Why it’s so hard for S’poreans to understand CPF

[Leongsam]

can u withdraw the momey though?it doesnt matter how many things u can do with it,if u cant touch the money it isnt urs basically.

Yes you can. My cousin withdrew about $600,000 when he turned 55 at the end of last year.

He has also opted for a scheme that will pay him a 4 figure sum monthly till he kicks the bucket.

He is very happy with the CPF scheme. He said he has no complaints whatsoever. He remarked that if it wasn't for CPF, he would have ended up spending the money instead of saving it.

Had he been in Canada or NZ, he would not have been able to withdraw a cent. The superannuation scheme would pay him a fixed sum every month and that would be it.

 

[frenchbriefs]

proof that u contributed hundreds of thousands...gimme a break....what are the contribution rates for social security?5 to 10%?u telling me u made millions over the years?

in singapore people contribute 20% of income and they still have to work at mcdonalds and clean toilet when they are 68 years old.be grateful for ur 1400 usd per month.

wah lan eh social security contribution rate is only 6.2%,lets say u contributed 300,000 over 20 years.....that means ur income for the last 20 years is 4.86 million?

this forum is really full of jiao langs.

i have contributed to the social security system for over 20 years totaling hundreds of thousands of usd, and all i get from the social security department is a yearly statement telling me i can withdraw usd1236 per month at age 62 or usd1427 per month at age 65. no lump sum payment. all social security payouts are subject to income tax.

now i wish i am in the sg cpf system. it would be almost double the amount i put in due to employer contribution (no employer contribution in the ss system), and i will easily exceed the minimum sum by 55. moreover, i could have used it to pay my mortgage for one of my many properties and/or foot my medical bills upon retirement. i don't have to end up with the faulty obama care at retirement. my 401k doesn't kick in until 59.5, and medicaid is not applicable until 65.

sinkies should consider themselves extremely lucky for having such a superior public retirement program that allows them to use their own savings plus almost matching employer contributions for mortgages, medicine, and lump sum cash out (above an achievable threshold).

 

[frenchbriefs]

Yes you can. My cousin withdrew about $600,000 when he turned 55 at the end of last year.

He has also opted for a scheme that will pay him a 4 figure sum monthly till he kicks the bucket.

He is very happy with the CPF scheme. He said he has no complaints whatsoever. He remarked that if it wasn't for CPF, he would have ended up spending the money instead of saving it.

Had he been in Canada or NZ, he would not have been able to withdraw a cent. The superannuation scheme would pay him a fixed sum every month and that would be it.

600,000?cpf is capped at $1200 a month how he withdraw 600k at 55?

 

[kaipoh]

Can you help to answer my problem:
1 I have 2k in my bank account.
2 I have 110K in my cpf account Medisave acc. 35K.
3 I am 64 YO.
I am single, want to buy a 3 room HDB flat.

Thank you for the reply.

CPF provides cash when you need it.

Buying a home? CPF is there for you.

Need to pay a medical bill? CPF is there to help out.

Need to save for old age? CPF does it for you.

CPF is the best.

 

[Leongsam]

in singapore people contribute 20% of income and they still have to work at mcdonalds and clean toilet when they are 68 years old.be grateful for ur 1400 usd per month.

McDonald's is a great place to work and that's why the elderly work there. CPF policies have nothing to do with it.

This woman in 92 years old and she still loves the job.

http://www.businessinsider.com.au/92-year-old-woman-working-for-mcdonalds-2013-7

 

[Leongsam]

Can you help to answer my problem:
1 I have 2k in my bank account.
2 I have 110K in my cpf account Medisave acc. 35K.
3 I am 64 YO.
I am single, want to buy a 3 room HDB flat.

Thank you for the reply.

Your savings are shockingly low. You have to learn to live within your means. I suggest you rent a one room flat.

 

[Leongsam]

600,000?cpf is capped at $1200 a month how he withdraw 600k at 55?

I asked him the same question. He said that at the end of 2012 when he was 54, he had $835,000 in his ordinary account, $2600 in his special account, $33,000 in his medisave account and $129,000 in his retirement account.

 

[frenchbriefs]

McDonald's is a great place to work and that's why the elderly work there. CPF policies have nothing to do with it.

