Turning 55 in year 2013 ...

[elephanto]

I feel sad reading your story, Mr Equalization.

I suggest you go to your CPF office & speak to an officer.
SBF full of willing helpers but no guarantees ...
Besides, CPF staff more up-to-date with the latest rules & changes ...

Becos of your story, only now i know the CPF Life schemes have replaced the Minimum Sum Scheme, last time the CPF Lite schemes launched I thought is like another type of Medishield or private annuity, didn't realise the impact ... wahlau !

 

[RK85]

Me no expert but should be something like this:

Min. sum (2013): $120K
OA + SA: $42K + $17K = $59K
50% of min. sum: $60K (assuming your HDB fully paid up using CPF)
Total: $60K + $59K = $119K ($1K short of min. sum)
But if u are still working now until 2013 & making CPF contributions, your min. sum should be more than $120K in 2013; so still can take out some money lah.; probably few $K.

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.

 

[tonychat]

if you get out of sinkieland, you will not go through all these bullshits.

 

[Wellybound]

Me no expert but should be something like this:

Min. sum (2013): $120K
OA + SA: $42K + $17K = $59K
50% of min. sum: $60K (assuming your HDB fully paid up using CPF)
Total: $60K + $59K = $119K ($1K short of min. sum)
But if u are still working now until 2013 & making CPF contributions, your min. sum should be more than $120K in 2013; so still can take out some money lah.; probably few $K.

I interpret it as;
CPF used to buy HDB (principle amount) say $130,000 x 50%= $65K
add OA + SA = $59K
-------
=$124K
$124k less min bal $120K =can withdraw $4k, so it depends on how much CPF savings used to buy HDB, not valuation as originally stated.

Again, I can be wrong

 

[Equalisation]

Thanks for all inputs. Kum sia.

I think there are no alternatives left for me and my family.:(

Looks like I have to follow Mr Papsmearer's suggestion to sell my 3 room HDB flat and rent.

Can anyone tell me, if I sell my flat, will the amount of cpf paid for house go back to cpf or i take all cash ??

Much appreciated for answers. Thanks.:(

 

[Ramseth]

Can anyone tell me, if I sell my flat, will the amount of cpf paid for house go back to cpf or i take all cash ??

Much appreciated for answers. Thanks.:(

Currently, all the CPF used to pay mortgages plus interests go back to CPF. Whatever is left is your cash. However, I've heard that they're comtemplating new rule, regardless of CPF and cash payment portions, all go back to CPF at point of sale. You'd better check and better be quick.

 

[tonychat]

Currently, all the CPF used to pay mortgages plus interests go back to CPF. Whatever is left is your cash. However, I've heard that they're comtemplating new rule, regardless of CPF and cash payment portions, all go back to CPF at point of sale. You'd better check and better be quick.

So that means screw deeper and what does sinkie do? they just increase the numbers of complain posts and threads here. hehe.. good luck sinkies.

These sort of thing will call for civil protest at the maximum but sinkies just love to be assed deeper.

 

[Equalisation]

Currently, all the CPF used to pay mortgages plus interests go back to CPF. Whatever is left is your cash. However, I've heard that they're comtemplating new rule, regardless of CPF and cash payment portions, all go back to CPF at point of sale. You'd better check and better be quick.

I don't know what you mean. I borrowed from hdb $82,000 to buy my 3 rm hdb flat many years back and has since paid back. What new rule say?:(

 

[tonychat]

I don't know what you mean. I borrowed from hdb $82,000 to buy my 3 rm hdb flat many years back and has since paid back. What new rule say?:(

It says that since you love to bend down and let them screw, the new rule will order you to bend down further to allow a bigger rod to screw you. simple as that.

 

[Equalisation]

It says that since you love to bend down and let them screw, the new rule will order you to bend down further to allow a bigger rod to screw you. simple as that.

Mr Tonychat,

I am discussing a serious topic here. Stop disturbing with your nonsense.

 

[jw5]

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 !!

Your case shows how out of touch the government is with the ordinary people and how flawed their 2 key policies are in relation to ordinary peoples' lives.

Your cpf money is a long term loan from you to them, but the terms of repayment and interest rate are unilaterally determined by them, as and when they please. The minimum sum scheme and cpf life are supposedly to help people plan for retirement, but can they really not see that some people really do need the money sooner rather than later? Of course, they are blind to this, because the minimum sum to them is peanuts. Would not a % of the total amount be more appropriate as the minimum sum to be maintained, rather than a lump sum total? Of course, to the superstar ministars, if they keep the minimum sum, they can still draw out millions.

They keep boasting about how the value of your flat rises. Their thinking is absurd, or it really shows how out of touch they are. Most hdb dwellers own 1 flat, which they are staying in. They don't have the means or desire to upgrade or downgrade. A flat which appreciates in value is only useful if you have other properties which you can stay in, and you can sell the flat for a profit. Again, they are only looking at this issue from theirs and their elite friends and family point of view.

 

[jw5]

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 !!

There are several forummers giving you suggestions and I'm simply another one.
Those who are here to mock or to further their own agenda, really should stfu and go to another thread.

1. Go and clarify the situation with cpf board. Explain your situation to them and appeal for some form of exemption.

2. I don't suggest you should sell your flat, although I can understand why this has been suggested. My thinking is that if you sell, you will still have to find some accomodation and fork out cash again to rent or to buy. Asking your son to move is also not the answer. At least, now he doesn't have other loan commitments and he can contribute to the family expenses.

