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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
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Re: CPF withdrawal and Chionging
Clever. 100/100.
__________________
Plse dont upz me Thank you |
#3
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Re: CPF withdrawal and Chionging
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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
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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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#5
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Re: CPF withdrawal and Chionging
chiong within your limits lah, still possible
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#6
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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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#7
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Re: CPF withdrawal and Chionging
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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
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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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Power 8 and above to xchange. |
#9
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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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Min power 7 to trade! |
#10
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Re: CPF withdrawal and Chionging
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#11
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Re: CPF withdrawal and Chionging
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however do noticed when MA reach above certain amount, some amount in MA will be automatically transferred to SA. |
#12
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Re: CPF withdrawal and Chionging
must set aside certain amount from the withdrawal for our daily n urgent needs, cannot spend all or too much on chiong.
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#13
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Re: CPF withdrawal and Chionging
Bro all balances in ur medisave is locked for life. Only can be withdraw for medical/hosp exp with limits.
__________________
Plse dont upz me Thank you |
#14
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Re: CPF withdrawal and Chionging
Yah medisave also used to pay for medishield life premium.. No need to pay cash..
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#15
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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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