CPF board raises its minimum sum to $155k

[mummy]

Look at situations at developed countries for your answers... Study what is happening to their cost of living, housing, aging population, etc.. and you will find similarities...

A person determines his/her destiny....

Optimist or pessimist????

Look at KL, check out what people they are hiring at food shops??? D u think Malaysians??????

I guess the rich like you are usually proPAP and do not really care about the poor...

[Allthepies]

If everybody truly really want to help the poor, when you spotted 1 on the street, please approach him/her and gives him/her your helping hand... dont push the blame away and says only rich in pocket can help the poor... the only people who can help the poor is those rich in kindness...

The rest are just arguing for the poor for the sake of arguing or gaining recognition...

[mummy]

If everybody truly really want to help the poor, when you spotted 1 on the street, please approach him/her and gives him/her your helping hand... dont push the blame away and says only rich in pocket can help the poor... the only people who can help the poor is those rich in kindness...

The rest are just arguing for the poor for the sake of arguing or gaining recognition...

I do help the poor by regular donations and sometimes after a hard day's work, give S$10 to a tissue peddlar.

What is wrong with discussion about something that concerns everyone. The rich should be taxed more and the poor less is that wrong? Or r all who surf this forum rich so allergic to such talk? Sg is too capitalistic a society and everyone just worships and chase after money. America was like that and it has fallen in power now, Sg should learn from their mistakes and not be overly capitalistic and more socialistic.

Why can't the government waive GST for basic necessities like rice, oil and milk powder? Do you know in Phillippines, a can of milk powder costs S$15 according to my helper while in Sg it is S$65 and even Malaysia S$40. If I am feeling the pinch from basic necessities , I cannot imagine how much more so the lower income.

[Allthepies]

I do help the poor by regular donations and sometimes after a hard day's work, give S$10 to a tissue peddlar.

good job!

we can do more by convincing our friends and families to do their part too.. we need more people from the ground up to spread kindness and happiness...

good job

[princess_morbucks]

http://mycpf.cpf.gov.sg/CPF/News/New...N_8May2014.htm

[leesg123]

I guess the rich like you are usually proPAP and do not really care about the poor...

The rich pay most of the tax. No subsidy.

[princess_morbucks]

At present, I assume we can use half of the minumum sum to pay for 2nd or subsequent properties?
However upon reaching 55 years old, when the minimum sum is transferred to the RA, can we still use half of that minimum sum to pay for 2nd or subsequentproperties?

[chestnut]

I guess the rich like you are usually proPAP and do not really care about the poor...

I am not rich... I am not pro pap... Hahahaha

My question to you.. If govt helps all the poor, will the poor work harder???
When your kids are older and working, will you help them all the way??? Which has deeper roots, parents or pap??? If your kids complain that salary of 4k not enough and want you to give them allowance of 2k, will you????

Now if the kid is handicapped, that is a different situation.

We are sharing our views but u simply determine my stand from my views???

If the not so fortunate, can they upgrade and do something about it???

Which country takes care of all the unfortunate???

There will be classes in the future, even present and past. True???

I did not come from a well to do family, neither did you?

Did u progress??? Should you be happy with your progression??? How many more are less fortunate then you??? Were you given an opportunity???

Food for thought

[chestnut]

At present, I assume we can use half of the minumum sum to pay for 2nd or subsequent properties?
However upon reaching 55 years old, when the minimum sum is transferred to the RA, can we still use half of that minimum sum to pay for 2nd or subsequentproperties?

Don't know but I know getting loan is tough and you need cash, lots of it

[hopeful]

The problem here now is that the minimum sum is going to get much higher in future with CPF Life and many Sg will not be able to meet it and prob end up selling their flats and working till they die. Who is going to help them. I see people in their 70s coming for preemployment check ups and some have children too and it is because money no enough. Can we keep relying on increasing the working population CPF contribution and high COE prices etc to fund their retirement? Can we not use our reserves partly for that or more of our annual budget surplus? Is the strength of our currency dependent on our big reserves and why do we need to have such a strong currency until neighbours flood in and compete with us for jobs. I believe our currency cannot keep going up relative to others, they are many pros but we must also consider the cons. Do the ministers deserve such high salary when many are expected to work till they die?

The garment expects the old to cash out and retire in Iskandar too or downgrade to studio apartments that is why resale HDB prices are still kept high. This is happening for the older generation who have worked to build Sg but may not be for our generation. I would caution against depending on our property solely for our retirement as it may be risky in yhe future.

the questions that should be asked:

1) why cpf buy sgs & sgss at low rate instead of starting its own investment fund.
2) if cpf has manage 15% annually, there would be no need for using reserves etc.
3) is it better to have fixed 2.5% / 4 % or variable 10% - 20%. ?
4) why need a middle-man company to skim off excess profits?

if you notice the patterns, there are middle-man companies for sleigh-of-hands accounting practices, so that they can transfer here, can transfer there, swap here, there everywhere until even the good educated folks here are confused as to where the money goes to:
some examples i can think of:
1) $2 company to manage Town councils software
2) hdb losing money every year

so the question you should be asking
1) why cpf buy sgs & sgss at low rate instead of starting its own investment fund ?
instead of asking whether reserves can be used or annual budget surplus.
this is the sleight-of-hand trick because the govt will say reserves is for strong currency, etc and that will sound logical to you and the general public.

if the govt want to build reserves, why dont they borrow at commercial rates and excess profits then go to singapore reserves?
instead what they are doing to "steal" from cpf members by giving such low rates and increasing minimum sum and giving the proceeds of the "theft" to reserves.

