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Whats your net worth

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  #2651 (permalink)  
Old 02-04-2019, 04:28 AM
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I want to marry you.
This made me laugh out loud because I found it funny and very flattering (thank you very much by the way, even if you were being sarcastic), and prompted me to render a rejoinder.

Having read through 265 pages worth of "net worth" comparison (yes, I have that much free time) - what came through strongly is that everyone's idea of an "enough is finally just nice & enough" number, is just that, a personalised numerical figure of "having arrived".

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  #2652 (permalink)  
Old 02-04-2019, 07:53 AM
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Originally Posted by Unregistered View Post
This made me laugh out loud because I found it funny and very flattering (thank you very much by the way, even if you were being sarcastic), and prompted me to render a rejoinder.

Having read through 265 pages worth of "net worth" comparison (yes, I have that much free time) - what came through strongly is that everyone's idea of an "enough is finally just nice & enough" number, is just that, a personalised numerical figure of "having arrived".
Are you paid $950k pa to go through the forum posts? Naise!

And people said no such ideal job exist!



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  #2653 (permalink)  
Old 02-04-2019, 01:52 PM
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This made me laugh out loud because I found it funny and very flattering (thank you very much by the way, even if you were being sarcastic), and prompted me to render a rejoinder.

Having read through 265 pages worth of "net worth" comparison (yes, I have that much free time) - what came through strongly is that everyone's idea of an "enough is finally just nice & enough" number, is just that, a personalised numerical figure of "having arrived".
No, I was not being sarcastic.
Do you live in Singapore?



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  #2654 (permalink)  
Old 02-04-2019, 04:47 PM
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We are all CPF fans.
Also note bequest are also capped at ERS (if i recall correctly).
above ERS - bequest will be given out in cash.

Congrats on achieving 40k interest from CPF.

Fun Fact below :

The short answer is max amount in CPF (if you have not hit FRS in CFP yet) is ERS. Because you can still get bequest etc hence up to ERS

Once you hit ERS in CPF, the max amount is ERS + accumulated (annual top of 37.74k + interest from CPF)


Theoretically, assume at age 1 hits ERS, then max total CPF = + max contribution every year + interest . Assume this continues all the way to age 55 , max cpf then will be around $6.5m ! So you can now answer that question... ha ha




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There seems to be keen interest in the CPF lately. More people are now warming up to the fact that CPF can be a good and viable scheme to save up for retirement.

CPF is a rather unique and interesting scheme in that once you put money in (either through salary deduction or voluntary contributions), you cannot simply make withdrawals from it except for housing, local uni education or for some medical expenses. It is also a scheme where you cannot put more money in even if you wanted to.

So, people are curious as to what is the maximum amount of money one can have in their CPF at a given age. This is not a simple question to answer, as there are people who received their bequests from their relatives direct into their CPF OA thus boosting their amounts.

Even for those without the benefits of bequests, it is still difficult to pin down the maximum amount one can accumulate in his/her CPF at a given age because it is dependent on when one starts working and thus starts contributing to his/her CPF.

There are however people who share their numbers online; people such as AK71, CW8888 and others.

Their CPF numbers provided good benchmarks for those who are in the same age groups as these bloggers. But their CPF amounts by no means represent the highest amount attainable at their age.

AK71 at 48, has accumulated a total of $845,373 in his combined CPF accounts. Then we have a Jac Lau, who at 57, accumulated $1,044,000 in his combined CPF accounts. Jac is what we called a CPF millionaire.

And there is yet another category of CPF members who attained CPF OA millionaire status. CW8888 is one of them. He attained this status at age 62. Mind you, he retired at 60!

I did a simple modeling and concluded that it is possible for a high performer to accumulate $1M in his OA by the age of 55! I achieved this status at age 56, one year late. But better late than never.
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  #2655 (permalink)  
Old 03-04-2019, 08:19 AM
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Originally Posted by lazyplane View Post
We are all CPF fans.
Also note bequest are also capped at ERS (if i recall correctly).
above ERS - bequest will be given out in cash.

Congrats on achieving 40k interest from CPF.

Fun Fact below :

The short answer is max amount in CPF (if you have not hit FRS in CFP yet) is ERS. Because you can still get bequest etc hence up to ERS

Once you hit ERS in CPF, the max amount is ERS + accumulated (annual top of 37.74k + interest from CPF)


Theoretically, assume at age 1 hits ERS, then max total CPF = + max contribution every year + interest . Assume this continues all the way to age 55 , max cpf then will be around $6.5m ! So you can now answer that question... ha ha

Think you are confused or you do not understand what you read. Under the CPF enhanced nomination scheme (ENS), you can specify to bequeath your CPF money to your loved ones' CPF accounts. Otherwise, the default is that the bequest money will be given out to them in cash (via cheque or GIRO). There is no limit to the amount you can bequeath to your loved ones' CPF.

