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  #1  
Old 14-02-2019, 09:37 PM
singleman singleman is offline
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CPF withdrawal and Chionging

When u reached 55 and after deducting the minimum sum to be kept inside the CPF RA and then still able to withdraw quite a substantial amount, what will u do with the withdrawal amount? Invest? Or chiong all the way? haha

I still have 4 years to go before can withdraw the amount from CPF. Hopefully by then the garment dun anyhow change rule and said cannot withdraw liao.

From my understanding, when reached 55,

1. OA n SA add up and go to RA.
2. Can withdraw at least $5k even if the RA not able meet the FMS (Full Minimum Sum) but provided ur RA has more than $5k.
3. If the RA is more than FMS, then can withdraw the difference, that is
withdrawal amount = RA - FMS (provided RA more than FMS)
4. If by then u have a property (e.g. HDB flat), you can use it to pledge half the FMS which they called it BMS (Basic Minimum Sum). then you can withdraw the difference between the RA and BMS.
BMS = FMS/2
Withdrawal amount = RA - BMS (provided RA more than BMS)

correct me if my above understanding is not correct.

NB:
OA - CPF Ordinary Account
SA - CPF Special Account
RA - CPF Retirement Account
FMS - Full Minimum Sum (to be kept inside RA for monthly withdrawal starting from age 65) (the FMS is 181k for those reached 55 in 2018)
BMS - Basic Minimum Sum (= FMS/2) (to be kept inside RA for monthly withdrawal starting from age 65) (if you have property then u can apply to keep only BMS in ur RA and withdraw the rest)
  #2  
Old 14-02-2019, 10:15 PM
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Re: CPF withdrawal and Chionging

Clever. 100/100.
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  #3  
Old 14-02-2019, 10:35 PM
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Re: CPF withdrawal and Chionging

Quote:
Originally Posted by singleman View Post
When u reached 55 and after deducting the minimum sum to be kept inside the CPF RA and then still able to withdraw quite a substantial amount, what will u do with the withdrawal amount? Invest? Or chiong all the way? haha

I still have 4 years to go before can withdraw the amount from CPF. Hopefully by then the garment dun anyhow change rule and said cannot withdraw liao.

From my understanding, when reached 55,

1. OA n SA add up and go to RA.
2. Can withdraw at least $5k even if the RA not able meet the FMS (Full Minimum Sum) but provided ur RA has more than $5k.
3. If the RA is more than FMS, then can withdraw the difference, that is
withdrawal amount = RA - FMS (provided RA more than FMS)
4. If by then u have a property (e.g. HDB flat), you can use it to pledge half the FMS which they called it BMS (Basic Minimum Sum). then you can withdraw the difference between the RA and BMS.
BMS = FMS/2
Withdrawal amount = RA - BMS (provided RA more than BMS)

correct me if my above understanding is not correct.

NB:
OA - CPF Ordinary Account
SA - CPF Special Account
RA - CPF Retirement Account
FMS - Full Minimum Sum (to be kept inside RA for monthly withdrawal starting from age 65) (the FMS is 181k for those reached 55 in 2018)
BMS - Basic Minimum Sum (= FMS/2) (to be kept inside RA for monthly withdrawal starting from age 65) (if you have property then u can apply to keep only BMS in ur RA and withdraw the rest)
a mistake here.. the FMS of 181k is for those reach 55 in year 2020, not 2018.

55th birthday on or after / Full Retirement Sum
1 July 2003 $80,000
1 July 2004 $84,500
1 July 2005 $90,000
1 July 2006 $94,600
1 July 2007 $99,600
1 July 2008 $106,000
1 July 2009 $117,000
1 July 2010 $123,000
1 July 2011 $131,​000
1 July 2012 $139,000
1 July 2013 $148,000
1 July 2014 $155,000
1 July 2015 $161,000
1 January 2017 $166,000
1 January 2018 $171,000
1 January 2019 $176,000
1 January 2020 $181,000
  #4  
Old 14-02-2019, 10:39 PM
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Re: CPF withdrawal and Chionging

so by my time when I 55 in 2022, the FMS will become 191k le (assuming each year increase by 5k) and the BMS will be 191k/2 = 95.5k mean I need keep at least 95.5k (as I have a HDB flat to pledge) in my RA first then can withdraw the rest. then I can only get the monthly payout from 65 years onward. So from 55 to 65 these 10 years time I need continue work to have income to survive or based on the amount I can withdraw at 55 for these 10 years expense, like that cannot chiong all the way le. haha
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Old 14-02-2019, 11:13 PM
abcitbats abcitbats is offline
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Re: CPF withdrawal and Chionging

chiong within your limits lah, still possible

Quote:
Originally Posted by singleman View Post
so by my time when I 55 in 2022, the FMS will become 191k le (assuming each year increase by 5k) and the BMS will be 191k/2 = 95.5k mean I need keep at least 95.5k (as I have a HDB flat to pledge) in my RA first then can withdraw the rest. then I can only get the monthly payout from 65 years onward. So from 55 to 65 these 10 years time I need continue work to have income to survive or based on the amount I can withdraw at 55 for these 10 years expense, like that cannot chiong all the way le. haha
  #6  
Old 14-02-2019, 11:22 PM
JizFries JizFries is offline
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Re: CPF withdrawal and Chionging

