Turning 55 in year 2013 ...

[elephanto]

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)

Bro RK85, the pledge is defined as 'cpf used for property' can used up to max 50& of min sum i.e. 60K

so depending on how much of cpf money equalization had used for HDB, that amount (plus accrued interest of course) at most can be used is 60K. If he had used less .e.g only 30K of CPF, then the 59K + this 30K even lesser than the min sum 120K.....

really, he must visit CPF in person... or print out his cpf statement to see how much of CPF has been used for HDB in the past...

 

[Meteour]

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.:(

===========================================================

I am 55 yo this yr. I can take 30% of my retirement account out NOW. the remaining 70% will be released only when I reached 65.

There is another alternative route for u toi take. Dun sell the house.

## If u have a genuine medical problem. U can get a doctor's certification that certifies u as medically unfit to work. This process will take several months as the CPF Board will also need u to be certified by CPF appointed govt docs.

Once confirmed, CPF will release ur $$$ earlier.


.............................................................

 

[Equalisation]

What happened to your food court?

What talking you ?

 

[Equalisation]

===========================================================

I am 55 yo this yr. I can take 30% of my retirement account out NOW. the remaining 70% will be released only when I reached 65.

There is another alternative route for u toi take. Dun sell the house.

## If u have a genuine medical problem. U can get a doctor's certification that certifies u as medically unfit to work. This process will take several months as the CPF Board will also need u to be certified by CPF appointed govt docs.

Once confirmed, CPF will release ur $$$ earlier.


.............................................................

Thanks for your advice.

As of now, I am still able to work although in the coming years my affliction will worsen or "degenerate"(term used by specialist at SGH).

What I am worried is that I cannot work till 65 for sure. Each passing year, I feel the difference and I have been skipping the physio sessions in fear of losing my job.

 

[Equalisation]

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

Many Thanks for your input.

I took 2 hours to figure my situation and come to the conclusion that I am not able to get a cent based on the booklet's details. Main stumbling block is my inadequacy of my Medisave.

 

[tonychat]

If you sinkies know how to question ur govt and force them to change the rules. You will not land yourself into such a lousy stage.

Where in the world you cannot get your own money out. You sinkies deserve it!!!! No pity.

 

[Equalisation]

today while waiting for boss to finish golf game, read the Sunday Times. article on CPF Life made me feel more confused !!:o

 

[leongszehian]

Effective last year, if you sell your HDB flat after age 55 to downgrade to a smaller flat and to monetise your flat for retirement, any CPF utilised plus accrued interest has to be returned to the CPF account if the CPF Minimum Sum (MS) has not been met.

With the current MS at $117,000, what this policy change means is that this sum cannot be used to purchase the smaller flat downgrade.

Why are we making it harder for Singaporeans to downgrade to monetise their flat for retirement?

Many Singaporeans subscribed to the call for asset enhancement by purchasing HDB flats – only to be hit by the policy change now, which in effect, may result in their inability to cash out of their “enhanced” HDB asset.

The CPF Minimun Sum (MS) was raised from July 1, 2009, for those aged 55 years, to $117,000, up from $106,000. 

This is an increase of 10.4 per cent, much more than the inflation rate for the previous year, which was 6.5 per cent. How can the increase in MS be “an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement?”

Similarly, the MS was increased by 6.4 per cent in July 2008, from $99,600 to $106,000, when inflation was only 2.1 per cent in 2007.

With the current recession, some of those reaching age 55, may have lost their jobs or failed in their businesses, and thus a large increase in the MS, may cause some financial stress to them. 

As last year’s increase is the highest in the history of the MS scheme, at its current quantum of increase, does it mean that by 2013, the MS may be about $161,000 ($117,000 now plus $11,000 increase for 4 years)?

The Longevity Insurance Committee’s (LIC) CPF Life report last year only projected a MS of $134,000 in 2013 (chapter 4). 