But thats besides the point of this discussion - which is to determine what is the maximum CPF amount a person can build up in his CPF on his own.

The maximum CPF contribution a person can make to his CPF is $37,740 per year. But, if you hold two jobs simultaneously, you could contribute more than $37,740 per year to your CPF. I confirmed with the CPF Board of such cases.

Suffice to say, it is hard to pin down the maximum anount a person can have in his CPF at a given age. However, I have seen it with my own eyes, people at 55, having more than a cool million dollars in their CPF OA alone. I was a year late. I attained CPF OA millionaire status at 56.
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  #2656 (permalink)  
Old 03-04-2019, 09:30 AM
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There is a limit for bequest to nominee's CPF under Enhanced Nomination Scheme. It capped at current FRS or ERS.

There is no limitation on the number of jobs that you can take with CPF capped at the maximum contribution of $37,740 annually per job. I do know some businessman has contributed CPF to their children either when they are very young or as their own company "employees" (family business) from age 14years old.

Having more than a Million in all CPF account by/before 55 is possible based on working years and without using any CPF for property investment and top up max VC.




Quote:
Originally Posted by Unregistered View Post
Think you are confused or you do not understand what you read. Under the CPF enhanced nomination scheme (ENS), you can specify to bequeath your CPF money to your loved ones' CPF accounts. Otherwise, the default is that the bequest money will be given out to them in cash (via cheque or GIRO). There is no limit to the amount you can bequeath to your loved ones' CPF.

But thats besides the point of this discussion - which is to determine what is the maximum CPF amount a person can build up in his CPF on his own.

The maximum CPF contribution a person can make to his CPF is $37,740 per year. But, if you hold two jobs simultaneously, you could contribute more than $37,740 per year to your CPF. I confirmed with the CPF Board of such cases.

Suffice to say, it is hard to pin down the maximum anount a person can have in his CPF at a given age. However, I have seen it with my own eyes, people at 55, having more than a cool million dollars in their CPF OA alone. I was a year late. I attained CPF OA millionaire status at 56.
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  #2657 (permalink)  
Old 03-04-2019, 11:26 AM
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Originally Posted by Unregistered View Post
There is a limit for bequest to nominee's CPF under Enhanced Nomination Scheme. It capped at current FRS or ERS.

There is no limitation on the number of jobs that you can take with CPF capped at the maximum contribution of $37,740 annually per job. I do know some businessman has contributed CPF to their children either when they are very young or as their own company "employees" (family business) from age 14years old.

Having more than a Million in all CPF account by/before 55 is possible based on working years and without using any CPF for property investment and top up max VC.
Can you show us the statement from CPF or direct us to the CPF page that states the limit for bequest into the beneficiaries' CPF accounts?

As far as I know, there is no limit for bequest into a beneficiary CPF account. For eg., if you have $1.5M in your CPF account and you bequest this amount into your beneficiary's CPF account, the money will all go into the beneficiary's OA! No limit! This is because the beneficiary might have already built up his FRS or ERS amount on his own.

The above scenario is very likely to happen for people with high CPF amounts, because they would only be drawing out their yearly interest (about $28K a year) without drawing down their principal. After they passed on, their CPF principals will remain intact at $1.5M (for example) and this can be bequeathed to their loved ones' CPF OA for the loved ones to continue to enjoy the interest, especially if the beneficiaries are above 55 at the time of receiving the bequest!
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  #2658 (permalink)  
Old 03-04-2019, 03:33 PM
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s://.cpf.gov.sg/members/FAQ/schemes/Other-Matters/CPF-Nomination-Scheme/FAQDetails?category=Other%20Matters&group=CPF%20No mination%20Scheme&folderid=11561&ajfaqid=2186067



CPF Nomination Scheme


Q Are there limits on the amount that can be allocated into a nominee's CPF accounts under Enhanced Nomination Scheme (ENS)? What are these limits?
A
A nominee can receive the bequeathed monies in his Special Account (SA)/Retirement Account (RA) up to the current Full Retirement Sum or Enhanced Retirement Sum and in his MediSave Account (MA) up to the Basic Healthcare Sum (BHS) applicable to the nominee at the time of transfer. These are also the existing limits for the Retirement Sum Topping-Up Scheme and the MediSave Account respectively.







Quote:
Originally Posted by Unregistered View Post
Can you show us the statement from CPF or direct us to the CPF page that states the limit for bequest into the beneficiaries' CPF accounts?

As far as I know, there is no limit for bequest into a beneficiary CPF account. For eg., if you have $1.5M in your CPF account and you bequest this amount into your beneficiary's CPF account, the money will all go into the beneficiary's OA! No limit! This is because the beneficiary might have already built up his FRS or ERS amount on his own.

