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Budget 2024: CPF specific
1. Contribution rates for age 55-65 increased by +1.5% in 2025 (good)
2. Maximum Retirement Account increased to 4x Basic retirement Sum of $426,000 (good)
3. CPF Special account will be closed: SA will be transferred to RA up to FRS. Remaining SA goes to OA
What is the real impact?
Assuming you have $300,000 net in SA at age 55 in year 2025
$40,000 is reserved and will be transferred to RA
Net $260,000 was planned to be shielded
Before: 4% * 260,000 = $10,400 per year
After: 2.5% * 260,000 = $6,500 per year
Difference of 1.5% = $3,900 per year
Multiplied by your remaining years of life
e.g. 30 years till age 85 = 30 * 3,900 = $117,000 impact
#Sponsoredby #Webull
source
Sponsor: 🐂 Webull Singapore https://hmsg.link/sgwebull
🎁 Fund SGD 2,000+ & maintain till 31 Mar 2024 to get SGD100 of TSLA shares*
🎁 Transfer in your shares to Webull from min USD5,000 and get up to USD2,000* TSLA shares when you fulfill the holding period! *T&Cs apply.
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Those 4% who have such large sums in their SA after 55 are collateral damage because this is pap gahmen outflanking the Opposition supporters who continually hate the richies and elites and use Politics of Envy during elections.
I will withdraw all OA and all after FrS.
Because of new comer Business such as bullets trains is launched ……..
yeah "you should worry about yourself first" is right. I think we shouldn't be looking at each other's bowls to check if we have more than each other but to check if others have enough
The Cpf is a legal PONZI scheme. The rules keep changing to the detriment of investors and favour the chng kay. You put in a lot and they give you bit by bit only. Take your money and invest elsewhere if possible. They wanted to change the scheme to makan all the capital when you move on by and not allowing you to take all out when you reach 55. They only reversed their stance when they realise that it is politically very costly. Be very aware of their intentions.
That there will only be three and not four accounts was foreshadowed by the CPF logo.
The system is set up by the STATE, and people are taking advantage of it so have to put a stop to it
So will there be BRS
Now that SA is taken away, people aged 55yrs and above, eager to earn more interest will withdraw large sums of CPF monies. Making them vulnerable to scams and risky investments . Newspaper headlines aplenty. How is the govt protecting the senior's retirement funds with this sudden change in policy.
The master of CPF savings has come out to give his thought 😊
vote wisely.. don't rely on CPF, best is if you can withdraw everything aka migrate overseas!
I don't think there is a need to blame anyone. The government is there to plug any loopholes. Same as the 2nd property no absd or decoupling. Moreover, all the financial videos out there should be treated as references, everyone should do their own homework.
I got to know Chris's video about 2 years back and did considered topping up but after researching a bit more, I realise it did not suit my circumstances. Hence I did not top up or transfer OA to SA. I know it's tough, but the silver lining is that you did not actually lose those money (capital). It is still in your cpf. A lesson learn is a wisdom earned.
Continue on the good work Chris.
Hi Chris, given your immense knowledge… Can we still withdraw the excess in SA (above FRS/BRS) transferred to OA? If so, then the government is just trying to tell citizens to be their own fund mgr to achieve 4% liquid returns?
If not, then really suck thumb for people who chiong FRS via RSTU??
4 times BRS( ERS) 2025-$426k at age 55. Assume someone pass away at age 65( just before receive any payout), will CPF refund $426k or 640k with compound interest ( approx). Anybody can advise ?
4 times BRS( ERS) 2025-$426k at age 55. Assume someone pass away at age 65( just before receive any payout), will CPF refund $426k or 640k with compound interest ( approx)? Anybody can advise ?
