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



SG BusLeh mobile app
SG BusLeh - the best bus app - available on iPhone and Android


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
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
anyone working at NCS ? ( 1 2 3... Last Page)
189 Replies, 93,572 Views
Looking for Driver
3 Replies, 295 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
1,127 Replies, 596,847 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
1,932 Replies, 704,320 Views
For Those Who Need Help In Cv /...
4 Replies, 1,327 Views
Relocating to Singapore, is... ( 1 2 3)
23 Replies, 2,492 Views
How much are you earning per annum? ( 1 2 3... Last Page)
10,193 Replies, 2,170,118 Views
Dsta ( 1 2 3... Last Page)
514 Replies, 191,736 Views
Bnp paribas graduate ( 1 2 3... Last Page)
58 Replies, 17,123 Views
just ORD no job sian ( 1 2)
10 Replies, 497 Views
Sales job: International... ( 1 2)
12 Replies, 321 Views
How much salary should an ACCA...
6 Replies, 292 Views
Graduated from NTU EEE recently,... ( 1 2 3)
25 Replies, 1,902 Views
Certis Cisco - pay, environment,... ( 1 2 3... Last Page)
52 Replies, 10,324 Views
Local Banks vs Foreign Banks
7 Replies, 745 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
637 Replies, 171,613 Views
Career progression for risk... ( 1 2 3... Last Page)
76 Replies, 47,392 Views
Job with travel opportunities and...
8 Replies, 1,837 Views
Aircraft Maintenance License and... ( 1 2 3... Last Page)
479 Replies, 264,047 Views
AML/Compliance/KYC professionals... ( 1 2 3... Last Page)
381 Replies, 100,420 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
1,391 Replies, 317,490 Views
Officer Role in Bank of Tokyo -... ( 1 2 3... Last Page)
109 Replies, 64,690 Views
Civil Service Mid Year Bonus 2016 ( 1 2 3... Last Page)
72 Replies, 14,442 Views
Career as Teacher ( 1 2 3... Last Page)
601 Replies, 370,535 Views
Anyone working in Recruit express? ( 1 2 3)
25 Replies, 5,193 Views
Marketing, Brand Managers, Marcoms... ( 1 2 3... Last Page)
94 Replies, 21,119 Views
Shell Graduate program ( 1 2 3... Last Page)
87 Replies, 33,432 Views
Exxon Mobil Equipment tech or... ( 1 2 3... Last Page)
533 Replies, 91,524 Views
china banks - bank of china
4 Replies, 301 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
574 Replies, 332,002 Views
Powered by vBadvanced CMPS v3.2.2

All times are GMT +8. The time now is 07:44 AM.


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