[DC33_2008]

Even the medicine you prescribed is much cheaper at the neighbouring countries. Well, the policy of teaching them to fish is still better than giving them fish. Unfortunately, with the rising cost, Garment has started to giving out fishes. This is the start of the problem as they will be asking for more fishes. This can be dangerous if it becomes political strategy.

I do help the poor by regular donations and sometimes after a hard day's work, give S$10 to a tissue peddlar.

What is wrong with discussion about something that concerns everyone. The rich should be taxed more and the poor less is that wrong? Or r all who surf this forum rich so allergic to such talk? Sg is too capitalistic a society and everyone just worships and chase after money. America was like that and it has fallen in power now, Sg should learn from their mistakes and not be overly capitalistic and more socialistic.

Why can't the government waive GST for basic necessities like rice, oil and milk powder? Do you know in Phillippines, a can of milk powder costs S$15 according to my helper while in Sg it is S$65 and even Malaysia S$40. If I am feeling the pinch from basic necessities , I cannot imagine how much more so the lower income.

[mummy]

I am not rich... I am not pro pap... Hahahaha

My question to you.. If govt helps all the poor, will the poor work harder???
When your kids are older and working, will you help them all the way??? Which has deeper roots, parents or pap??? If your kids complain that salary of 4k not enough and want you to give them allowance of 2k, will you????

Now if the kid is handicapped, that is a different situation.

We are sharing our views but u simply determine my stand from my views???

If the not so fortunate, can they upgrade and do something about it???

Which country takes care of all the unfortunate???

There will be classes in the future, even present and past. True???

I did not come from a well to do family, neither did you?

Did u progress??? Should you be happy with your progression??? How many more are less fortunate then you??? Were you given an opportunity???

Food for thought

No offense intended....know the system is pretty good now but we should still ask questions and seek to make it better as we have acknowledged that no system is perfect. That is what the garment is doing also, coming up with changes so frequently...

[DC33_2008]

Change for the better is good but not for the worst. Ministers these days do not seem to have thought through thoroughly before implementing their policies. Too much political mix in their policies.

No offense intended....know the system is pretty good now but we should still ask questions and seek to make it better as we have acknowledged that no system is perfect. That is what the garment is doing also, coming up with changes so frequently...

[princess_morbucks]

I checked the CPF website.
No change with reagrds to using the CPF for property loan :
http://mycpf.cpf.gov.sg/CPF/my-cpf/buy-house/BH5.htm

Multiple property purchase

If you already own a property (HDB flat or private property) bought with your CPF savings and wish to buy another property with CPF savings from 1 July 2006, you will be able to do so after setting the prescribed Minimum Sum as follows:

If you are below 55 years old, you are required to set aside half of the prevailing Minimum Sum in your Ordinary and Special Accounts (including the amount used for investment).

If you are 55 years and above, you are required to set aside the required Minimum Sum Cash Component in your CPF Retirement Account.


The maximum amount of CPF you can use for the second and subsequent properties is:

the VL for properties with a remaining lease of at least 60 years; or

A percentage of the VL for properties with a remaining lease of less than 60 years but at least 30 years.

[hyenergix]

Change for the better is good but not for the worst. Ministers these days do not seem to have thought through thoroughly before implementing their policies. Too much political mix in their policies.

Asking the lost sheeps for direction

[chestnut]

Change for the better is good but not for the worst. Ministers these days do not seem to have thought through thoroughly before implementing their policies. Too much political mix in their policies.

bro, bo pian..... If they dont listen to the woes of the people, they will lose more seats, then lagi worst....

I personally feel the complains from the people are also good... why??? can you imagine if we did not kpkb, how many foreigners will there be today???? I really cannot imagine so many foreigners in our country... Of course if they allow more foreigners in, I will buy more properties like crazy !!!! But that would be for financial gains but I will not enjoy staying in Singapore.. So there is no perfect solution... I am happy with less foreigners coming... must be adaptive....

[chestnut]

No offense intended....know the system is pretty good now but we should still ask questions and seek to make it better as we have acknowledged that no system is perfect. That is what the garment is doing also, coming up with changes so frequently...

Sis, no offence taken.... What I am saying is no policy administered will please everyone... What we need to do is see how such policies affect us and what we need to do to make our lives better... bitching about the policies will not get us anywhere... if they change the policies to suit us, of course better... but most of the time, it doesnt happen... and if it does, it is a bonus... We need to take care of ourselves first, as we are not that rich leh....