This woman in 92 years old and she still loves the job.

http://www.businessinsider.com.au/92-year-old-woman-working-for-mcdonalds-2013-7

i once saw a old man wearing the mcdonalds uniform walking to work ....he had to climb a bridge across the river along the way....the way he was facing the stairs sideways and clinging on to the sides while he made his way down was really heartwrenching,these is what the diginity our elderly have....imagine u are old and rheumatism and arthritis and u have to stand 8 hours a day.

hope lao lee faster uplorry and ass loong whole family ham ka chan.

 

[greedy and cunning]

I put my faith in CPF and the government has not let me down at all.

U anyhow said one.

u alreadi run road to nz and took out all your see-PEE-F* money long long ago.
your faith based on any empty account iszzit ?

 

[Leongsam]

i once saw a old man wearing the mcdonalds uniform walking to work ....he had to climb a bridge across the river along the way....the way he was facing the stairs sideways and clinging on to the sides while he made his way down was really heartwrenching,these is what the diginity our elderly have....imagine u are old and rheumatism and arthritis and u have to stand 8 hours a day.

Why are his children not giving him a monthly allowance? When my parents were still around, all the children contributed. They made many sacrifices when we were young. It goes without saying that we had the responsibility to maintain their dignity when they retired.

 

[Leongsam]

U anyhow said one.

u alreadi run road to nz and took out all your see-PEE-F* money long long ago.
your faith based on any empty account iszzit ?

I took out some not all. The SGD interest rate paid by CPF is the highest in the whole wide world. That's why I've left some money there.

 

[eatshitndie]

proof that u contributed hundreds of thousands...gimme a break....what are the contribution rates for social security?5 to 10%?u telling me u made millions over the years?

in singapore people contribute 20% of income and they still have to work at mcdonalds and clean toilet when they are 68 years old.be grateful for ur 1400 usd per month.

information is available online. all you have to do is do some leg work and look it up.

http://www.ssa.gov/oact/progdata/taxRates.html

there are 2 components to social security tax: oasdi and hi. the former with a prevailing tax rate of 6.2% is for old age, survivors, and disability insurance, and the latter with a prevailing tax rate of 1.45% is for hospital insurance as part of the medicare program. the total ss tax rate is 7.65% for employees and 15.3% for the self-employed as of 1990 to present.

based on an average annual income of over usd100k in a space of 20 years as employee for half of the time and self-employed for the other half, the total contribution would come to usd76,500 + usd153,000 = usd229,500. my actual statement shows well over usd230k. that's because for over 10 years, my annual income is well over usd100k. yes, i earned millions over the years, but my overall tax rate is at the highest bracket, not including ss tax.

 

[soIsee]

I asked him the same question. He said that at the end of 2012 when he was 54, he had $835,000 in his ordinary account, $2600 in his special account, $33,000 in his medisave account and $129,000 in his retirement account.

He did very good investments ( like property etc) had a high pay and as you can see , his Medisave was almost max ( during his time).

Which is not strange cos his amount in SA was almost reaching max and he is about to hit 55.

Ho Ching and gang loves such ppl which forms the 40+% with more than enough Min Sum at present day!

The rest are losers!!LOL

 

[revealer]

Ask him to prove it to you with his CPF statement or you can go to the CPF website, there is a calculator there for one to work out how much one can get per month if you choose the CPF life scheme. He may be the lucky one that can withdraw his CPF one whole lump sum of $ 600K.. now many cannot especially those just turning 55. They will have to leave aside about $200,000 for medi-save and minimum sum.

For the CPF life scheme, one will have to forego the minimum sum of some $150,000 and receive a monthly payment which is usually less than 4 figures until one is dead, around $800/= per month if one is lucky depending on your age. There is no guarantee that it will remain so. It is like an insurance scheme where one being paid a fix amount every month but you will have to pay $150,000 upfront.. if you happen to go tomorrow.. say good bye to your $150,000 as well. Would like this insurance scheme?

One good thing CPF has is the medishield where one will pay a low premium and can get limited coverage for medical bills. It is handy help if one happen to have a surgery such as heart-by-pass, said a Minister, he paid only $ 8/=. Now this medishield premium is getting higher and higher but nobody bothers much because it is deducted from the CPF.