Chris, not worth it to go beyond FRS to hit ERS, let me explain:
But first, pls take note of these important points from CPF website:
1) "CPF LIFE is an insurance product, not an investment product"
2) "All three CPF LIFE plans will provide you with monthly payouts no matter how long you live. When you pass away, your CPF LIFE premium balance (if any), together with any remaining CPF savings, will be distributed to your loved ones." <– key sentence is "CPF LIFE premium balance (if any), together with any remaining CPF savings", NOT the interest earned on said premium
3) "Upon a member’s death, any unused premium is refunded to the member’s beneficiaries. CPF Board does not keep any of the interest earned. Instead, it is pooled and used to ensure that remaining CPF LIFE members continue to get monthly payouts for as long as they live." <– surviving CPF LIFE members will benefit from YOUR interest after your demise
4) "Does my CPF LIFE premium continue to earn interest?
Yes, your CPF LIFE premium will continue to earn the interest rate floor of 4% per annum, as well as extra interest of up to 2% per annum on the first $60,000 of your combined CPF balances. The interest earned is factored into your monthly payouts and you receive a higher payout from the start."
So these are the payouts using CPF LIFE Estimator based on the following dataset:
Male
Born 1969
$411,600 – why $411,600? Cos it's double of $205,800 which is the current FRS. Why double of current FRS? Cos I can't calculate the revised based on the cohort turning 55 next year so I am simply emulating the revised ERS for the cohort turning 55 this year
& here are the results:
Basic Plan
$2,930 – 65 to 95
$2,860 – 95 onwards until demise
Premium exhausted after 78 (beneficiaries get nothing)
Benefits from interest pooled from 78 for continued payouts
Beneficiaries get nothing after 78
Standard Plan
$3,210 from 65 onwards until demise
Premium exhausted after 75
Benefits from interest pooled from 75 for continued payouts
Beneficiaries get nothing after 75
Escalating Plan
$2,530 – 65 to 85
$3,760 – 85 to 95
$4,590 – 95 onwards until demise
Premium exhausted after 78
Benefits from interest pooled from 78 for continued payouts
Beneficiaries get nothing after 78
Personally, I will just join CPF LIFE with just the prevailing FRS & invest the rest; call me selfish but I would rather my beneficiaries receive something from those investments after my demise
U play play your CPF, Now government play u
Can't juice the government anymore.
So, are you trying to saying you are the guy who tell the government to close this RA.
My comments was deleted. I got 2 comments from people that want to know reply. Admin you want to post but do not want me to comment? You shld scrap your YouTube channel for being intellectually dishonest.
SA Interest rate can be redesigned to a decaying method once you reached your FRS or when you attained it in the early age whichever come first.
In my opinion,they should have knew way before hand or even at previous policy planning stage. The key here is, the number of people making use of this hack. Secondly,you can ask yourself if this hack was not wide spread in the online space, you think how likely the MP would bought it up?
They changed rules cos they dont benefit a thing or cannot ….
No SA so what? SG always good news one. Just say Bo Bian lor. Don't say Bo Jio🤣🏳️
The scary thing is that you do not the payout @65 until 65. What if CPF changes rule again that the payout after it starts will reduce due to this and that. CPF NEVER says it is guaranteed. Beware !!!
Communism mindset…. all suffer together than to let other people earn more. 😅
You can't expect rules to remain same forever.
Why no mention of interest from MA to OA if MA amount is maximum?
Another great video! Just subscribed.
I have my personal property + FRS in my SA at age 34.
I think it is wiser to get property 1st.
Nothing is risk free, no one can predict if a change of system or Sg goverment in the next election but as least one has a roof over one's head even if the entire CPF crashes.
SA closure should have been discussed as an election issue. Cowardly leaders quickly pushed it through thinking we will forget it by voting time. I will not forget. Am v upset and angry with PAP and those now reaching 55 this year are going to suffer the most.
Why should you apologise? No one can foresee policy changes. Look at how many times absd has increased. Every newbie investor need to take responsibility for their own decisions and not blame those who are teaching you for free.
hello, I intend to use my SA money (when its transfer back to my OA and i withdraw as cash) to pay off my remaining housing refund, in this way at least I got one task off my load. plus after the refund, it will be back to my OA acc. I am not a risk taker so not into investment.