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CPF (Central Provident Fund) All about OA, SA, MA and RA, and strategies to optimize your CPF




How much CPF do u have?

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  #1 (permalink)  
Old 04-06-2013, 10:19 AM
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Default How much CPF do u have?

Hi im 3mth before 31 with only 40k in OA and 11k in SA. 15k cash. At this rate, I dun think I can survive in SG... Im currently in logistic field with non relevant diploma. Any advise for me to upgrade my salary?

BR
Lost Sheep

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Old 04-06-2013, 11:03 AM
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I have a building and facility dip. Should I consider hop back to what I studied?

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Old 04-06-2013, 11:35 AM
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Quote:
Originally Posted by Rhys View Post
I have a building and facility dip. Should I consider hop back to what I studied?
Hey Rhys, you started a good discussion topic on CPF amount but you hijacked it to talk about career issues.

The CPF issue got into the spot light recently because our Gahmen think it should be sufficient to sustain low to middle income earners by the time they retire assuming they managed to achieve the required minimum sum. This sum would then be used to purchase an annuity plan that pays out a monthly sum from 65 till the recipients pass on.

Currently the minimum sum required is $148K (from Jul 13). I see it continuously increasing every year to keep pace with inflation, possibly by $10K a year.

Is it realistic for young workers to meet / catch up with this amount? I am not sure.

For older workers like myself, in the initial years, I was behind in the amount. But I took the plunge and transfer money from my OA account to meet the minimum sum then. Because of the relatively high interest rate of 4%, my SA amount now is always above the prevailing minimum sum. For eg, my SA amount is now $180K against the required $148K.

But I dont think I can just rely on the annuity payout when I reached 65. I am looking at other income sources.

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Old 04-06-2013, 11:42 AM
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Min sum is OA + SA/RA? **** man I have buy hdb yet... im in deep ****
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Old 04-06-2013, 11:42 AM
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Wife and me. Late 30s. OA+SA+Medisave = 400k. Still paying $1.8k a month for our first EA HDB.
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Old 04-06-2013, 11:49 AM
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Quote:
Originally Posted by Rhys View Post
Hi im 3mth before 31 with only 40k in OA and 11k in SA. 15k cash. At this rate, I dun think I can survive in SG... Im currently in logistic field with non relevant diploma. Any advise for me to upgrade my salary?

BR
Lost Sheep
How many years of working exp u have? Anyway it depends who u are comparing with. If you compared to higher earners of coz u feel like a loser, if you compared to low earners of coz you feel like a winner.

At the end of the day, dont need to compare. You want compare sure compare against yourself ie set a goal eg by what age u want to earn what amount and from there see whether u have the capability or skillset to achieve it

Like what the others had say early start investin early be it properties, annualties, stocks, bonds etc coz time is on your side now. Btw u married? If not why u worry so much? Wait till u get married then u come post here and tell me whether what you have is sufficient or not hahaha


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Old 04-06-2013, 11:59 AM
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Not married. Earning 3k mthly. Still got non working-parents obligation. Just scared not enough money retire.


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Old 04-06-2013, 12:13 PM
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Quote:
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Wife and me. Late 30s. OA+SA+Medisave = 400k. Still paying $1.8k a month for our first EA HDB.
Congrats another potential millionaire in the making. Btw do u feel its much fairer to not include your wife's cpf coz its combined and our friend here is only individual cpf so its not apple to apple comparison hahaha
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Old 05-06-2013, 02:21 PM
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am a male turning 29 this year


Ordinary Account (OA) $49k
Special Account (SA) $13k
Medisave Account (MA) $18k
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Old 05-06-2013, 03:30 PM
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Male/33.

Ordinary Account (OA) $17k
Special Account (SA) $48k
Medisave Account (MA) $43k

100K odd OA went into housing.

Healthy status?
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