Procedure for withdrawing your CPF at 55

[batman1]

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.

The cpf members could not attain the minimum of $148,000.00 cos their wages have been depressed very low by the PAP for the last 30 years resulting in very low CPF contributions.This is the adverse result of bad PAP policies and now the PAP say your CPF money balance is too little so cannot withdraw and have to wait till u are 65 years old ???
When we reached 55,return all our CPF money to us,we can then take a holiday in NZ or Down Under or start a small business selling ice kachang or mee rebus to be financially self-independent.
And please don't always pretend to help us,when they say they want to help us,they only give us more financial problems.

 

[kaipoh]

What's different PAP stilll PAP, minister still got the shameless salary and bonuses, only change is your life and my life!

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

 

[Leongsam]

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.

I'm not sure what the caps are now but they were higher in the old days which meant that CPF contributions were higher and take home pay was lower. In the early 80s CPF contributions were 25% each from employer/employee.

If you want I can find out the details but I know many of my cohort have far more than half a million bucks in their CPF accounts.

 

[Muthukali]

Dey, the Xs can all subsitute with 9.

Mati lah like that, linpeh heading Bedok Reservoir liao. BTW Thailand got sway mak mak reservoir for me to jump?

 

[leetahbar]

this is a FALLACY.

do not be fooled!

[Minimum Withdrawable Amount: $5,000
The minimum amount you are entitled to withdraw from your
CPF at 55.
(Depending on your available balances)

actually that's the MAXIMUM u can withdraw even though u may ve more.

after a weeks later, cpf shall try to con it back by sending u a mail telling u to top up your cpf with $7k for "extended drawdown period". it's kinda special offer that u ve to mail them back a cheque for $7k into your account before the "offer date" is expired.

i m very sure that CPF now stands for CON PONZI FUND and that the coffer is nearly or fully empty. there goes all our life savings!

 

[KNNBNBCB]

I'm not sure what the caps are now but they were higher in the old days which meant that CPF contributions were higher and take home pay was lower. In the early 80s CPF contributions were 25% each from employer/employee.

If you want I can find out the details but I know many of my cohort have far more than half a million bucks in their CPF accounts.

Your time buy hdb cheaper. Hence no need use so much cpf for hdb repayment. Now new hdb 300 to 500k, how to accumulate cpf?

 

[batman1]

Mati lah like that, linpeh heading Bedok Reservoir liao. BTW Thailand got sway mak mak reservoir for me to jump?

BTW LOS got sway mak mak puying for u before u jump into floating market.555

 

[blissquek]

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.

yes..my muslim friend also said that his dream of bring his family members for a Haj also derailed by their CPF ruling..

they also very tulan ( fed up).

 

[Leongsam]

Your time buy hdb cheaper. Hence no need use so much cpf for hdb repayment. Now new hdb 300 to 500k, how to accumulate cpf?

Everything has gone up but so too have salaries.

The job that I was doing in the early 80s paid $6500 per month. The same job now pays $20,000. I should know because I am still in regular contact with the guys in the industry.

Singaporeans really have nothing much to complain about. They are far more well off and far better taken care of then 90% of the rest of the world.

 

[Sinkie]

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.

What about those who have not enough to make up the min sum? There is 7 to 8 years from 55 years old where he will have no money for his retirement, before 62 years old kicks in for annuity withdrawals.

If he cannot survive these 7 to 8 years, like medical issues, like unemployment, how?

You're assuming people are fallible and gullible, but we're talking about those with money locked up in CPF after 55 years and nothing left to be tempted by the flesh. CPF is just making up a lame excuse and you're biting into it like it is a delicious hot-dog.

 

[batman1]

Everything has gone up but so too have salaries.

The job that I was doing in the early 80s paid $6500 per month. The same job now pays $20,000. I should know because I am still in regular contact with the guys in the industry.

Singaporeans really have nothing much to complain about. They are far more well off and far better taken care of then 90% of the rest of the world.

The facts are : Majority of singaporeans are not as capable as a high-flier like u and do not have the conditions to migrate to NZ like u.

 

[Leongsam]

What about those who have not enough to make up the min sum? There is 7 to 8 years from 55 years old where he will have no money for his retirement, before 62 years old kicks in for annuity withdrawals.

To be honest, all I can say is too bad. No system caters to every possible scenario. People have to take responsibility for their own outcomes and start their own saving funds to supplement CPF.

Nobody can depend 100% on their pensions in their old age in countries like NZ and OZ either. They need additional savings for unforeseen expenditure.

