Procedure for withdrawing your CPF at 55

[halsey02]

1. You are required by law to save a portion of your earnings but you forget that CPF also requires your employer to do the same which is to your advantage.

2. CPF relieves the cash flow requirements for servicing a housing loan. This makes a huge difference and not many countries get to enjoy this benefit.

3. There is nothing to stop you from starting your own retirement plan independent of the CPF scheme.

4. There is nothing stopping you from retiring at any age. All you have to do is set your financial goals towards this target. Once you meet them, you can retire.

I WANT MY MONEY.... nothing else matter...how I set my financial goal or how I spend them...I WORK HARD 34 years or more...I WANT MY MONEY anything else that can be said or to be said...it does not ring any bells for me.... I WANT MY MONEY....

 

[sleaguepunter]

like laksaboy said, treat cpf as a tax and write off.

i think i can get more from my insurance saving plan that i brought donkey years ago than from cpf board.

 

[halsey02]

like laksaboy said, treat cpf as a tax and write off.

i think i can get more from my insurance saving plan that i brought donkey years ago than from cpf board.

They should declare CPF a charity....

 

[tanwahtiu]

it is a big mistake, and poor policy, to tie CPF saving to housing.

80% of HDB dwellers cannot use their equity growth to refinance for own use. Born and living in Singapore is a curse under LKY.

1. You are required by law to save a portion of your earnings but you forget that CPF also requires your employer to do the same which is to your advantage.

2. CPF relieves the cash flow requirements for servicing a housing loan. This makes a huge difference and not many countries get to enjoy this benefit.

3. There is nothing to stop you from starting your own retirement plan independent of the CPF scheme.

4. There is nothing stopping you from retiring at any age. All you have to do is set your financial goals towards this target. Once you meet them, you can retire.

 

[johnny333]

Those who understand retirement planning will be able to grasp the concept of "capital" and "yield".......

How do you know that the CPF gives a fair yield

Just look at how poorly entities like Temasek have performed. One thing I've learned is never to invest in unit trusts(mutual funds) because of the high costs involved in the management of those funds. Same problem with the CPF. There are too many people involved who are cost centres.

I'm not an expert but I've managed to get a higher rate of return than 4% on my investments. Many of my investments are also giving me a dividen while I have never gotten anything from my CPF .

 

[johnny333]

I must be the 20% then

In all seriousness, did the government use the guise of some newspaper reports about old men being cheated by young nubile PRC women to implement this?

What about the old Singapore women then?

Sibei curious to know when and how this started. Any background from the bros here?

I remember reading some story about how some nameless uncle lost $ in Batam.

 

[KNNBNBCB]

Malaysia's EPF interest rate as compared to our measly 2.5%.


1983 to 1987 (8.5%)

1988 to 1994 (8.0%)

1995 7.5%

1996 7.7%

1997 to 1998 6.7%

1999 6.84%

2000 6.00%

2001 5.00%

2002 4.25%

2003 4.50%

2004 4.75%

2005 5.00%

2006 5.15%

2007 5.80%

2008 4.50%

2009 5.65%

2010 5.80%

2011 6.00%

2012 6.15%

2013 6.35%


From 1983 til now, minimum 4.25%, max 8.5%. Anyone still think Ho Ching/Temasek/GIC is some kind of investment guru.

 

[Stompiss]

 

[tanwahtiu]

it was a m&d.

This CPF scam is more like this bastard LKY want to fix Singaporeans.

I remember reading some story about how some nameless uncle lost $ in Batam.

 

[Liquigas]

Some Sinkies are still unaware that CPF no longer allow any money to be withdrawn when the full MS amount is not met even if your HDB property is pledged. So if one has $148K (MS today) in RA, he/she is only allowed to withdraw $5K when previously CPF allowed in this case an amount upto $74K to be withdrawn after pledging HDB flat for $74K (50%). Not sure though when the change come about. With this changes we are seeing many uncles and aunties withdrawing a mere $5K the day they turn 55. This is the reason why so many old folks out there are unhappy and complaining ...

 

[halsey02]

Some Sinkies are still unaware that CPF no longer allow any money to be withdrawn when the full MS amount is not met even if your HDB property is pledged. So if one has $148K (MS today) in RA, he/she is only allowed to withdraw $5K when previously CPF allowed in this case an amount upto $74K to be withdrawn after pledging HDB flat for $74K (50%). Not sure though when the change come about. With this changes we are seeing many uncles and aunties withdrawing a mere $5K the day they turn 55. This is the reason why so many old folks out there are unhappy and complaining ...

You get only 5-7K ....all the pledge is a bull shit scam....only SINgaporeans buy these scams whole heartedly....all I want is when I retire, KIMME ALL MY MONEY....that's all!!

 

[The_Hypocrite]

Who did they vote for?

