PM Lee: If you sell the house, the money goes to CPF
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Originally posted by Clivebenss:
He's hopeless.
u forgot about the other 66.6% who are hopeless too....... -
Originally posted by I-like-flings(m):
i wonder how much they will charge u for admin fee when u do that......... they can even charge u 3 dollar for ur mthly withdrawal when u are old enough to handle ur own money..... knn....
What is the point for all the cussing ?Just quit and make one withdrawal - as was mentioned.
Do you read what you see, or do you normally see only what you want to read ?
Should it be a surprise that they will "charge u 3 dollar for ur mthly withdrawal when u are old enough" ?
It seems that they will have to look after your account for a long time before "u are old enough" - the '3 dollar' is truly peanuts for the time spent till "u are old enough".
Originally posted by I-like-flings(m):
u forgot about the other 66.6% who are hopeless too.......Can the other 66.6% be considered 'hopeless too' ?
Was it their fault for their 'hopeless situation' that you see them to be ?
Or was it not part of the hopeless situation created by a hopeless PAP - for a Singapore without any hope that the PAP wish the 66.6% to see ?
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Originally posted by I-like-flings(m):
u forgot about the other 66.6% who are hopeless too.......and hopefully there are less of that now.
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wat profit from sales of HDB? most ppl selling HDB are upgrader who buy private condo and snowball to bigger housing loan and getting poorer by the day.
Singapore dont profit but govern will.
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The Online Citizen
Tuesday, March 30, 2010 17:45
HDB: Cannot withdraw cash profits anymore when you sell?
In Economics, Top Story • 168 views • 5 Comments
By Leong Sze Hian
I refer to the report “Govt to explore ways to increase use of CPF for buying HDB flats” (Channel News Asia, Mar 27).One possible implication or policy change may be this: cash profits from the sale of HDB flats may have to be kept in one’s CPF account, and cannot be cashed out.
The possible implications of such a change may be as follows:-
- HDB prices may crash when people realise that no cash profits can be made
- Home buyers may prefer private property compared to HDB flats
- Those who subscribed to the asset enhancement policy may find that they have put all their eggs into one basket (HDB), and can no longer be monetised before retirement
Will HDB flat-owners only be able to monetise their HDB flat at age 55, 65?
What portion of the cash profits from the sale of HDB flats will be locked up in the CPF? All? 50 per cent? Will interest that would otherwise have been earned from the cash utilised be allowed to be cashed out?
At the current rate of increase of $15,500 per annum for the CPF Minimum Sum and Medisave Required Amount, the total at age 55 is projected to be $197,000, $352,000 and $507,000, in 2013, 2023 and 2033 respectively.
So, if you sell your HDB flat, but have less than $352,000 when you turn 55 in 2023, does it mean that you can only draw $5,000 at age 55 (unless you have property to pledge for up to half the Minimum Sum), with the balance payable as a monthly life annuity from age 65 under the CPF Life scheme?
Five things to note
With the recent CPF changes and the expected changes, there are 5 things that you may need to know before you turn 55.
ONE:
Upon reaching 55, if your CPF Special Account (SA) plus property pledge, is insufficient to meet your CPF Minimum Sum (MS), which is currently $117,000, your CPF Ordinary Account (OA) balance will be transferred to your CPF Retirement Account (RA) to make-up for the MS shortfall.
What this means is that you may no longer be able to use your OA balance to pay for your home mortgage.
So, if you are affected by this policy, use your entire OA balance to re-pay your mortgage before you turn 55.
TWO:
If you plan to downgrade to a smaller flat, the sales proceeds (CPF utilised and accrued interest) of your flat will also be transferred to your RA, if you have a MS shortfall.
What this means is that after setting aside the MS, you may have less available from your flat sale proceeds to pay for your smaller downgrade flat.
So, if you want to downgrade, do it before 55.
THREE:
Upon reaching 55, your OA and SA that is transferred to your RA to meet the MS, can no longer be invested.
So, if you want to invest your OA and SA, do it before 55. (note: first $20,000 of OA and $40,000 of SA cannot be invested.)
FOUR:
For those age 55 and younger from 2013 onwards, CPF Life will be compulsory.
So, if you plan to migrate, give up your Singapore citizenship, and want to withdraw your entire CPF as a lump sum, you should try to do so before 55.
Otherwise, only the surrender value of your CPF Life (depending on which of the 4 plans you choose) may be given to you. If you plan to migrate, choose the CPF Life Basic plan as it gives the lowest monthly annuity payout with the highest residue value.
FIVE:
When the OA is transferred to the RA to meet the MS at age 55, the OA also can no longer be used to pay for one’s own or children’s tertiary education fees.
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CPF is like one big vacuum cleaner of Singaporeans' retirement money.
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Originally posted by we sacrifice:
The Online Citizen
Tuesday, March 30, 2010 17:45
HDB: Cannot withdraw cash profits anymore when you sell?
In Economics, Top Story • 168 views • 5 Comments
By Leong Sze Hian
I refer to the report “Govt to explore ways
to increase use of CPF for buying HDB flats” (Channel
News Asia, Mar 27).One possible implication or policy change may be this: cash profits from the sale of HDB flats may have to be kept in one’s CPF account, and cannot be cashed out.