TS, paiseh. Correct u abit.. it's FRS (Full Retirement Sum). Plus I would suggest u not to pledge your property. Cause when u withdraw from RA using pledge, ur CPF LIFE payout will drop based on the amt u withdraw. Unless u really want chiong first think later then pledge bah..
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Old 14-02-2019, 11:35 PM
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Re: CPF withdrawal and Chionging

Quote:
Originally Posted by JizFries View Post
TS, paiseh. Correct u abit.. it's FRS (Full Retirement Sum). Plus I would suggest u not to pledge your property. Cause when u withdraw from RA using pledge, ur CPF LIFE payout will drop based on the amt u withdraw. Unless u really want chiong first think later then pledge bah..
oh ya it is FRS (Full Retirement Sum) n BRS (Basic Retirement Sum).

if i dun pledge my property, will not able meet the FRS n can only withdraw 5k. if pledge with property then can meet the BRS n can withdraw quite a substantial amount based on the amt i hv in cpf as of today. so when in 2022 will be more as i am still working n contributing to CPF.
  #8  
Old 15-02-2019, 12:35 AM
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lookingaround lookingaround is offline
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Re: CPF withdrawal and Chionging

Sad....I spent most of my cpf in Chang ping for the past 10 years or so!Now I am a poor fag!
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Old 15-02-2019, 01:15 AM
Hanster Hanster is offline
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Re: CPF withdrawal and Chionging

I was a former Chang ping kaki! Yeah.....now count back lots of cpf contributed to China 's GDP!
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Old 15-02-2019, 01:19 AM
maddog_mlvn maddog_mlvn is offline
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Re: CPF withdrawal and Chionging

Quote:
Originally Posted by singleman View Post
When u reached 55 and after deducting the minimum sum to be kept inside the CPF RA and then still able to withdraw quite a substantial amount, what will u do with the withdrawal amount? Invest? Or chiong all the way? haha

I still have 4 years to go before can withdraw the amount from CPF. Hopefully by then the garment dun anyhow change rule and said cannot withdraw liao.

From my understanding, when reached 55,

1. OA n SA add up and go to RA.
2. Can withdraw at least $5k even if the RA not able meet the FMS (Full Minimum Sum) but provided ur RA has more than $5k.
3. If the RA is more than FMS, then can withdraw the difference, that is
withdrawal amount = RA - FMS (provided RA more than FMS)
4. If by then u have a property (e.g. HDB flat), you can use it to pledge half the FMS which they called it BMS (Basic Minimum Sum). then you can withdraw the difference between the RA and BMS.
BMS = FMS/2
Withdrawal amount = RA - BMS (provided RA more than BMS)

correct me if my above understanding is not correct.

NB:
OA - CPF Ordinary Account
SA - CPF Special Account
RA - CPF Retirement Account
FMS - Full Minimum Sum (to be kept inside RA for monthly withdrawal starting from age 65) (the FMS is 181k for those reached 55 in 2018)
BMS - Basic Minimum Sum (= FMS/2) (to be kept inside RA for monthly withdrawal starting from age 65) (if you have property then u can apply to keep only BMS in ur RA and withdraw the rest)
And withdraw the remain in ur Medisave account after setting aside the minimum amount.
  #11  
Old 15-02-2019, 07:10 AM
singleman singleman is offline
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Re: CPF withdrawal and Chionging

Quote:
Originally Posted by maddog_mlvn View Post
And withdraw the remain in ur Medisave account after setting aside the minimum amount.
Thought MA is where we cannot withdraw? what is the min amount to be kept in MA?

however do noticed when MA reach above certain amount, some amount in MA will be automatically transferred to SA.
  #12  
Old 15-02-2019, 07:11 AM
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Re: CPF withdrawal and Chionging

Quote:
Originally Posted by lookingaround View Post
Sad....I spent most of my cpf in Chang ping for the past 10 years or so!Now I am a poor fag!
must set aside certain amount from the withdrawal for our daily n urgent needs, cannot spend all or too much on chiong.
  #13  
Old 15-02-2019, 07:44 AM
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nitecrawllerr nitecrawllerr is offline
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Re: CPF withdrawal and Chionging

Quote:
Originally Posted by maddog_mlvn View Post
And withdraw the remain in ur Medisave account after setting aside the minimum amount.
Bro all balances in ur medisave is locked for life. Only can be withdraw for medical/hosp exp with limits.
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Old 15-02-2019, 09:15 AM
LiverBird8 LiverBird8 is offline
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Re: CPF withdrawal and Chionging

Quote:
Originally Posted by nitecrawllerr View Post
Bro all balances in ur medisave is locked for life. Only can be withdraw for medical/hosp exp with limits.
Yah medisave also used to pay for medishield life premium.. No need to pay cash..
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Old 15-02-2019, 09:22 AM
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Re: CPF withdrawal and Chionging

At the rate the minimum sum is increasing, i guess the plan is so most of us cannot withdraw anything when we reach 55.
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