Adding the projected Medisave Required Amount (MRA) of $36,000 in 2013, does it mean that those reaching age 55 may only be able to withdraw $5,000, if they have less than $197,000 (MS $161,000 plus MRA $36,000) in their CPF? 

How many Singaporeans will have more than $197,000 in their CPF in 2013?

The answer can be found in the LIC report: only 60 per cent are projected to have at least $67,000 in their CPF in 2013.

At the current rate of increase of $15,500 per year ($11,000 MS + $4,500 MRA), will the combined MS and MRA be $352,000 and $507,000 in 2023 and 2033 respectively?

Leong Sze Hian

 

[johnny333]

today while waiting for boss to finish golf game, read the Sunday Times. article on CPF Life made me feel more confused !!:o

Its obvious the PAP want to keep the money$$$ & don't want to give back to retirees.

Must be difficult even for them to keep track of all the rule changes. So its not surprising that even their own people in the system are confused.

If the PAP looses more seats you may see them change the rules again. So even if you can't vote, encourage your friends, relatives to vote for the opposition.

 

[whoami]

Its obvious the PAP want to keep the money$$$ & don't want to give back to retirees.

Must be difficult even for them to keep track of all the rule changes. So its not surprising that even their own people in the system are confused.

If the PAP looses more seats you may see them change the rules again. So even if you can't vote, encourage your friends, relatives to vote for the opposition.

Problem with Sinkies is that they like to KPKB, cursing and swearing the garment. But at the ballot box, they still vote their obvious choice.

 

[jw5]

today while waiting for boss to finish golf game, read the Sunday Times. article on CPF Life made me feel more confused !!:o

If reading the straits times or sunday times makes you more confused, then why do you continue to read them?
Are you one of those who regard reading these newspapers as some sort of social status?
Seriously though, you mentioned that you are nearing 55, but have not voted recently because of walkovers. In the past 35 years, have you been voting for pap all this while? My guess is that you have, please clarify.

 

[jw5]

At the current rate of increase of $15,500 per year ($11,000 MS + $4,500 MRA), will the combined MS and MRA be $352,000 and $507,000 in 2023 and 2033 respectively?

Leong Sze Hian

Mr Leong

It appears that possibly by the year 2033, only the ministars and the top executives at the same level as them will be able to withdraw anything from their cpf.
I think many people are getting tired of having their cpf considered as a loan from the ordinary citizen to the government, with the interest rates and terms of repayment determined unilaterally by them
Would you consider to stand for elections as an independent or opposition party candidate? To speak up for the ordinary singaporean?

 

[elephanto]

If reading the straits times or sunday times makes you more confused, then why do you continue to read them?
Are you one of those who regard reading these newspapers as some sort of social status?
Seriously though, you mentioned that you are nearing 55, but have not voted recently because of walkovers. In the past 35 years, have you been voting for pap all this while? My guess is that you have, please clarify.

give him a break jw5, u can keep your contempt for ST & people who vote for PAP, but for an ordinary folk like chauffeur uncle Equalization who live in a 3-room flat, reading Straits Times to them is for info & to their mind, it is just an English Daily (only broadsheet daily), as for voting for PAP, ha ha all Singaporreans are collectively responsible for PAP's hegemony to date ... surely as a socially better-off intellect, you no need to chastise him ....

don't be offended, no hard feelings ....

 

[jw5]

give him a break jw5, u can keep your contempt for ST & people who vote for PAP, but for an ordinary folk like chauffeur uncle Equalization who live in a 3-room flat, reading Straits Times to them is for info & to their mind, it is just an English Daily (only broadsheet daily), as for voting for PAP, ha ha all Singaporreans are collectively responsible for PAP's hegemony to date ... surely as a socially better-off intellect, you no need to chastise him ....

don't be offended, no hard feelings ....

