When are you Able to WITHDRAW your CPF?
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- เผยแพร่เมื่อ 13 ก.ค. 2023
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Officially
Age 55 above FRS or BRS if you pledged your property (last you till 95)- Current FRS 2023 is $198,800, BRS = $99,400
- Withdraw at least S$5000 at 55
Age 65 from CPF Life
- Basic, Standard, Escalating
- Delay payouts till 70
Unofficially
Housing
- Pay for downpayment, fees, mortgage
- Factor in accrued interest
- Any profits after paying back Outstanding loan + CPF owed + accrued interest = real cash
Education
- For child’s tertiary education
- Only for approved polytechnics & universities locally
- After you have reached 55 and reached FRS, can apply for waiver of repayment
Investment
- Can invest amounts above S$20K into SG stocks, unit trusts, T-bills
- But money stays inside CPF, cannot withdraw
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Chris, your content is excellent-straightforward and easy to grasp. Despite my attempts to understand the CPF website through reading and phone calls, it wasn't until I watched your video that everything clicked. CPF Board should hire you to create a video for their website! It'll reduce inquiries plus enhance clarity for their users.
Thank you for the appreciation!
I think the other important aspects is the inflexibility of the schemes. Different ppl have different situations. Example is the MA, even if there are money inside, but cannot use all, like my meds, can only claim a cap and then cough out cash. As for me, i have hit my retirement amount so I will not be doing any voluntary top up, just to keep my options open and even if put, maybe in MA but once hit the requirement amount in MA, I will stop cos it will overflow to SA, also another thing is my age and my family and investment portfolio , so want to keep more cash in hand for flexiability.
Love your videos great perspectives
Well said. CPF is one of the best investment scheme. Ppl who complain are not serious about retirement. Even one is concerned abt changing law, they shouldnt invest in Singapore in the first. Putting money in banks is also subject to law changes. What is the difference?
The issue is the INTEREST RATE payable.
I would like to invest my CPF SA fund, what or which type of investment will your recommend ?
This video is incomplete. There is also withdrawal available before CPF Life kick in. CPFB will send leaflet after you turn 64 and you can decide if you need to replenish the emergency fund.
If you are not enrolled in integrated plan the difference in cash outlay is huge. Don't be the person who need to take a loan to pay medical biĺls.
Check my SA is more than the FRS, but I want to pledge the house to meet the BRS, you need to inform CPF board u want to pledge before reaching age 55?
I f You do not even have RA so there is no BRS/FRS in the factor.
I have or not cpf before i have work in singapore...
Excellent explanation
If it's my money why are there requirements and I need someone else's permission before I can use it? I don't think you understand what ownership is. 😉
You will understand and appreciate how government forced you to save for retirement once you started work, when you are retired and unable to find a good paying job at old age.
In 1980s, many retirees gambled, or failed business, fell in love scams. It became a social problem as some families not accepting retirees who had forsake family for 小龙女. Most left w nothing as they were allowed to withdraw all cpf amt then. And gov stepped in change e cpf rules to regulate in monthly payout. For e younger generation, u may have not understand the why n e measure gov painfully take to provide/ protect its citizens.
@Nothingmore1313 @Missy_Ai Whether it's good or bad is a whole other topic. What I am talking about is ownership. It's ok to not really "own" everything in life. It is what it is and it's not just exclusive to SG.
The fact that you and others have to come up so many reasons to tell me why it's a good thing proves exactly my point. Again, I am not here to argue whether it's good or bad but at least call a spade a spade.
All these reminds me of a meme where 2 pigs in a slaughterhouse are talking and how 1 pig is telling the other how good their lives are right now.
No matter what gov should not change n change cpf policies more stricter than ever ...nobody really wish to withdraw all their savings ...but those who really have RF near limit and still working ....enough OA for.house payment or house fully paid should be give more choices of cpf withdrawal after 60 yrs of age ...so they can use their cpf money for some enjoyment with family or help for household.....
will i incur accured interest if i make a loss on my CPF OA investments?
No
I think the accrued account will still record the amount to offset any future gains until settlement at 55. Still, check with CPF board.
I lost a few thousands of dollars too when I left it to the 'agents' who just earned their comms and just let the investment drop. I was fuming. Don't do any 'investments'. If its really good they would be doing it themselves, sell to you for what?
Lol this is good i dont need google liao
What if the person dies before 55 😂😂
Money will be burn
It is a very blunt system to save money
CPF is great, but your arguments against people who want control over their own money is pretty awful. CPF rules and terms can change at the government's whim. There's no way to back out in the future if it turns into something you don't like. You may argue that it's "just the way it is" like any other law. Fine. But you can't antagonise people for not liking something that they're legally forced to participate in.
People who made these statements are mostly youngsters who has many years to reach 55. I am turning 55 next year, and I can vow it is a good scheme because I will have access to large amount of cash, even after setting aside FRS. It is the best form of force savings at high compound interest.
When I was young, I used to think I can make better use of my money or achieve investment returns better than CPF. Now I know I was wrong in the thinking. Just this year alone, my CPF interest was $20k on 1 Jan.
@@pathfinder1672 Yes, I agree. And I believe CPF does more good than harm because saving is a necessity. Plus, having a guaranteed interest rate helps us sleep well at night.
However, that's not what I'm talking about. I'm saying that people have the moral right to be upset when their money is taken out of their control.
@@pathfinder1672you haven’t factored in inflation rate. To cut long story short, in real terms you are losing money.
@@allantankl And u haven't factor in compound interest
@@pathfinder1672 inflation rate also compounds
👍
chris can i withdraw from oa. my posb.😀.im 70