Turning 55 in year 2013 ...

[Logisex]

It is not that we are lazy but some of us really do have medical problems. I just enquired with cpf this morning and am shocked to find out that those born in 1958 and later, cannot take a cent out of their ordinary account whilst those born before 1958 can do so at a % of their ordinary account.

Some of us are really frugal in spending and can survive on $500 a month. Now we do not have a cent at age 55 and has to work till 65 with all our medical problems. Is it fair to us (those who are born 1958 and later)?:(

Uncle, it might seem harsh but I think you need to know this:

"When you have no money to buy bread, you are the only one who is feeling hungry"

Ponder upon this.

 

[tonychat]

Personally I think the CPF kitty is empty. LKY will probably die peacefully but LHL will have to run when Sporeans find out CPF empty, unless of course he dies of cancer

5 years ago, the businessmen in sinkieland had long suspected that the CPF money is all gone.

I suggest you guys to bulldoze the PAP down or leave the sinkie country so that you will not suffer the effects of empty promises and CPFs.

 

[Equalisation]

Uncle, it might seem harsh but I think you need to know this:

"When you have no money to buy bread, you are the only one who is feeling hungry"

Ponder upon this.

I do not know what you mean. I am not very educated (only four O level credits, highest being P4.) Your quote liak bor gew.:o

 

[Equalisation]

who u vote for? PAP or AP?

if PAP then u better suck thumb and u deserves it. if AP then u can fuck the 66% for being dumb asses.

For past elections, I cannot vote because walkover.:(

 

[tonychat]

I do not know what you mean. I am not very educated (only four O level credits, highest being P4.) Your quote liak bor gew.:o

other people not educated can run businesses and become millionaires. It is not about education.

 

[SIFU]

other people not educated can run businesses and become millionaires. It is not about education.

CB kia tonychat,

u psle only 2 subject passed, of cos u will claim that education is not important.

 

[Meltdown]

It is not that we are lazy but some of us really do have medical problems. I just enquired with cpf this morning and am shocked to find out that those born in 1958 and later, cannot take a cent out of their ordinary account whilst those born before 1958 can do so at a % of their ordinary account.

Some of us are really frugal in spending and can survive on $500 a month. Now we do not have a cent at age 55 and has to work till 65 with all our medical problems. Is it fair to us (those who are born 1958 and later)?:(

What type of a chauffeur are you working? A family chauffeur or limo chauffeur?

If you drive limos, you can always go the extra mile by providing good service and receive big tips from wealthy tourists, business executives, & corrupt gov't officials visiting Sinkieland. By going the extra mile: I mean help carry their luggage. Opening & closing the car door when they alight & enter the limo. Engage them with interesting conversation while driving like suggesting interesting places for them to visit in Sinkieland. Being their de facto concierge by helping them book tickets to special events, reserve restaurant tables, run errands, etc. The big tips you receive from them should be enough for you to invest wisely for your retirement.

If you work as a family chauffeur, then all bets are off as you'll be earning a monthly salary without tips!

 

[Equalisation]

As I have said earlier, I cannot be a driver/chauffer for long because of slow degenerating musculo skeletal problems. Now, even sitting for a longer period of time is hell !! My spine is slowly degenerating !!

My lifeline was the 50% of ordinary account that I have that will frugally last me from 55 to 65 years old.

Now my hope is dashed. To think that it is my hard earned money to begin with.

 

[Papsmearer]

I am not a very educated person and throughout my life, my highest salary was only $2,800.

I have paid for my 3 room flat and was really hoping to get some money when I turn 55 in 2013. I have checked with cpf and will be getting not a cent.

I will have to struggle to work to age 65 as my musculo skeletal health problem may not see me working as a chauffer for another year or two, let alone up to age 65 !!:(

I only see one solution for you. The best thing to do is to sell your 3 room flat now. The market is hot, u can get a good price for it. I don't think you need to repay anything to the CPF or HDB if you say your flat is paid for, meaning clear title. Therefore, u can pocket the sales proceed and put it into a bond or somethng similar. At this point in your life, u are after capital preservation, not asset appreciation. Don't put into stocks or similar riskier instruments. Than you have several options if you do this.

1) Rent a room, and retire.
2) Rent a room, and continue to work until you cannot physically do it anymore.
3) Retire straight away and enjoy your life.

If you pursue option 3, I suggest that u move to JB. The cost of living there is much lower and you can stretch your flat money easily until age 65, and than receive your annuity after that. Also, I caution you that the annuity may be of an insufficient amount to support u if you were to remain in singapore. That brings u back to the question of how to stretch your flat money, and again the solution is to move to a low cost country like Malaysia or even Thailand.

The other consideration is that people with your afflcition will only worsen with age. By 2013, the MOH will allow Medishield to be used in More malaysian hospitals. If it runs out and you have to pay for your medical treatment with your own money, than its also cheaper in malaysia. But be aware that your future medical expenses will be high.

So, I am saying that all roads lead out of this country at this point and it starts with the sale of your flat.

 

[Equalisation]

I only see one solution for you. The best thing to do is to sell your 3 room flat now. The market is hot, u can get a good price for it. I don't think you need to repay anything to the CPF or HDB if you say your flat is paid for, meaning clear title. Therefore, u can pocket the sales proceed and put it into a bond or somethng similar. At this point in your life, u are after capital preservation, not asset appreciation. Don't put into stocks or similar riskier instruments. Than you have several options if you do this.