I'm not offended, but it would be great if he could answer the question.
If he has not voted pap for the last 35 years, I can assure you that I will have empathy for any problems he has and will certainly withdraw any supposedly harsh statements that I have made and will not make any more harsh statements.
But if he has, I'm afraid that in my opinion, these are the type of people that have contributed to the high handed and condescending manner that the ordinary singaporean is being treated.
You would expect the rich businessmen, civil servants, top corporate executives, the elderly who have been through the war or who were adults when SG broke away from Malaysa, other rich people or people who need government help in some way, etc, to be pap supporters or voters. You would not expect people like him or me to be, and thanks for saying so, but I'm certainly not more socially better off or intellectual that you or him.

 

[Meteour]

U can opt to sell back ur flat lease to HDB>

 

[wuqi256]

Hi Equalization, what papsmearer said earlier about the options would be good. I can see other forummers trying to help you as well.

If you need long term medical treatment, i would suggest going to JB. Staying there may not be suitable for you but medical wise, at least even their private hospitals (with good doctors) are much cheaper than SG. This really stretches your dollar and puts your medisafe to better use as you can use medisave in private hospitals.

If i was in your situation, i would rent it out and go to JB with my wife and rent a place. My son can stay in JB and commute to work as from the 2nd link, its pretty convenient. Another way would to sell it and thus have enough inside as minimum sum and move to JB and rent a place. Seriously thats what i would do.

Another option would be to pledge half of your property like what bros here suggested and find a less taxing job once you find that you cannot be driving anymore. Jobs such as being a security guard at condos where you are not required to walk a lot such as being stationed at the gate area, etc. Factories are usually bigger and need more walking around.

Please take care.

 

[wuqi256]

Thats a good option as well, at least he would be able to get something back although its sad as he would have worked his life for nothing.

 

[halsey02]

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)?:(

Instead of Tiger Beer or Chivas Regal, you have to drink Kingfisher Beer...the ones that the ah nehs buys cheep!! You voted for the MIW, did you, you get what you ask, why complain...

 

[batman1]

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 !!

How much can u withdraw from CPF Account when u reach 55?
Refer to http://www.cpf.gov.sg,then search : CPF Withdrawal
Presently,the CPF Minimum Sum Scheme is estimated $123,000.00

What u can do with your Retirement Account (RA) savings?
Join CPF LIFE (3 plans to choose only 1),u will receive a monthly payout from 65 for as long as u live.
If u choose not to join CPF LIFE,u can start to receive monthly payouts of $1048 from 65 but for only about 20 years.
Please note that the PAP Ministers can withdraw their pensions at age 55.

Can u deduct your Dependents' Protection Sceme (DPS) Insurance Premium from RA or Medisave Account (MA)?
NO.Not allowed by CPF Board.If u have insufficient funds in your Ordinary Account (OA) and Special Account (SA) ,U have to pay Cash.

When is the next Seminar Reaching 55 English Talk (Covering CPF LIFE) ?
24-8-2011 7.00PM to 8.30 PM
6 Shenton Way,DBS Building Tower 1 ,DBS Auditoruim,Level 3,S(068809)
Searh for :Seminar

What happens when u reach 55?
CPF will create your Retirement Account (RA) when u reach 55.Presently,the Minimum Sum that applies to us is estimated $123,000.00.Based on your existing balances,an estimated $X amount will be set aside in you RA with your OA/SA savings.

Why are u confused ?
The Minimum Sum Scheme was bulldozed into law without much detailed debate because All PAP MPs are yes-man and we have only 2 Oppostion MPs in parliament in the past.
The CPF laws on Minimum Sum keep changing and increasing and many Singaporeans do not understand the CPF laws.
Even if u go and ask the MPs for help,they might even be confused themselves and may not be able to give u a correct answer on CPF laws (like HDB laws).

Why do the PAP Govt want to implement Minimum Sum Scheme ?
The answer is obvious.

 

[Equalisation]

This thread last year started. Revive from the dead atau apa ... sial ?