Quote:
Originally Posted by Unregistered
If you live within your means and Do not use CPF to buy house.
CPF is definitely enough for retirement, don't even need to transfer OA to SA
The problem is almost all singaporeans lack discipline. Always tempted by bigger houses |
Well said. These 3 avenues or instruments set up by the gahmen are adequate to sustain a person's requirement.
It is inevitable that most people will use their
CPF to fund their property purchase. That is ok. Along your career, as you pay down your mortgage and get promoted and thus salary increases, dont be tempted or fall into lifestyle inflation trap.
If you don't elevate your lifestyle as your income grows, you will be able to slowly return the money to
CPF, the amount that you withdrew from it to fund your property purchase.
I was able to start returning money to my
CPF account in my mid-40s, and completely paid up to my
CPF account all that I withdrew for property purchase when I reached 55. By the way, we have 2 condos.
So just based on our
CPF, SRS and
CPF Life we are expecting the following income stream in our retirement:
From now to 61 yo
CPF Interest : $48k pa
From 62 to 64 yo
CPF Interest : $48k pa
SRS drawdown : $29k pa
From 65 to 71 yo
CPF Interest: $48k pa
SRS Drawdown: $29k pa
CPF life payout: $40k pa
From 72 yo onwards
CPF Interest: $48k pa
CPF Life : $40k pa
We are supplementing the above with shares dividends (~$60k pa) and rental income (~ $36k pa).