To change the policies, you will need to gather support from the ground, but we are so diverse and many people have so many different views... so to get it changed will take a long time... second option, get into the system and voice the concerns directly to the policy makers (that you need to have a calling)... so while waiting, why not do something about it rather then make life miserable and waiting for changes from someone... why not make the change...

Make the change

http://www.azlyrics.com/lyrics/micha...themirror.html

[minority]

The problem here now is that the minimum sum is going to get much higher in future with CPF Life and many Sg will not be able to meet it and prob end up selling their flats and working till they die. Who is going to help them. I see people in their 70s coming for preemployment check ups and some have children too and it is because money no enough. Can we keep relying on increasing the working population CPF contribution and high COE prices etc to fund their retirement? Can we not use our reserves partly for that or more of our annual budget surplus? Is the strength of our currency dependent on our big reserves and why do we need to have such a strong currency until neighbours flood in and compete with us for jobs. I believe our currency cannot keep going up relative to others, they are many pros but we must also consider the cons. Do the ministers deserve such high salary when many are expected to work till they die?

The garment expects the old to cash out and retire in Iskandar too or downgrade to studio apartments that is why resale HDB prices are still kept high. This is happening for the older generation who have worked to build Sg but may not be for our generation. I would caution against depending on our property solely for our retirement as it may be risky in yhe future.

why do they have to sell their HDB?

[minority]

I guess the rich like you are usually proPAP and do not really care about the poor...

Rich paying a lot more taxes though.

[minority]

Don't know but I know getting loan is tough and you need cash, lots of it

If u have sufficient in the SA acct then the OA can call be use for 2nd prop. i.e. 145K in SA.

[minority]

Even the medicine you prescribed is much cheaper at the neighbouring countries. Well, the policy of teaching them to fish is still better than giving them fish. Unfortunately, with the rising cost, Garment has started to giving out fishes. This is the start of the problem as they will be asking for more fishes. This can be dangerous if it becomes political strategy.

unfortunately many want easy way out. The longer run to survive people need to learn to fish coz fish from the sky are not infinite.

[minority]

No offense intended....know the system is pretty good now but we should still ask questions and seek to make it better as we have acknowledged that no system is perfect. That is what the garment is doing also, coming up with changes so frequently...

Well like all things someone gotta pay. the system works in a balance mode. something got to pay for something got to give.

[DC33_2008]

Housing and Transport will still be the main focus of the coming election with healthcare still a big?

bro, bo pian..... If they dont listen to the woes of the people, they will lose more seats, then lagi worst....

I personally feel the complains from the people are also good... why??? can you imagine if we did not kpkb, how many foreigners will there be today???? I really cannot imagine so many foreigners in our country... Of course if they allow more foreigners in, I will buy more properties like crazy !!!! But that would be for financial gains but I will not enjoy staying in Singapore.. So there is no perfect solution... I am happy with less foreigners coming... must be adaptive....

[DC33_2008]

Is it wise to use CPF for second property?

If u have sufficient in the SA acct then the OA can call be use for 2nd prop. i.e. 145K in SA.

[hopeful]

Even the medicine you prescribed is much cheaper at the neighbouring countries. Well, the policy of teaching them to fish is still better than giving them fish. Unfortunately, with the rising cost, Garment has started to giving out fishes. This is the start of the problem as they will be asking for more fishes. This can be dangerous if it becomes political strategy.

asking for cpf higher rates is asking for fishes?
if cpf rates have been higher rates, would we need for ever increasing mininum sum?
would people ever asked to get from reserves?

Albert Einstein once said that if he had an hour to solve a problem and his life depended on the solution, he’d spend the first 55 minutes determining the proper question to ask. “For once I know the proper question, I could solve the problem in less than five minutes,” he explained.

please ask the right question.

[chestnut]

Is it wise to use CPF for second property?

It depends on many factors :

age, goal, ability to make more money with cash vs cpf, risk appetite, etc... the list goes on... It becomes cheem when you do not know what you want and can do.....

[leesg123]

Minimum sum is a good scheme. it makes individual responsible for their own retirement. Do you want to end up gov funding retirements for all retirees? This means more tax!

[DC33_2008]

Some people are not asking question but just wait...

asking for cpf higher rates is asking for fishes?
if cpf rates have been higher rates, would we need for ever increasing mininum sum?
would people ever asked to get from reserves?

Albert Einstein once said that if he had an hour to solve a problem and his life depended on the solution, he’d spend the first 55 minutes determining the proper question to ask. “For once I know the proper question, I could solve the problem in less than five minutes,” he explained.

please ask the right question.

[mummy]

why do they have to sell their HDB?

If they don't have children to stay with and cannot afford the MS by then, do they not have to downgrade and sell to get the MS and the payout?

[mummy]

Is it wise to use CPF for second property?

Yeah, may not be...should not depend on rental too much...sum is too big...if want to get rental income, safer to buy reits as cash outlay and risk is lower, returns may even be higher...