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Thread: CPF special account what to do??

  1. #1
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    Default CPF special account what to do??

    Frustrating looking at the $$ in special account and cannot touch any suggestion what to do...
    In the final analysis.....its NOT whether you have a diploma,degree,masters OR PHD....its whether you have a HDB/PC/EC or LANDED...

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    Quote Originally Posted by radha08
    Frustrating looking at the $$ in special account and cannot touch any suggestion what to do...

    dont look. coz its special.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
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    Quote Originally Posted by minority
    dont look. coz its special.
    aiyo frustrating looking at it...see NO touch
    In the final analysis.....its NOT whether you have a diploma,degree,masters OR PHD....its whether you have a HDB/PC/EC or LANDED...

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    Quote Originally Posted by radha08
    aiyo frustrating looking at it...see NO touch
    Thats why its SA. Silently Accumulating , you cannot use but in the meantime what happen to the money? what you see is just a number.

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    Quote Originally Posted by latour
    Thats why its SA. Silently Accumulating , you cannot use but in the meantime what happen to the money? what you see is just a number.
    ya i kind of realize that
    In the final analysis.....its NOT whether you have a diploma,degree,masters OR PHD....its whether you have a HDB/PC/EC or LANDED...

  6. #6
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    teddybear is offline Global recession is coming....
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    It is reserved for you to buy a GOLDEN coffin, cannot touched! Otherwise you have no Coffin! Remember to set aside GST for coffin!

    Quote Originally Posted by radha08
    Frustrating looking at the $$ in special account and cannot touch any suggestion what to do...

  7. #7
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    sit and suck thumb. that's for Temasek and GIC to squander off in some stupid investment again.

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    Annual deposit for SRS does not go into SA?

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    Quote Originally Posted by radha08
    ya i kind of realize that

    Aiyah is a force saving. with interest. take it as long term fix deposit.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
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    Quote Originally Posted by DC33_2008
    Annual deposit for SRS does not go into SA?
    No. SRS is even worse, you cannot touch it out until 62(65 now?).

    but, you can use it to buy shares.

  11. #11
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    Quote Originally Posted by radha08
    Frustrating looking at the $$ in special account and cannot touch any suggestion what to do...
    Good question! What is SA for har??? Asked so many ppl with no answer!

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    Some more when your MA hits the ceiling, the spillover of the monthly contribution will go to SA. Yes, Silently Accumulating .....

    Always wonder what can we do with it (SA) during when we are ALIVE .... die also cannot spell it

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    The money is for our next of kin or nominee when we pass on.

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    Quote Originally Posted by Dragonfly
    The money is for our next of kin or nominee when we pass on.
    is the monies given in cash to the nominee or merely transferred to the nominee's CPF account?

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    Ya, agree. All the older folks say SA and MA is for coffin.

    Anyway, don't take it out. No point. 5% interest is pretty high and is guaranteed. Just relax, earn interest, hope Singapore do well in the next 20-30 years and enjoy your CPF LIFE.




    Quote Originally Posted by teddybear
    It is reserved for you to buy a GOLDEN coffin, cannot touched! Otherwise you have no Coffin! Remember to set aside GST for coffin!

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    Quote Originally Posted by eng81157
    is the monies given in cash to the nominee or merely transferred to the nominee's CPF account?
    SA can take out cash (presently), MA transfer to nominee's CPF MA ac

  17. #17
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    It is for your retirement.

    After the age of 65 (they might raise it to 70, 75, 80 or 100 , who knows), you can start drawing a monthly annuity called CPF LIFE.

    So at the age of 55 or 60 (can't remember), they will pool your remaining OA + SA into CPF LIFE. This CPF LIFE will last you for your entire life. So if you live until 200 years old, good for you. If you die young, then too bad. Whatever that is unused, your family will get the remaining back lor (depends on the plan you choose also).





    Quote Originally Posted by mkmm
    Good question! What is SA for har??? Asked so many ppl with no answer!

  18. #18
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    Quote Originally Posted by lionhill
    No. SRS is even worse, you cannot touch it out until 62(65 now?).

    but, you can use it to buy shares.

    can take out wat.. 5% penalty . but u get tax off. so u want something u have to give something. no free lunch.

    It do help people plan for tax. the middle income folks who want to defer some tax. and invest .

    Thus its call retirement saving ba.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
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    I called up cpf and they said assuming you have more than 70K in SA, you can pledge using your property and the sum in excess of 70K can be used for property. So if you have 100K in SA, you can use 30K for property. Correct?

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    Quote Originally Posted by proxon
    I called up cpf and they said assuming you have more than 70K in SA, you can pledge using your property and the sum in excess of 70K can be used for property. So if you have 100K in SA, you can use 30K for property. Correct?
    Too good to be true.