The possible implications of such a change may be as follows:-
- HDB prices may crash when people realise that no cash profits can be made
- Home buyers may prefer private property compared to HDB flats
- Those who subscribed to the asset enhancement policy may find that they have put all their eggs into one basket (HDB), and can no longer be monetised before retirement
Will HDB flat-owners only be able to monetise their HDB flat at age 55, 65?
What portion of the cash profits from the sale of HDB flats will be locked up in the CPF? All? 50 per cent? Will interest that would otherwise have been earned from the cash utilised be allowed to be cashed out?
At the current rate of increase of $15,500 per annum for the CPF Minimum Sum and Medisave Required Amount, the total at age 55 is projected to be $197,000, $352,000 and $507,000, in 2013, 2023 and 2033 respectively.
So, if you sell your HDB flat, but have less than $352,000 when you turn 55 in 2023, does it mean that you can only draw $5,000 at age 55 (unless you have property to pledge for up to half the Minimum Sum), with the balance payable as a monthly life annuity from age 65 under the CPF Life scheme?
Five things to note
With the recent CPF changes and the expected changes, there are 5 things that you may need to know before you turn 55.
ONE:
Upon reaching 55, if your CPF Special Account (SA) plus property pledge, is insufficient to meet your CPF Minimum Sum (MS), which is currently $117,000, your CPF Ordinary Account (OA) balance will be transferred to your CPF Retirement Account (RA) to make-up for the MS shortfall.
What this means is that you may no longer be able to use your OA balance to pay for your home mortgage.
So, if you are affected by this policy, use your entire OA balance to re-pay your mortgage before you turn 55.
TWO:
If you plan to downgrade to a smaller flat, the sales proceeds (CPF utilised and accrued interest) of your flat will also be transferred to your RA, if you have a MS shortfall.
What this means is that after setting aside the MS, you may have less available from your flat sale proceeds to pay for your smaller downgrade flat.
So, if you want to downgrade, do it before 55.
THREE:
Upon reaching 55, your OA and SA that is transferred to your RA to meet the MS, can no longer be invested.
So, if you want to invest your OA and SA, do it before 55. (note: first $20,000 of OA and $40,000 of SA cannot be invested.)
FOUR:
For those age 55 and younger from 2013 onwards, CPF Life will be compulsory.
So, if you plan to migrate, give up your Singapore citizenship, and want to withdraw your entire CPF as a lump sum, you should try to do so before 55.
Otherwise, only the surrender value of your CPF Life (depending on which of the 4 plans you choose) may be given to you. If you plan to migrate, choose the CPF Life Basic plan as it gives the lowest monthly annuity payout with the highest residue value.
FIVE:
When the OA is transferred to the RA to meet the MS at age 55, the OA also can no longer be used to pay for one’s own or children’s tertiary education fees.
But not everyone is rich enough to migrate, and there are many factors to really able to migrate. Do remember that in Singapore, we kpkb about so much foreginers and PR. In EU, they kpkb on many muslims from Middle East going northwards (Which is Europe, dude!)
In Australia, there are also people looked down on Asian people.
So why migrate because the end result is as good as we become the 'PR of Singapore', but in another country's context!?
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do we really need a scheme like CPF for retirement? Or is it just a scheme for the govt to raise money in the most convenient way on top of collecting taxes?
Over in indonesia here, there's no CPF scheme and the average joe still retires comfortably. With HDB prices now at $300,000 to $800,000, how much will be left by the time young couple hits 55? With minimum sum rising $15,000 a year, how much can one withdraw by retirement?
Retirement is a dream in Singapore. If a couple retires at age 60 and needs $3000 a month to live comfortably, that's $36,000 a year. 20 years of living will mean $720,000, not taking into account inflation yet. When this reality strikes home during the current young generation's retirement, I can guarantee u PAP will be out of power.
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well this scheme does have it good pt though. i believe this will stop the speculative nature of profiteering from HDB in short term.
afterall, the flats is a lease to us for 99years. we are never really the owner.
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PAP should learn to make the rules and regulation of ministeries more transparent and stable. like someone mention a soccer game with shifting goalpost. HDB rules, immigration rules, election boundaries, labour polices. tell us what u wana do?
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Actually I got a question.
Why is the Minimum Sum keep on increasing when there is a CPF Life, which should be served as an alternative to scrape MS because almost nobody can get such amount when they reached 55?
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Originally posted by Samuel Lee:
Actually I got a question.
Why is the Minimum Sum keep on increasing when there is a CPF Life, which should be served as an alternative to scrape MS because almost nobody can get such amount when they reached 55?
Why will you want to depend on information from a forum that can be so varied and even conflicting ?Is this how you always get your information and form your own opinions and views ?
Why will you not simply make a visit to any CPF branch and get a direct authoritative answer from those employed to give you all the clarification that you need ?
CPF Life is but an insurance policy - where will the premium come from if you do not have a minimum sum left in your CPF to pay for this enforced insurance policy ?