The above scenario is very likely to happen for people with high CPF amounts, because they would only be drawing out their yearly interest (about $28K a year) without drawing down their principal. After they passed on, their CPF principals will remain intact at $1.5M (for example) and this can be bequeathed to their loved ones' CPF OA for the loved ones to continue to enjoy the interest, especially if the beneficiaries are above 55 at the time of receiving the bequest!
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  #2659 (permalink)  
Old 03-04-2019, 06:29 PM
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Quote:
Originally Posted by Unregistered View Post
s://.cpf.gov.sg/members/FAQ/schemes/Other-Matters/CPF-Nomination-Scheme/FAQDetails?category=Other%20Matters&group=CPF%20No mination%20Scheme&folderid=11561&ajfaqid=2186067



CPF Nomination Scheme


Q Are there limits on the amount that can be allocated into a nominee's CPF accounts under Enhanced Nomination Scheme (ENS)? What are these limits?
A
A nominee can receive the bequeathed monies in his Special Account (SA)/Retirement Account (RA) up to the current Full Retirement Sum or Enhanced Retirement Sum and in his MediSave Account (MA) up to the Basic Healthcare Sum (BHS) applicable to the nominee at the time of transfer. These are also the existing limits for the Retirement Sum Topping-Up Scheme and the MediSave Account respectively.

Thanks, I see where the confusion lies. CPF does not allow top ups and bequests to the following CPF accounts beyond their set limits, namely

1. CPF SA - capped at FRS (if below 55)
2. CPF RA - capped at ERS (if 55 and above)
3. CPF MA - capped at current BHS.

however, there is no cap to the bequest going into the CPF OA!

It is like the HDB policy where no one is allowed to own more than one HDB flat. But when you are bequeathed with one, you are allowed to own two! Fun fact!

Likewise if you currently own a private property, you cannot buy a HDB flat without selling off your private property. But if you are bequeathed with a HDB flat, you can own both the HDB flat and the private property!
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  #2660 (permalink)  
Old 04-04-2019, 07:44 PM
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Since i started this :

Nope. there is still a cap even if the bequest go CPF. And you cant specify the CPF account for bequest to go to. Pls give CPF a call. And as i said before, we are all CPF fans.

I am not sure about the point you said you can hold 2 jobs and for both jobs to contribute to 37.4k . Why ?
While i didnt hold 2 jobs, i had sign on bonus when i joined a competitor firm and the sign on bonus attracted CPF contributions. From there, my excess CPF from my new job was returned to me in cash. Hence i think there is a max cap of 37.4k (ie annual limit) no matter how many jobs you hold that contribute...And if you hold 2 jobs and both contribute CPF , it will still be capped to annual limit. Anything above will be refunded. And if you are figuring how this can happen, i changed job in dec.



Finally, The idea of business man registering the sons over multiple companies and contributing CPF to the max just to beat the game and get interest is ridiculous lah. Why ?

because if you do it, then the business man basically is declaring that their children is earning income of 102k per year per job. You cant contribute to CPF by stating it is employment income yet declare later to IRAS that all income was paid in CPF only. MOM employment regulations dont allow this. [Of course, if you wish to make false declaration then that is another story]

Imagine the income tax that the business man have to pay just to earn such miserable interest on CPF for their children..... Not a very smart business man.

As i said, i dont doubt you can earn 40k in interest... but as seen in AK71,
it is difficult.. and wife + you have achieved this.. meaning you have a lots of monies in CPF... around 3 m based on rough calculations

And since you got me started... i started to re-read your post.
You mentioned 9 years ago, you had 3.3m .. now above $7m.
With a $3m CPF, your non CPF networth is 4 m.. I dont know how much you had in CPF 9 years ago, but like this discussion thread - everything is possible. So using simple maths to calculate and assume no bequest etc, then it is possible your CPF grew by $800k for both you and wife in last 9 years. That means your non CPF investments 9 years ago $1.1m with CPF at $2m. If you want to share, share about how you grew your non CPF investment from 1.1m to 4m in 9 years. Cos that is truly impressive and will like to learn from you.






Quote:
Originally Posted by Unregistered View Post
Thanks, I see where the confusion lies. CPF does not allow top ups and bequests to the following CPF accounts beyond their set limits, namely

1. CPF SA - capped at FRS (if below 55)
2. CPF RA - capped at ERS (if 55 and above)
3. CPF MA - capped at current BHS.

however, there is no cap to the bequest going into the CPF OA!

It is like the HDB policy where no one is allowed to own more than one HDB flat. But when you are bequeathed with one, you are allowed to own two! Fun fact!

Likewise if you currently own a private property, you cannot buy a HDB flat without selling off your private property. But if you are bequeathed with a HDB flat, you can own both the HDB flat and the private property!
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