's just a small portion that is put aside for a rainy day. The majority of the funds can be withdrawn and Singaporeans can do whatever they like with the money.

 

[Sinkie]

2016 will be a very interesting year......

 

[Leongsam]

2016 will be a very interesting year......

I doubt if the elections will change anything. Most prudent and rational Singaporeans will see the wisdom of the CPF scheme as it stands today.

The government withholds a small percentage of CPF funds in order to prevent some Singaporeans who are very poor in financial management from ending up penniless and destitute. The majority of the money can be withdrawn with no hindrance or conditions at all.

 

[halsey02]

Waste your time reading that booklet...JUST PROOF THAT YOU ARE DEAD.....but then again, you still don't get your money, they will transfer that to your descendants..who still won't get it..GET IT??

CPF is a charity....

 

[batman1]

Majority of cpf members did not attain the minimum sum of $148,000.oo so they could not withdraw any cpf money when they reach 55 years old.
What is the use of talking about the future monthly payout for life from 65 year old onwards when the cpf members could not keep their stomach full now or when they are poor,sick and jobless and need money for their daily financial expenses from 55 years old to 65 years old ??? Do the over-paid PAP ministers ever thought about it ? Most Probably NO cos they have no financial difficulties at all and they do not empathise with the sufferings of the people of Singapore and they have lost touch with the harsh financial problems faced by the ordinary citizens of Singapore.

 

[Asterix]

The government withholds a small percentage of CPF funds in order to prevent some Singaporeans who are very poor in financial management from ending up penniless and destitute. The majority of the money can be withdrawn with no hindrance or conditions at all.

Go to page 5 of the PDF attached to post #1 and you will know the meaning of "small" and "majority" in relation to the average worker in Sinkieland whose salary is, let me guess, SGD 2,000 per month.

You're out of touch, I'm out of time.

[video=youtube;dIQ1TLvQViY]http://www.youtube.com/watch?v=dIQ1TLvQViY[/video]

 

[Leongsam]

Go to page 5 of the PDF attached to post #1 and you will know the meaning of "small" and "majority" in relation to the average worker in Sinkieland whose salary is, let me guess, SGD 2,000 per month.

The government cannot craft its policies based only upon the plight of the lowest deciles of the community. It has to look at the whole picture.

If an individual has less than $148,000 in CPF savings at age 55, it's pretty obvious he/she isn't very good at earning money or managing finances. These are the sort that need help in protecting their nest egg hence the minimum sum.

However, all those who capable and prudent will have far more than $148,000 in their CPF upon reaching 55 and they are free to withdraw the money and do as they wish with it.

My cousin who just turned 55 at the end of last year withdrew more than $600,000 and he has opted to leave a further $100,000 which he could have withdrawn in his CPF account because the interest rates are excellent by current world standards. Only the NZD comes close at the moment.

 

[Leongsam]

Majority of cpf members did not attain the minimum sum of $148,000.oo so they could not withdraw any cpf money when they reach 55 years old.

These are the ones that need looking after by the government. That is why they cannot be allowed to blow all their savings on frivolous pursuits.

The rest are free to withdraw their savings to invest or spend wherever they want.

 

[chonburifc]

Money not in your pocket is not your money. Belongs to Mr. Ho, u understand?

 

[Sinkie]

I doubt if the elections will change anything. Most prudent and rational Singaporeans will see the wisdom of the CPF scheme as it stands today.

The government withholds a small percentage of CPF funds in order to prevent some Singaporeans who are very poor in financial management from ending up penniless and destitute. The majority of the money can be withdrawn with no hindrance or conditions at all.

CPF should not keep changing the rules and the only way to find out is from its web-site, when it is already cooked. CPF today is very different from CPF when it started. Hence, this is considered deceit, whether good or not, the people should decide, as it is their money afterall.

 

[looneytan]

Money not in your pocket is not your money. Belongs to Mr. Ho, u understand?

who is Mr. Ho? I only know Sir Ho Chung Chang.

 

[chonburifc]

who is Mr. Ho? I only know Sir Ho Chung Chang.

Are u sinkee or not? Mr Ho so famous u donno meh? Pinky 's husband lah.

 

[Lizzert]

what is property pledge?

You can pledge your HDB or pte property to CPF and withdraw up your 50% of the 148K, but have to repay plus interest if you decide to sell
the property later on. With HDB its quite straight forward..but not sure about Pte Property as you are required to obtain valuation, and legal costs.
Anybody got experience with pledging their pte property , if so please share

 

[KNNBNBCB]

The government cannot craft its policies based only upon the plight of the lowest deciles of the community. It has to look at the whole picture.

If an individual has less than $148,000 in CPF savings at age 55, it's pretty obvious he/she isn't very good at earning money or managing finances. These are the sort that need help in protecting their nest egg hence the minimum sum.

However, all those who capable and prudent will have far more than $148,000 in their CPF upon reaching 55 and they are free to withdraw the money and do as they wish with it.

My cousin who just turned 55 at the end of last year withdrew more than $600,000 and he has opted to leave a further $100,000 which he could have withdrawn in his CPF account because the interest rates are excellent by current world standards. Only the NZD comes close at the moment.

Your cousin withdrew 600+k and left a further 100+k in his cpf account? Meaning he had about 800k in it?

He withdraw at 55. Say he started work at 22 after NS. Means he accumulated his cpf over 33 years. 800k divided by 33 year = $2,020 per month. CPF contribution is capped at $1800 monthly (include employer and employee contribution). This $1800 got to be split up into OA,SA,MA. MA can never be withdraw somemore. I wonder how your cousin is able to accumulate 800k based on $1400 max he puts into OA and SA monthly.

 

[Leongsam]

CPF should not keep changing the rules and the only way to find out is from its web-site, when it is already cooked. CPF today is very different from CPF when it started. Hence, this is considered deceit, whether good or not, the people should decide, as it is their money afterall.

In an ideal world, the CPF scheme as it was originally formulated would work very well. People would take all the money out at 55 and invest it carefully while spending within their means.

Unfortunately, life isn't like that. People are fallible and gullible and many can be easily relieved of their life savings by scams, false promises and temptations of the flesh.

The government therefore had no choice but to modify the scheme to fit with the times.

 

[Muthukali]

148k is as of today's date.

How about those having another 30, 20 or 10 years to slog? MS = $XXX, XXX in future date

How about those without any property pledge at all?

 

[chonburifc]

148k is as of today's date.

How about those having another 30, 20 or 10 years to slog? MS = $XXX, XXX in future date

How about those without any property pledge at all?

Dey, the Xs can all subsitute with 9.