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my biggerest concern with this type of regulation and seemed that nobody address in singapore or perharps nobody care because HDB and CPF is the primary concern.
what is the fundamental shift in Singapore as a capitalist society vs a state capitalist where only the govt can practices....is that still considered capitalist society?
Private ownership of property is part and parcel of the charateristics of a capitalist society. Even if its is a 99 yrs single cycle lease. Now if 80% of population are leasing the flat.....with this new regulation it takes away the characteristics of ownership......
Does our constitution protect our right to own homes and do whatever we want including making some money out from it if we choose to?
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only the housing grant goes back to cpf. never mentioned that profits go back to cpf.
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If money goes to CPF, i am confident by 10000% that majority singaporeans if not 90% singaporeans would accept it. But i base this guess only on track record of singaporeans. COE, they accept. ERP, they accept. FT influx they accept. Hikes, they accept. What have they not accepted? I not sure. You know? you tell me.
SS market. Hey, seems like they will have to accept if not quit right?
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Originally posted by likedatosocan:
If money goes to CPF, i am confident by 10000% that majority singaporeans if not 90% singaporeans would accept it. But i base this guess only on track record of singaporeans. COE, they accept. ERP, they accept. FT influx they accept. Hikes, they accept. What have they not accepted? I not sure. You know? you tell me.
SS market. Hey, seems like they will have to accept if not quit right?
They accept all from the govt. They love the govt in good times and bad times, look at the out of ordinary world class salary they pay the govt we know.So don't; blame govt if locals cannot find job when the govt bring in foreigners, "not the govt's fault".
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Only the middle class and poor contribute to CPF, the rich may have a CPF account, but we never contribute anything, and also never use it.
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The agenda of the Taiwanese 'hum' is obvious to disrupt the SgForum with its low level frivolous idiocy.
It is also very obvious that the moderators have given Taiwanese 'hum' a "carte blanche" to disrupt as it pleases with its idiocy and without any intervention.
How did the Taiwanese 'hum' manage to post two replies at the same time when there is a 30 second bar between postings ?
S’poreans must not create an image that new immigrants are n - 04 Apr ’10 –10.53AM
Undersea nuke power plant in SG southern islands – 04 Apr ’10 – 10.53AM
The agenda of a Taiwanese 'hum' in this SgForum was clearly stated by itself - ‘to make sure the audience moving/divert toward you’ (*1)
Is it any surprise to see that the efforts of the resident CBM here is obviously to sabotage the thread with its flippant and irrelevant replies, and get all attempts at serious discussion to be driven off track - simply to bring attention to its own stupidity ?
With its brain stuck between its ‘Labia Majora’ and ‘Labia Minora’ - and a brain no bigger then the size of its ‘clitoris’ - all it can do is to flap in rapturous idiocy to attract attention to itself as an 'Attention Seeking Whore' fitted with a world class CBM.
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dimwit, time haven't come yet
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told you guys dun contribute to CPF, u dun listen. Can a worker opts to stop contribution to CPF?? even if he dun mind losing the employers' share??
If cannot? why? isn't that his hard earned money, he has the right to contribute or not to contribute...the key word here is "Contribute", meaning up to you.
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The agenda of the Taiwanese 'hum' is obvious to disrupt the SgForum with its low level frivolous idiocy.
It is also very obvious that the moderators have given Taiwanese 'hum' a "carte blanche" to disrupt as it pleases with its idiocy and without any intervention.
How did the Taiwanese 'hum' manage to post two replies at the same time when there is a 30 second bar between postings ?
S’poreans must not create an image that new immigrants are n - 04 Apr ’10 –10.53AM
Undersea nuke power plant in SG southern islands – 04 Apr ’10 – 10.53AM
The agenda of a Taiwanese 'hum' in this SgForum was clearly stated by itself - ‘to make sure the audience moving/divert toward you’ (*1)
Is it any surprise to see that the efforts of the resident CBM here is obviously to sabotage the thread with its flippant and irrelevant replies, and get all attempts at serious discussion to be driven off track - simply to bring attention to its own stupidity ?
With its brain stuck between its ‘Labia Majora’ and ‘Labia Minora’ - and a brain no bigger then the size of its ‘clitoris’ - all it can do is to flap in rapturous idiocy to attract attention to itself as an 'Attention Seeking Whore' fitted with a world class CBM.
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Hi Atobe,
it's possible to post at 10.53am and 5s and 10.53am and 55s, or something to that effect.
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it's also possible to buy and sell at the same time ya
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Originally posted by angel7030:
Only the middle class and poor contribute to CPF, the rich may have a CPF account, but we never contribute anything, and also never use it.
We learn something new, PIMPS don't contribute to CPF.
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Originally posted by angel7030:
told you guys dun contribute to CPF, u dun listen. Can a worker opts to stop contribution to CPF?? even if he dun mind losing the employers' share??
If cannot? why? isn't that his hard earned money, he has the right to contribute or not to contribute...the key word here is "Contribute", meaning up to you.
YOu love to amuse people with your stupid behaviour. tsk tsk tsk!
The uneducated ones are smarter than you, pimp.
