Is there indefinite period you can leave your excess monies in your
CPF after retirement? And would that excess still earn 2.5% OA interest rate ?
And are you considering the ERS or FRS
CPF life plan since you have so much
CPF ? And can i understand your thought process here.
My present thinking on above is FRS
CPF life is better despite the higher month payout because of the lump cash flexibility at old age. But I will consider parking the excess of ERS less FRS into
CPF to earning the 2.5% if it is allowed.
Quote:
Originally Posted by Unregistered
Yes, we didnt sell our properties.
In the scenario when you sell your property, the cpf will automatically take back the amount that you had drawn out to pay for that property plus any interest accrued to that amount.
Since we didnt sell our properties, this "pay back" is totally voluntary. We can choose to return any amount up to the full amount withdrawn plus the accrued interest.
And yes, once you reached 55, and you met the FRS, you are allowed to withdraw the rest of your OA and SA monies. We chose to leave/put our money in CPF as the interest environment outside is very weak. If we leave the money in CPF for 10 years, the compounded interest is actually 2.8% per year! A sum of $1m will earn a compounded interest of $280k over 10 years with almost zero risk! |