I have no qualms about cpf being held by the gahmen. I do not mind when i hit 55.,i draw a portion of month by month. When i kick the bucket the left over amt goes to my dependents. But i dulan this goal post being moved and the raising of the retirement age. I know the aged are a burden and growing old is a sin. N since Singkieland is a 1 party dictatorship. Why cant they force through a Farewell Party House where the aged and the infirmed can go die with dignity at the time of their own choosing? N fuck those left wing bleeding heart liberal fuckwits? Isnt the pap known to make the hard decisions for the good of society ? Y dont they do tat instead of fucking around with retirement age and all tat crap and prolonging the agony for all?

Some Sinkies are still unaware that CPF no longer allow any money to be withdrawn when the full MS amount is not met even if your HDB property is pledged. So if one has $148K (MS today) in RA, he/she is only allowed to withdraw $5K when previously CPF allowed in this case an amount upto $74K to be withdrawn after pledging HDB flat for $74K (50%). Not sure though when the change come about. With this changes we are seeing many uncles and aunties withdrawing a mere $5K the day they turn 55. This is the reason why so many old folks out there are unhappy and complaining ...

 

[johnny333]

Some Sinkies are still unaware that CPF no longer allow any money to be withdrawn when the full MS amount is not met even if your HDB property is pledged. So if one has $148K (MS today) in RA, he/she is only allowed to withdraw $5K when previously CPF allowed in this case an amount upto $74K to be withdrawn after pledging HDB flat for $74K (50%). Not sure though when the change come about. With this changes we are seeing many uncles and aunties withdrawing a mere $5K the day they turn 55. This is the reason why so many old folks out there are unhappy and complaining ...

That's why I think that time is against the PAP. As more people find out about all the new restrictions anger will grow. As more people reach 55 there will be even more unhappy Sporeans.

I still remember the case in 2009 when someone attacked an PAP MP over an angpow http://www.sammyboy.com/showthread.php?14589-Attack-on-PAP
It's now 2014 & things are even harder for aging Sporeans.

 

[Suicide]

vote Put the PAP....

 

[Leongsam]

From 1983 til now, minimum 4.25%, max 8.5%. Anyone still think Ho Ching/Temasek/GIC is some kind of investment guru.

When currencies are plunging in value, interest rates mean little.

The SG dollar has gone from strength to strength which makes a huge difference in expanding your options.

 

[KNNBNBCB]

When currencies are plunging in value, interest rates mean little.

The SG dollar has gone from strength to strength which makes a huge difference in expanding your options.

Yes. I am sure all these bullshits about sgd strong currency and hence the lower interest given to cpf are very comforting to the ah pek/ah soh when they realised all they can withdraw at 55 is that pathetic 5k.

 

[Leongsam]

That's why I think that time is against the PAP. As more people find out about all the new restrictions anger will grow. As more people reach 55 there will be even more unhappy Sporeans.

Singaporeans are generally unhappy not because of the PAP but because of the attitude they take towards life.

They are constantly bitter, resentful, jealous of those who are doing better and they harp on the negatives rather than identifying the positives and working the system to their advantage.

With this sort of mindset, they'll be miserable no matter where they are in the world and regardless of who is running Singapore.

Life is full of ups and downs and injustices exist everywhere. Nobody ever said life is fair. There will always be policies that rub you the wrong way under any government.

I know how it feels. I used to be in the same sorry state. The transformation came in the late 80s when I realised the only person who could determine my course in life was myself. I then set about to make the Singapore system work for me by taking advantage of positive aspects of PAP rule while drawing up plans to avoid the negatives.

Almost 3 decades have gone by and I'm I have a sense of satisfaction in that I succeeded in screwing the PAP in my own little way instead of wasting my time writing and uploading images to STOMP and bleating about my sorry life to Gilbert Goh.

 

[tanwahtiu]

you are one smart person. I stopped paying CPF since 1984. Work for myself too.

Sold my HDB and move to US. Return back as FT in 1990. Dump Singapore in 1995 and enjoy my time in China.

But I am fighting for my fellow Singaporeans to get their CPF back in full.

Singaporeans are generally unhappy not because of the PAP but because of the attitude they take towards life.

They are constantly bitter, resentful, jealous of those who are doing better and they harp on the negatives rather than identifying the positives and working the system to their advantage.

With .

Almost 3 decades have gone by and I'm I have a sense of satisfaction in that I succeeded in screwing the PAP in my own little way instead of wasting my time writing and uploading images to STOMP and bleating about my sorry life to Gilbert Goh.

 

[Papsmearer]

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.

Good job, you caught Sam in one of his bullshit lies again. this guy is really giving the PAP IB a bad name, I can't believe that this is the only kind of Idiots the PAP can hire to come here and bullshit. You might also mention that for every sinkie that can withdraw $600K, there are another 50 who don't have the minimum amount. Don't forget that its easy nowadays to not have the miminum amount because a large portion is taken out for down payment on a flat and every month, you get your CPF deducted for mortgage payments too.

 

[Papsmearer]

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.

The reason that the sinkie does not have $148K in his CPF is that he had to take out over $100K to put as down payment for his flat, and in addition, he also had his CPF depleted over $300K through monthly deductions for the mortgage on his expensive and overpriced HDB flat over the life of the loan. get it?