CPF to deposit

Max888 SG

Just wondering if you guys deposit into CPF monthly? if so, how much to deposit? Some say $60 per month.

Or do you save a certain % of daily takings for retirement? 40% like CPF if we were working a regular job?

Thank you

Poolman SG

CPF ? My example .... i have been working since 1990 , with cpf contributions ...but since i drove a cab with no contributions , since 2001 , to 2008 , legally , self employ must oblige to contribute medisave .... but since 2001 , CPF never ask me to pay medisave at all .

But my buddy , who always a self employ , then jobless , then a cabby , has to pay $900+ Medisave payment after 5 years of driving .

So i did a comparison , his Medisave is not enough for his retirement , i had enough .

If your CPF account has got sufficient Medisave , like $8000 , then no point paying cold hard cash for CPF.

charlize SG

Any money you put into CPF will likely stay in there for a long long time.

Never to see the light of day.

Except maybe when you kaput.

Then your kids can take it out.

I think.

Max888 SG

Thanks Poolman

so to top up medisave until $8000? any other fixed saving anyone doing?

in case of rainy day? or for retirement?

thanks

Poolman SG

Retirement ? Better buy an insurance now .

Some kind of saving cum endownment type , 55 years old got $$$ take back type .

Taxi comapny dun contribute CPF for you .

All about yourself .

So i bought a policy for my retirement .

For a cabby , to pay $250 per month premium , it's ok ma . For my case , i paid $225 per month , when i was 33 , until 55 , i got back extra $55,000 , something like that .

Poolman SG

Thanks Poolman

so to top up medisave until $8000? any other fixed saving anyone doing?

in case of rainy day? or for retirement?

thanks

Raining day for cabby ? Surely got wet .

Unless u got good saving .

Max888 SG

I have a savings/investment on unit trust plan which i started a few years ago. $200 monthly from my savings account that i can sell at 2020 or after when profits starts to accumulate.

Also i have life insurance with cash bonus if i surrender it, which i bough more than 10 years ago paying yearly premiums.

anyone setting aside some % of daily earnings here? at least 10%?

Sengkanganchovale SG

I have a savings/investment on unit trust plan which i started a few years ago. $200 monthly from my savings account that i can sell at 2020 or after when profits starts to accumulate.

Also i have life insurance with cash bonus if i surrender it, which i bough more than 10 years ago paying yearly premiums.

anyone setting aside some % of daily earnings here? at least 10%?

Why? still need CPF contribution. where you already got all your plan by telling us.

Max888 SG

1. Cant surrender life insurance plan, just in case need it one day.

2. $200 a month to save, who can live on $200 a month in the future? even today also not enough.

Just want advice on how to set aside something for retirement as we cabbies dont contribute to CPF. So we dont have any $$$ CPF money coming to us when we retire...

anyone care to share

jim007 SG

i thought that it is compulsary for taxi drivers to contribute to ttheir cpf?

but whether there is a minimum or max amount?

if i nett $2.5k per mth, can volunteer $500 to be saved under cpf?

thanks,

Poolman SG

i thought that it is compulsary for taxi drivers to contribute to ttheir cpf?

but whether there is a minimum or max amount?

if i nett $2.5k per mth, can volunteer $500 to be saved under cpf?

thanks,

compulsory to pay Medisave , not CPF .

Volunteer to pay CPF ? Unless u are damn alright with your income .

Sounds like easy .. when u start driving , u feel the pinch of even $200 .

jim007 SG

Hi poolman,

i need additional $ to my cpf due to home loan replayment.

sorry that this qn may have been asked in other thread, but can i ask how can we do it? do we just go to cpf board and go counter and say we need to pay $300 for eg.

i plan to do this once i start relief driving..

jim007 SG

Hi Max888,

i believe you are not driving relief, can share whether are you contributing to your cpf besides the medisave part?

thanks

Jim

Poolman SG

Hi poolman,

i need additional $ to my cpf due to home loan replayment.

sorry that this qn may have been asked in other thread, but can i ask how can we do it? do we just go to cpf board and go counter and say we need to pay $300 for eg.

i plan to do this once i start relief driving..

Just pay cash at CPF office .

Max888 SG

hi jim007

I just started one week omo with transcab. contributing $60 to medisave only. i use axs machine to pay.

dunno how to contribute to other part