Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Investments and Net Worth

Investments and Net Worth Talk all about money making exploits, shares, property, building net worth and retirement matters


$500k in cpf @ 55, how much can i withdraw?

Reply
 
Thread Tools
  #1 (permalink)  
Old 04-09-2010, 06:08 PM
Junior Member
 
Join Date: Sep 2010
Posts: 1
alldaylong is on a distinguished road
Default $500k in cpf @ 55, how much can i withdraw?

Hi all, i have read and googled on cpf withdrawal amounts but was unable to find an updated version (with all the recent changes), as the cpf website/articles are not helpful/clear for me. thus, i will like to ask forumers:

if today, i have $500,000 in my cpf (i am 55), how much can i take out from the account after cpf life etc?

(a) what are the components that will "retain" my money and
(b) how much will be retained
(c) what is the excess amount that i can take out?
(d) any other restrictions on the final amount/taxable etc?

thanks in advance for your input, i am sure this will be helpful to other people too.

Reply With Quote
  #2 (permalink)  
Old 06-09-2010, 04:50 PM
Unregistered
Guest
 
Posts: n/a
Default

Not really an expert, but I assume that you have to leave the

1. Minimum Sum or $123,000, which will be converted into CPF Life
2. Medisave Minimum Sum of $34,500

So total is 157,500 and you can withdraw $342,500

Reply With Quote
  #3 (permalink)  
Old 07-09-2010, 06:11 PM
Unregistered
Guest
 
Posts: n/a
Default

thanks for your reply did not know there were only 2 components.

Reply With Quote
  #4 (permalink)  
Old 10-09-2010, 12:51 PM
Unregistered
Guest
 
Posts: n/a
Default

someone who can amass $500k still get loss when come to understanding cpf rules, policies and changes. i think cpf need to work harder.
Reply With Quote
  #5 (permalink)  
Old 01-11-2010, 11:09 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by alldaylong View Post
Hi all, i have read and googled on cpf withdrawal amounts but was unable to find an updated version (with all the recent changes), as the cpf website/articles are not helpful/clear for me. thus, i will like to ask forumers:

if today, i have $500,000 in my cpf (i am 55), how much can i take out from the account after cpf life etc?

(a) what are the components that will "retain" my money and
(b) how much will be retained
(c) what is the excess amount that i can take out?
(d) any other restrictions on the final amount/taxable etc?

thanks in advance for your input, i am sure this will be helpful to other people too.
By the time you hit 62, the rules might change again, so my advice is dont rely on your cpf as retirement fund only, you should have some other cash savings, though for you case, you may not be able to save much if you havent started. Good luck.
Reply With Quote
  #6 (permalink)  
Old 05-04-2011, 01:39 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
By the time you hit 62, the rules might change again, so my advice is dont rely on your cpf as retirement fund only, you should have some other cash savings, though for you case, you may not be able to save much if you havent started. Good luck.
Upon reaching 55 (depending on before or after July as minimum sum for the year is applicable from month of July), take your total of your special account + ordinary account and less off the minimum sum = amount withdrawable. Please note that there is a minimum sum applicable to your medisave account as well. If there is a shortfall, less the amount (although significantly smaller) as this amount will be transferred to MA to make up shortfall as well.

If you wish to increase your withdrawable amount, you may wish to pledge your property for maximum of half of the applicable minimum sum. e.g. minimum sum 120K, max amount that can be pledge with property is total 60k.

However upon disposal of property, this "property pledge" will automatically be returned to your retirement account from the sales proceed, thus not advisable as your RA earns 4-5% interest per annum.

Withdrawal is once per year (bday to bday). One sincere advise is if you do not need the full amount, withdraw what you need and leave the rest in the OA earning 2.5% interest per annum. You can withdraw again next year. One common misperception is that if you leave it in there its stuck for life. Dont be afraid, rules change but will not affect you once you reach 55. Only those turning 55 thereafter are affected.

Hope this helps.
Reply With Quote

Reply

Bookmarks

Tags
cpf, retirement, withdraw

« Previous Thread | Next Thread »

Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Investment Banker Making 500k pa Gives Excellent Advice Salary.sg Income and Jobs 11 10-04-2011 01:51 PM
Fiona Xie makes $500k Reporter Income and Jobs 0 09-12-2009 11:46 PM

» 30 Recent Threads
Compare civil service salary ( 1 2 3... Last Page)
6,243 Replies, 2,797,759 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
646 Replies, 185,526 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
1,522 Replies, 347,263 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
2,037 Replies, 738,302 Views
Lawyer Salary ( 1 2 3... Last Page)
1,060 Replies, 397,578 Views
Aircraft Maintenance License and... ( 1 2 3... Last Page)
482 Replies, 273,206 Views
AML/Compliance/KYC professionals... ( 1 2 3... Last Page)
491 Replies, 115,759 Views
Exxon Mobil Equipment tech or... ( 1 2 3... Last Page)
586 Replies, 104,618 Views
How much are you earning per annum? ( 1 2 3... Last Page)
10,437 Replies, 2,231,179 Views
Need advice from people from the... ( 1 2 3... Last Page)
49 Replies, 6,173 Views
HR-related Jobs - How much are you... ( 1 2 3... Last Page)
1,179 Replies, 291,170 Views
Corp Comms and PR people pls come... ( 1 2 3... Last Page)
82 Replies, 10,546 Views
Dsta ( 1 2 3... Last Page)
581 Replies, 215,039 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
1,202 Replies, 645,568 Views
Job security as OCBC Premier...
2 Replies, 322 Views
Be a commodities trader ( 1 2 3... Last Page)
180 Replies, 76,028 Views
Queries about Cpib application ( 1 2 3... Last Page)
518 Replies, 155,810 Views
Process Technician/Operation... ( 1 2 3... Last Page)
157 Replies, 95,011 Views
Home of Div 2 Officers... ( 1 2 3)
24 Replies, 2,924 Views
Marketing in FMCG Sector ( 1 2)
14 Replies, 4,143 Views
Changi Airport Group ( 1 2 3... Last Page)
227 Replies, 85,344 Views
Working in HDB ( 1 2 3... Last Page)
107 Replies, 77,724 Views
Science Related Jobs Gather Here ( 1 2 3... Last Page)
36 Replies, 3,627 Views
Nielsen
7 Replies, 549 Views
Logistics/Supply Chain Industry
1 Replies, 840 Views
How much does a social media... ( 1 2 3)
22 Replies, 6,553 Views
How rich/poor am I compared to... ( 1 2 3)
20 Replies, 3,691 Views
Banking industry: Bancassurance vs... ( 1 2)
18 Replies, 3,319 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 08:04 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2