3. If you can't drive a limo anymore because of medical reasons, try and get another job which will not harm your health. Some office job or at least a job which can let you move around but without exterting yourself. Ask your wife to find something as well, since your son is already grown up. Any contribution from her would be most helpful. Talk to your son, tell him to work hard and be responsible, not to have any bad habits or spending habits and not to have other commitments until he is more financially stable. We all hope he is a good and responsible guy.

4. Vote for opposition, tell your wife, son, friends, relatives and anyone else you can influence to vote for opposition. I really don't know if the opposition mps can make a difference or if they will be better as the government, but I would really like to give them a chance to make the lives of ordinary citizens better. The current government don't cut it for me, they make the lives of the elites and foreigners better. Ordinary citizens, I really have my doubts. Your case is a prime example of how much empathy they lack.

 

[elephanto]

I don't know what you mean. I borrowed from hdb $82,000 to buy my 3 rm hdb flat many years back and has since paid back. What new rule say?:(

Bro Eq,

Currently, u sell yr flat, you make the difference between yr selling & buying price, that is your profit. some people take that profit pay debts lose all, so garment not happy.

New law that they are thinking of - to 'protect our retirement', trying to put yr profits more into CPF ... maybe to the min level like half of 120l at 2013 e.g.

So before they change law, say now u sell flat, how much u use from cpf to pay flat over the yrs, whatever u make from selling must first go back to your cpf - the rest you can cash out.
e.g. sell 3 rm now - $230,000
(how much u borrow from hdb last time not impt, as long as now fully paid)
cpf used to pay for flat instalment in the past,say 70,000

so 70,000 go back into CPF, balance 230-70= $160,000 cash for you to use for old age from now on.

70,000 + what is in your CPF now total may exceed the amt you need to keep inside compulsorily. So the exceeded part you can take out also.

Bros, my intepretation correct ?

 

[Equalisation]

Bro Eq,

Currently, u sell yr flat, you make the difference between yr selling & buying price, that is your profit. some people take that profit pay debts lose all, so garment not happy.

New law that they are thinking of - to 'protect our retirement', trying to put yr profits more into CPF ... maybe to the min level like half of 120l at 2013 e.g.

So before they change law, say now u sell flat, how much u use from cpf to pay flat over the yrs, whatever u make from selling must first go back to your cpf - the rest you can cash out.
e.g. sell 3 rm now - $230,000
(how much u borrow from hdb last time not impt, as long as now fully paid)
cpf used to pay for flat instalment in the past,say 70,000

so 70,000 go back into CPF, balance 230-70= $160,000 cash for you to use for old age from now on.

70,000 + what is in your CPF now total may exceed the amt you need to keep inside compulsorily. So the exceeded part you can take out also.

Bros, my intepretation correct ?

Sound complicated although make sense.

Anyway. Out now. Gotta send boss back home to Binjai Park and then wash car.

Thanks.

 

[Rogue Trader]

What happened to your food court?

 

[makapaaa]

 

[tioliaohuat]

all your information is here, go n figure it out!

http://mycpf.cpf.gov.sg/NR/rdonlyres/C7A3F0C7-F0E7-4B5A-9792-2C07D4B6C119/0/Reaching55_Booklet.pdf

 

[elephanto]

I followed the link & upon studying it, got stumped at pg 6.

Either they have made the whole thing too complicated or I am getting senile.

last time only got CPF Minimum Sum. OA/SA/MA.

Now so many new KEY terms:-

a. OA/SA/MA the usual
b. Retirement Account (RA)
c. RA Minimum Sum - now set at $117k
d. MA Minimum sum - now set at $32k
e. MA Required Amount - now set at $22.5k

I dun understand the diff bet (d) & (e).
(d) defined as 'provision for your basic healthl needs in retirement'
(e) defined as 'the amount you ought in have in your Medisave from 55'
WTF ?

and chow chee bye, they print in bold :

Do you know iwithdrawal of your CPF at 55 is not compulsory?

KNN the cheek of it !

 

[Ramseth]

I don't know what you mean. I borrowed from hdb $82,000 to buy my 3 rm hdb flat many years back and has since paid back. What new rule say?:(

The proposed new rule not coming into effect yet. If it does, it's all gone under MSS and CPF Life, regardless you paid back in cash or not.

Currently, after deducting HDB, MSS and CPF Life, leftover cash is yours.

 

[elephanto]

Bro Eq,

browsing through the pdf booklet, now if I were you, DIE DIE must visit CPF to get some officer to explain the contents of the letter to you IN PERSON, FOR AS LONG AS YOU NEED to fully understand what you are entitled to... preferably bring your son along for an added ear.

You deserve all the time to understand, don't let them rush you...
they have implemented a complex numerical scheme to arrive at the Retirement Account - which then lead to phase 2 : for you to choose 1 out of 4 compulsory annuity plans : either Life Balanced, Life Basic, Life Plus & Life Income, each lasting to 20 yrs ....

I think you may have grossly misunderstood your situation ....
after calculating your Retirement Account, you do not have a lump sum cash withdrawal at 55 (this is still stunning you....), but surely your Retirement Account after setting aside the premium for the annuity plan you choose, the balance, they will release to you the remainder of your Retirement Amount in monthly instalments....

Don't delay further, go visit CPF Building ASAP !