Ultimately, we are all responsible for ourselves. No government is going to take care of you the way can take care of yourself.

 

[Leongsam]

The facts are : Majority of singaporeans are not as capable as a high-flier like u and do not have the conditions to migrate to NZ like u.

I'm not a high flyer. I'm just an ordinary sinkie who realised early in life that it is I and not the PAP who is responsible for my destiny and my well being.

I am of average intelligence and obtained average results in school and university. At work, I was merely average too. In NS, I was well below average.

The only difference is that when I saw an opportunity, I would give it a try. Anyone can do that.

 

[AhMeng]

What rubbish complicated CPF withdrawal mechanism is this?

How would a layman understand???

 

[halsey02]

I'm not sure what the caps are now but they were higher in the old days which meant that CPF contributions were higher and take home pay was lower. In the early 80s CPF contributions were 25% each from employer/employee.

If you want I can find out the details but I know many of my cohort have far more than half a million bucks in their CPF accounts.

Those who are 55 years & above, 675,000 of them, 65 years and above 450,000 , have an average of around $200,000 in their CPF account, if they start work after NS that is around 19-21 years of age, continously work for 33 -34 years, still living in the same flat..if you factor in the paper gain of that flat..around 500 - 1 million maybe??. Why do you think, they are so "friendly" with these old folks?

Say each of the 450,000 plus 675,000 have at least $100,000 in their CPF, 1,125,000 ( 2014 figures given by Bald Tarman), that will be, $112,500,000,000 Now you know why they are so friendly towards the "OLDies"??? do they have that much to pay every cent NOW?

in 1984, they contribution rate was 40% & that caused a RECESSION...which "mathematics' genius was in charge..?? If you are within that 55 & above age TODAY.....$500,000 in CPF is not unusual...

 

[Sinkie]

To be honest, all I can say is too bad. No system caters to every possible scenario. People have to take responsibility for their own outcomes and start their own saving funds to supplement CPF.

Nobody can depend 100% on their pensions in their old age in countries like NZ and OZ either. They need additional savings for unforeseen expenditure.

Ultimately, we are all responsible for ourselves. No government is going to take care of you the way can take care of yourself.

I don't think it is a matter of taking responsibility. Many people were caught off when CPF keeps moving its withdrawal goal-posts. I'm sure many did not plan to have their CPF locked up for 7 to 8 years, just because the govt said people will live longer. But you can't live another day if you've no money and begging is not allowed in Singapore. Neither is there welfare. Employment is taken by FTs, so such a policy is a nail in the coffin and 2016 will definitely be very interesting, because no one can live on air alone, whether someone says just too bad or not is not going to shift the blame.

Bottom line....don't surprise the masses with moving goal-posts for the withdrawal or pay heavily politically for such callousness.

 

[Leongsam]

I don't think it is a matter of taking responsibility. Many people were caught off when CPF keeps moving its withdrawal goal-posts. I'm sure many did not plan to have their CPF locked up for 7 to 8 years,

To be honest, the CPF minimum sum is such a small amount that even if it was released in full, I can't see it making the slightest difference for anyone.

If it was taken out at 55, what would anyone who has no other savings do with that amount?

Go for a holiday? Pay debt? Let's say $48,0000 was spent in the first 5 years of withdrawal that would leave $100,000 to last another 20 to 30 years. It's smaller than peanuts. Anyone who tried to retire on such a minuscule sum is obviously out of touch with reality.

If $148,000 plus a pigeon hole are the only assets a person has upon reaching retirement, it is far wiser to leave the money in CPF anyway even if you were allowed to withdraw it.

$148,000 at 4% per annum is $490 per month x 2 for a couple which is enough to live on. The pension scheme in NZ is no better and when one party dies, the pension stops. With CPF, the money can be willed to the other half.

 

[KNNBNBCB]

The percentage of active CPF members who meet their Minimum Sum at age 55 has been improving over the years, from 36 per cent in 2007 to 45 per cent in 2011.

Yeah sure. CPF minimum sum is a 'small amount'. 148k is nothing. Singapore is a very wealthy country. Try telling that to those 50% who failed to even have this minimum sum in their cpf at 55.

 

[Leongsam]

Yeah sure. CPF minimum sum is a 'small amount'. 148k is nothing. Singapore is a very wealthy country. Try telling that to those 50% who failed to even have this minimum sum in their cpf at 55.

Whose fault is it if they did not succeed?

 

[KNNBNBCB]

Whose fault is it if they did not succeed?

If its a small amount then why would more than half fail to achieve it. You are really talking through your arse.