Bro, just let it go. (If you wish to do self reflection, just go back to read the first response you had to my post. It was not me who initiated any post to you).

You clearly have some issues you need to solve. Now suddenly it is singaporeans are superior. haha.
Go and solve whatever issues you have...

Nah. Looks like me saying that you have mental illness is not a personal attack after all.

Self reflection. You refering to yourself. The original post I made was never directed towards you.

You have an iq problem or comprehension problem?

It's ok. For ppl like you even if can do a withdrawal the money will be lost in other means anyway

Better let the government keep.

This post has been edited by BrookLes: Jul 7 2023, 02:13 PM

i agree...

those who are in this topics are the smart ones....

he's warning of the bad side of money.... if you have lots of money and people will want to be your friend..

if the dad did that, he won't become a professional beggar lo.

Anyone tried the new iAkaun?

It's slow.

try lor, looks nice and easy to use.

Would you vote yes to force periodic withdrawal due to your personal experience.

I guess this is where KWSP need to put up statistics, is your dad the minority or the majority. My heart hopes he is the minority.

If we take the politics out of it, i am ok provided, if it indeed behaves like what someone else said, whereby above a certain amount, say 240k, they can do lump sum withdrawal. Then 240k, 1k per month or whatever the inflation adjusted amount for 20 years assuming no dividend is enough for basic needs. But even this is abit too long also. Questions will be, what if i dont survive 20 years, etc.

If they force in whole amount to be annuity, then yup, mass withdrawal from the ppl >1mil. And i sincerely hope epf is smart enough to do that.

This makes me curious what and how cpf does it.

This post has been edited by adele123: Jul 7 2023, 05:37 PM

This is your family problem.

Your kids got say tq?

professional begger because his son is chasiew, never give him allowance, need him to beg.
when the son spent the fathers money, everything also good
when the father run out of money, need to beg his son for money
and the son tell the whole world his father is professional begger

Did some reading from the CPF website etc. This is my understanding. Not sure whether I got it all correct ...

Singapore had an elaborate CPF scheme for monthly payout after age 55. Before 55, members contribute to 3 accounts, Ordinary Saving(OA), Special Saving(SA) and MediSave(MA) account.
At the age of 55, funds from these accounts will moved to a new account call Retirement Account (RA), up to an amount = Full Retirement Sum (FRS).
FRS figures are set by Singapore government and it changes (increase upward) every year to adjust to inflation and rising cost of living. As at 2023, FRS = $198,800. For those who reach the age of 55 in 2023, this figure remain the same for future calculation. For those reaches age 55 in 2024, the FRS amount is different (slightly higher).
If a contributor have more than $198,800 at age 55 in 2023, he/she can withdraw amount above the FRS amount unconditionally.

If a contributor do have a property with lease up to his/her age of at least 95 year old, he/she can opt for a lower threshold, BRS (Basic retirement sum) = $99,400 instead, which is half the amount of FRS. Meaning, contributor can withdraw unconditionally, his/her savings above the BRS amount.
The Singapore government reckon that if you already own a property, your monthly expenses is lesser. FRS amount is to take into consideration of rental. Noted that FRS = 2x of BRS.

If contributor want to have higher monthly payout, he/she can opt for Enhanced Retirement Sum which is 3x of BRS = $298,200 voluntarily. This will give better monthly payout and a better lifestyle. Singapore government give choices to their citizens. If you are financial ok and can managed your finances, you just need to set aside a Basic Retirement Sum as a safety net.


What happens to your CPF when you turn 55

Why can't I withdraw all my CPF savings at 55?


Attached thumbnail(s)

Yes, i believe whatever shit they plan to implement will be for new contributors or younger contributors below certain age. If they do this to soon to retire or retired personnel, it will throw a serious wrench in one's retirement plan. Right now there is too little info, It is actually a good move because lots of sohai will withdraw all and throw it into scams like TriumphFX or losing money investment unit trusts. It should be applied to those with less than the minimum savings requirement, not for those that is already way above it.

But regardless, i am not throwing so much money into EPF now, even when can dump more.

Char Siew Son vs Siew Yuk Father!

I dunno what to say

Today watch a documentary. Also scam old people's money on investment.

Poor people. Scammers must rot in hell for scamming elderly money

I'm not dumping more money as well. Thanks to epf sudden creative suggestion and announcement

will continue dump all fresh funds into epf...

40 yrs liao...variation of same story gov/epf gonna take all your money... lol...

anyways ...

bro, this time different....because the country is really going downhill at accelerated rate due to external and internal factors. Now it is not so much taking your money but throwing a wrench in your plan. If you have a lot outside beside EPF, then it's ok. If EPF represents over 80% of your networth, then better reevaluate your strategies.

Political instability and corruption are really killing our economy and country. Buying Singapore or US stocks will be a better option now to prevent currency depreciation plus can get capital appreciation and dividends.

For the immediate future, the parameters seems to be fixated at 20 years, 1K rm and 240K rm.... and the nonsense talk about mandatory vs voluntary and EPF is here to promote some senses, with a pinch of salt about new members being impacted.

These are the "parameters" EPF and PMX are pre-empting us about.

If we just focus and think about the parameters, we all pretty much can guess the extend of this can impact us....

High High wealth amount... not a problem.
Low wealth problem: loss of freedom but could end up a good thing.
Middle wealth.... need to retweak one's plan.

** special category... too much EPF as % of wealth... as you said, re-eval

Problem is previously. Gov dun dare to tell this type of story.

Thanks for your detailed explanation. Really appreciate. I hope whatever EPF do, at least learn abit from CPF