CPF withdrawal and Chionging

[babyckh]

Originally Posted by singleman

understand if we dun withdraw on 55, we still can withdraw at other date after 55. but what happen if the garment change rule and said cannot withdraw anymore then all the money (which we can withdraw at 55 but we did not wan withdraw) kena locked then siao liao lor.

Yes, you can withdraw your CPF anytime you like after you hit the FRS when you turn 55. If you hit the max limit of your Medisave ($57200 in 2019), your CPF contribution will be distribute between your OA and SA.

Do take note whatever interest you earned in your RA, stays there. So in a way, your RA amount will keep increasing every year. That's what happen to my RA account now.

[wokesterism]

Originally Posted by singleman

for me, I would most probably use my property to pledge and hence only need set aside BRS and withdraw the rest. As what you mentioned if they keep drag the payout year like now is 65 future dun know, could be 68, 70, 75, etc. then during the period of 55 till the payout year, we need some money for living too, even though if we are still working.

understand if we dun withdraw on 55, we still can withdraw at other date after 55. but what happen if the garment change rule and said cannot withdraw anymore then all the money (which we can withdraw at 55 but we did not wan withdraw) kena locked then siao liao lor.

If gahmen change rule will never affect those reached 55 yo. Will always affect the future generations.

Can chiong but make sure you invest properly and received passive income.

Rentals, dividends, directors fees are passive income.

[oleole]

Originally Posted by babyckh

Yes, you can withdraw your CPF anytime you like after you hit the FRS when you turn 55. If you hit the max limit of your Medisave ($57200 in 2019), your CPF contribution will be distribute between your OA and SA.

Do take note whatever interest you earned in your RA, stays there. So in a way, your RA amount will keep increasing every year. That's what happen to my RA account now.

Interesting to note.
Thank you.

[Tonali]

Originally Posted by babyckh

Yes, you can withdraw your CPF anytime you like after you hit the FRS when you turn 55. If you hit the max limit of your Medisave ($57200 in 2019), your CPF contribution will be distribute between your OA and SA.

Do take note whatever interest you earned in your RA, stays there. So in a way, your RA amount will keep increasing every year. That's what happen to my RA account now.

Good share. Thanks bro.

[megabargold]

Originally Posted by wokesterism

If gahmen change rule will never affect those reached 55 yo. Will always affect the future generations.

Can chiong but make sure you invest properly and received passive income.

Rentals, dividends, directors fees are passive income.

Agree with you to the point.

[HonkyTonkyMan]

Originally Posted by hamsupter

Dear Bros, just want to get a sense of your opinions.

I find our CPF system so confusing. When it first started, wasn't it meant to be simple and understandable? As it evolves to date, I don't think a simple layman on the street can understand the full mechanisms of CPF.

I'm anti-whites, so I don't know if I am biased against the system right in the first place.

What do you guys think of the system?

all the different schemes in place is simply to put more barrier in place to stop anyone from being able to withdraw in full unless they kick the bucket...then again also must make sure in nomination state that payout to beneficiary in cash if not it will go back into the cpf and subject to the same vicious cycle...you think altruism exist in politics our politician are really concern for our welfare..?

[ilovepantyhose]

in a business sense, the govt is like a bank, utilise the money to invest, they will wanna maximise returns (>10%?), and return 2-4% to the people, the remaining is their profit

for eg, one person contribute $2400 yearly, 3 million people contribute $7.2 billion, assume 10% returns is $720 million, return 4% is $288 million, what is their profit?

is there a possible connection between the reported investment losses and raising the minimum age?

is the ra a delay tactic?

[JizFries]

Originally Posted by Wins88

CPF is our money. We should be allowed to OPT in for the CPF life if we want.
Frankly, I dont need a government to tell me what I need to do with my own money - afterall we are all adults.

That's true also. but see, it's the older generation spoil market. What you expect the govt do when almost everyday newspapers' headlines are "this uncle kena con by PRC ladies, that uncle had to sleep at the street because he gamble all the CPF monies in Genting"?

[JizFries]

Originally Posted by zeefee71

Any advice if one should set aside BRS or FRS amount when reach 55? Don't intend to withdraw any money when reach that age but dont feel comfortable to set aside FRS amount it will be lock in the Cpf scheme forever, though they start to pay out yearly after 65, which most likely will be pushed back to 67 then 70

If I'm not wrong, if your CPF account hit FRS, the excess ones you can withdraw. but the FRS portion you have to keep in RA. So don't think you can choose whether want set aside BRS or FRS. Unless u want do investment before 55 or like TS go do property pledging then withdraw lump sum

[JizFries]

Originally Posted by nitecrawllerr

Even bequest garment also have the last say? KNN!

Please lah.. This one is to prevent PRC got con simple-minded uncles or aunties leh. here not political forum okay?

[JizFries]

Originally Posted by singleman

for me, I would most probably use my property to pledge and hence only need set aside BRS and withdraw the rest. As what you mentioned if they keep drag the payout year like now is 65 future dun know, could be 68, 70, 75, etc. then during the period of 55 till the payout year, we need some money for living too, even though if we are still working.

understand if we dun withdraw on 55, we still can withdraw at other date after 55. but what happen if the garment change rule and said cannot withdraw anymore then all the money (which we can withdraw at 55 but we did not wan withdraw) kena locked then siao liao lor.

My uncle just tell me yesterday when we was talking about this. He said last time more strict, one year only can withdraw one time during birthday. now as long OA/SA got money, anytime also can withdraw

[zeefee71]

Originally Posted by JizFries

If I'm not wrong, if your CPF account hit FRS, the excess ones you can withdraw. but the FRS portion you have to keep in RA. So don't think you can choose whether want set aside BRS or FRS. Unless u want do investment before 55 or like TS go do property pledging then withdraw lump sum

My cpf amount exceeds FRS and I can pledge my property. I believe can choose.. Any bro can confirm? Only good thg if set aside FRS the 90k or so difference can earn 4% interest and cannot take out liao.. though I don't foresee the need to use this amount at all, I don't like it to be stuck leh

[singleman]

Originally Posted by JizFries

If I'm not wrong, if your CPF account hit FRS, the excess ones you can withdraw. but the FRS portion you have to keep in RA. So don't think you can choose whether want set aside BRS or FRS. Unless u want do investment before 55 or like TS go do property pledging then withdraw lump sum

last time have only FRS n u need keep FRS amt in RA n then if hv excess amt then can withdraw. then during one of the national day rally, our PM announce have a new scheme. when at 55, if u own a property like an hdb flat n the flat price is more than half the FRS, then u can use this property to pledge then u only need to keep the BRS (which is half the FRS) in RA n can withdraw the rest.

for example, at 55 u hv total 160k in CPF OA n SA, then the 160k go to RA. if that time the FRS is 191k, 160k is less than the FRS 191k then u only can withdraw 5k n the remaining 155k go to RA n till 65 years old then can start recv the monthly payout.

if u hv a property that worth half the FRS 191k that is 95.5k, then u can use this property to pledge then need to keep only 95.5k in RA (they called this as BRS). so u become can withdraw 160-95.5=64.5k

[zeefee71]

Originally Posted by JizFries

My uncle just tell me yesterday when we was talking about this. He said last time more strict, one year only can withdraw one time during birthday. now as long OA/SA got money, anytime also can withdraw

Correct

[abcitbats]

maybe dividend is still possible, how many here can afford rental and director income?

Originally Posted by wokesterism

If gahmen change rule will never affect those reached 55 yo. Will always affect the future generations.

Can chiong but make sure you invest properly and received passive income.

Rentals, dividends, directors fees are passive income.