1) Rent a room, and retire.
2) Rent a room, and continue to work until you cannot physically do it anymore.
3) Retire straight away and enjoy your life.

If you pursue option 3, I suggest that u move to JB. The cost of living there is much lower and you can stretch your flat money easily until age 65, and than receive your annuity after that. Also, I caution you that the annuity may be of an insufficient amount to support u if you were to remain in singapore. That brings u back to the question of how to stretch your flat money, and again the solution is to move to a low cost country like Malaysia or even Thailand.

The other consideration is that people with your afflcition will only worsen with age. By 2013, the MOH will allow Medishield to be used in More malaysian hospitals. If it runs out and you have to pay for your medical treatment with your own money, than its also cheaper in malaysia. But be aware that your future medical expenses will be high.

So, I am saying that all roads lead out of this country at this point and it starts with the sale of your flat.

I think selling is out of the question as I have a wife (housewife) and a son who is working as a delivery driver (pay around $1350). Where are we going to live? We cannot rent a room with 3 adults staying in the same room.

Retire and enjoy life ?? Are you joking ? Move to JB ? To tell you the truth, I have not even travel anywhre outside Singapore for the past 8 years (even JB) !!:(

Sad to say ... go KFC to have a meal is considered a luxury to me and my family ..:(

 

[cooleo]

Go and be a hawker. Rent a small stall at a wet market. If you are physically weak, just operate during the mornings. Many stalls at wet markets only sell breakfast food and can survive. Some even earn alot. Just make sure u choose good location and able to cook. If not, ask your wife to help.

 

[Papsmearer]

I think selling is out of the question as I have a wife (housewife) and a son who is working as a delivery driver (pay around $1350). Where are we going to live? We cannot rent a room with 3 adults staying in the same room.

Retire and enjoy life ?? Are you joking ? Move to JB ? To tell you the truth, I have not even travel anywhre outside Singapore for the past 8 years (even JB) !!:(

Sad to say ... go KFC to have a meal is considered a luxury to me and my family ..:(

Perhap u need to provide more information in your post. U make it sound like you are a person living on your own. if you have a wife, and if she is around your age, than would she be receiving any form of CPF from a prior job? I am assuming your son is an adult, its time for him to move on. If you provide all this information earlier, than the solution is different. Yoru wife will have to get out of the flat. Why does she need to still be a housewife? Are you and your son messy, she needs to stay at home all the time to baby you guys? Its time she has to look for a job. i know the job market for women in their 50s are not great. But you will have potentially 3 incomes in the household. Your own, your wife, and your son. U can make it to 65 and hope your annuity is enough, and count on the incomes of others in your household. Unless u telling me your wife and son not willing to support you. Than all I can say is u are a loser.

 

[Received_by_Kings]

I will not be able to get a cent from my ordinary and retirement account !!! I will have to struggle from 55 to 65 before the annuity pays out !!

Take it easy. Money is not really everything to life.

 

[Equalisation]

Take it easy. Money is not really everything to life.

It is easy for you to say if you are rich and healthy.

As for me, I had always hope that I can get 50% of my ordinary account when I reach 55 years old so as to survive frugally from 55 to 65 years old due to my degenerative health.

My hope was dashed when cpf says that I get nothing because I am born in 1958 !!! Can you beat that !!

They say anyone born before 1958 can get a percentage from their ordinary account but not me since I was born in 1958 !!

This is not a joke !!:(

 

[Wellybound]

I think the cpf stand is you can withdraw anything in excess of the minimum sum which will be $132,000 or thereabouts for those born in 1958, nothing if your OA is below that balance. I am sorry to hear of your position, but I don't think cpf board will make an exception even for those with medical problems.

 

[Equalisation]

I think the cpf stand is you can withdraw anything in excess of the minimum sum which will be $132,000 or thereabouts for those born in 1958, nothing if your OA is below that balance. I am sorry to hear of your position, but I don't think cpf board will make an exception even for those with medical problems.

Thanks for input. Can I use my 3 room hdb flat to make up this minimum sum ?:o

 

[halsey02]

now you will understand when i say

'PAP, see you in hell'

When you get there, 'hairy' might be there, before you, in charge of the new entrants..'you wish, you weren't dead'...

Better repent now...

 

[Wellybound]

Thanks for input. Can I use my 3 room hdb flat to make up this minimum sum ?:o

Not an expert on this, but if I am not wrong the value of owned property is taken into consideration (at 50% value?) in the computation of minimum sum.

Any old timers who have already withdrawn their CPF care to advise?

 

[RK85]

Yes, u can pledge up to half of the minimum sum using your property.

Fm CPF website:
The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation.

If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum.

Not an expert on this, but if I am not wrong the value of owned property is taken into consideration (at 50% value?) in the computation of minimum sum.

Any old timers who have already withdrawn their CPF care to advise?

 

[Equalisation]

Yes, u can pledge up to half of the minimum sum using your property.

Fm CPF website:
The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation.

If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum.

Thank you for your reply but I not very good in understanding these computations. Can you compute for me?

My 3 room flat valued at $280,000. My OA $42,000,SA $17,000, Medisave $15,000


How much can I get at age 55 in 2013 ?

Thanks.