You look at our CPF is good, we look at your pension and social security is good. The only difference may be in our CPF statement, we see the total amount of saving and you see the monthly payment you will be receiving when we retire. Quite sure there is a way you can find out how your monthly payment is calculated that related back to your saving you have accumulated.

Yes you can. My cousin withdrew about $600,000 when he turned 55 at the end of last year.
He has also opted for a scheme that will pay him a 4 figure sum monthly till he kicks the bucket.
He is very happy with the CPF scheme. He said he has no complaints whatsoever. He remarked that if it wasn't for CPF, he would have ended up spending the money instead of saving it.
Had he been in Canada or NZ, he would not have been able to withdraw a cent. The superannuation scheme would pay him a fixed sum every month and that would be it.

 

[Leongsam]

If I put my SGD in Bank of New Zealand, this is what they would pay me

https://www.bnz.co.nz/personal-banking/international-and-migrant/foreign-currency-term-deposit-3

[TABLE="width: 1"]
<tbody>[TR]
[TD]SGD[/TD]
[TD][/TD]
[TD]25,001 to 50,000[/TD]
[TD]50,001 to 100,000[/TD]
[TD]100,001 to 250,000[/TD]
[TD]250,001 plus[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]7 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]30 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.15%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]60 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.25%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]90 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]180 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]O/A[/TD]
[/TR]
</tbody>[/TABLE]


Compare that with 4% from CPF and you'll understand why I have great respect for Ho Ching and her team.

 

[tanwahtiu]

CPF is the money saved by Singaporeans and entitled to withdraw full sum with they reach 55. No "but" and no "if".

Don't pretend it is to help you retire, money in oyur pocket is better than money in LHL and HJ pockets.

The returns of CPF interest is too low compare to TH, GIC and GLCs profits and earnings, don bluff us.

CPF provides cash when you need it.

Buying a home? CPF is there for you.

Need to pay a medical bill? CPF is there to help out.

Need to save for old age? CPF does it for you.

CPF is the best.

 

[eatshitndie]

the conclusion is that you guys are totally outclassed by sam and i when it comes to debates such as this, as we are well armed with years of dealing with unsustainable public retirement programs and pension funds in other countries. if you wish to debate further, please do your homework and bring your "a" game. thank you. i rest my case.

 

[Leongsam]

Ask him to prove it to you with his CPF statement or you can go to the CPF website, there is a calculator there for one to work out how much one can get per month if you choose the CPF life scheme. He may be the lucky one that can withdraw his CPF one whole lump sum of $ 600K.. now many cannot especially those just turning 55. They will have to leave aside about $200,000 for medi-save and minimum sum.

He actually emailed me a scanned copy of his statement so I have no reason to doubt him.

 

[frenchbriefs]

If I put my SGD in Bank of New Zealand, this is what they would pay me

https://www.bnz.co.nz/personal-banking/international-and-migrant/foreign-currency-term-deposit-3

[TABLE="width: 1"]
<tbody>[TR]
[TD]SGD[/TD]
[TD][/TD]
[TD]25,001 to 50,000[/TD]
[TD]50,001 to 100,000[/TD]
[TD]100,001 to 250,000[/TD]
[TD]250,001 plus[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]7 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]30 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.15%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]60 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.25%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]90 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]O/A[/TD]
[/TR]
[TR]
[TD][/TD]
[TD]180 Days[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]0.00%[/TD]
[TD]O/A[/TD]
[/TR]
</tbody>[/TABLE]


Compare that with 4% from CPF and you'll understand why I have great respect for Ho Ching and her team.

yawnz....that just mean that ur bank are not offering products for that length of time....dumbass i can google right now and find u new zealand and aussie term deposits 12 to 24 mths of 4% interest.

 

[Leongsam]

The returns of CPF interest is too low compare to TH, GIC and GLCs profits and earnings, don bluff us.

CPF pays far higher SGD deposit returns than any other bank in the world. Compare the 4% CPF rate with the 0.15% my bank BNZ offered me when I wanted to withdraw the money from CPF and place it with them.