  21. #21
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    Send more opposition into parliament next election to fight for your money. No point putting money in useless cpf
    Quote Originally Posted by radha08
    Frustrating looking at the $$ in special account and cannot touch any suggestion what to do...

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    Quote Originally Posted by proxon
    I called up cpf and they said assuming you have more than 70K in SA, you can pledge using your property and the sum in excess of 70K can be used for property. So if you have 100K in SA, you can use 30K for property. Correct?
    i think u made a mistake ... like that our property price will be 20% higher ... many ppl at age of 40 their CPF SA already > 139k (CPF SA min sum) still cannot touch
    Ride at your own risk !!!

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  24. #24
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    "In general, if you have a personal annuity or a pension that provides a higher payout than from CPF LIFE, you need not be placed on CPF LIFE."

    http://mycpf.cpf.gov.sg/NR/rdonlyres/09EA0C05-C8E9-4705-9D91-E8BD1D12CF1E/0/LIFEBrochure.pdf

    So if you buy a private annuity paying something like S$1.5K per month, you can take out all your CPF SA money at age 55. (Check with CPF Board to see whether you annuity is considered as sufficient.)








  25. #25
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    Quote Originally Posted by phantom_opera
    i think u made a mistake ... like that our property price will be 20% higher ... many ppl at age of 40 their CPF SA already > 139k (CPF SA min sum) still cannot touch
    Hmm. The example I gave was what the person from cpf told me. Perhaps I understood wrongly. What about those that hit the age of 55? They only need to keep half of minimum sum and can withdraw the rest. Does it mean they can take out everything except 50% min. sum and medisave? In that case, anyone with say 200K SA can withdraw approx. 130K upon reaching 55. They can then use the 130K for anything. This is also what I heard from cpf and perhaps I may have misunderstood this as well?

  26. #26
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    Quote Originally Posted by proxon
    Hmm. The example I gave was what the person from cpf told me. Perhaps I understood wrongly. What about those that hit the age of 55? They only need to keep half of minimum sum and can withdraw the rest. Does it mean they can take out everything except 50% min. sum and medisave? In that case, anyone with say 200K SA can withdraw approx. 130K upon reaching 55. They can then use the 130K for anything. This is also what I heard from cpf and perhaps I may have misunderstood this as well?
    i thought your SA min sum will be auto commit to annuity .. do they give any choice at all?? I am more than happy to have a choice in that case
    Ride at your own risk !!!

  27. #27
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    Quote Originally Posted by proxon
    I called up cpf and they said assuming you have more than 70K in SA, you can pledge using your property and the sum in excess of 70K can be used for property. So if you have 100K in SA, you can use 30K for property. Correct?
    I guess it is when ur combined SA + OA > 50% of the required min Sum. U can draw the money out from OA account for ur 2nd property. So if u hv > 70k in SA but $0 in OA. U can't use it.

    For 1st property, u can use full amount of OA.

    SA cannot used to buy property.

  28. #28
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    Quote Originally Posted by NorthernStar
    I guess it is when ur combined SA + OA > 50% of the required min Sum. U can draw the money out from OA account for ur 2nd property. So if u hv > 70k in SA but $0 in OA. U can't use it.

    For 1st property, u can use full amount of OA.

    SA cannot used to buy property.

    I think I must have misunderstood then. From several responses here, I think the bottomline is SA cannot be used.

    Does anyone by chance withdrew your cpf in excess of 50% of minimum sum upon reaching 55? Can share whether it's true that you can take out everything (including SA) in cash except leaving behind 50% minimum sum and medisave?

  29. #29
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    Quote Originally Posted by phantom_opera
    i thought your SA min sum will be auto commit to annuity .. do they give any choice at all?? I am more than happy to have a choice in that case
    Yes, they told me minimum sum is auto commit to annuity but I am referring to the excess of minimum sum. Regardless, the responses here indicate that regardless of minimum sum, SA cannot be used for 2nd prop.

  30. #30
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    aiyo, all private ones will peg to CPF Life, back to square one, all very lousy return!

    Quote Originally Posted by richwang
    "In general, if you have a personal annuity or a pension that provides a higher payout than from CPF LIFE, you need not be placed on CPF LIFE."

    http://mycpf.cpf.gov.sg/NR/rdonlyres/09EA0C05-C8E9-4705-9D91-E8BD1D12CF1E/0/LIFEBrochure.pdf

    So if you buy a private annuity paying something like S$1.5K per month, you can take out all your CPF SA money at age 55. (Check with CPF Board to see whether you annuity is considered as sufficient.)








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