As quoted from the CPF website:
"From 1 January 2013, members who reach 55 can withdraw their
cash balances only after setting aside the CPF Minimum Sum and
Medisave Minimum Sum. However, members can still withdraw the first
$5,000 from the CPF account at age 55."
Source:
https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/wdl_assumption.asp
so means to say that from 2013, if the min sum is $150,000, u
can only withdraw the first $5000 and another $1000 if you have
$151,000 in your retirement account. No more the old 50% withdrawal
rule where sgporeans can still see a substantial amount of their
CPF.
Cuurent min sum is already $117,000. Given how it has risen over
the past 2 years by about 7-9k per annum, by 2013, that figure
would reach $150,000 considering the high inflation that sgporeans
are facing?
And by 2035 where most of the baby boomers' children like me
would be aged 55, the min sum would be $400,000? Haha....let's
see....HDB already between $300,000 to $900,000, university
education going up, etc etc...
me 21yo, so by that time me 55yo, the mini sum can be 1 million
liao...wha lau, better dun contribute, i told my staffs, me give
contract, paid them more instead of paying CPF, and most agreed, i
recommended them to use my extra paid to them to buy long term
stocks like SPH, DBS etc and get better return than CPF 4%
interest, most of them like it, very happey working with me on 2
years recontract basis.
