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Thread: Any Ceiling for contribution of CPF OA?

  1. #676
    Join Date
    Mar 2009
    Posts
    10,562

    Default

    looks like my question is so difficult that minority cannot answer?!

    Very simple, because minority is LYING and BULLSHITTING, and regardless of whether he answer either YES or NO he also needs to EAT SHIT!


    Quote Originally Posted by teddybear View Post
    minority,
    Twist and turn again like 2-headed snake?

    FACT is, Olam DIDN'T PAY ANY TAX on the "Capital Injection $" amount!

    So, why should PUB pay ANY TAX on "Government Capital Injection $"?

    So, who is WRONG, PUB or Olam?
    Either Olam is avoiding taxes or PUB is paying additional unnecessary taxes?


    Which is true?

    I would say PUB is paying additional unnecessary taxes while Olam is perfectly clean!

    If you disagree with me, that means you are telling us that Olam is WRONG and had avoided taxes by rigging its book?

  2. #677

    Default

    Quote Originally Posted by cbsh38584 View Post
    CPF is more than enough for retirement Planning if you manage it wisely - Starting pay $2500 @age25
    =============================================================================
    There are 3 type of min retirement sum as from 2016 Figure.

    2016 retirement sum figure for BRS (80.5k) , FRS ($161k) & ERS ($241k)
    2020 retirement sum figure for BRS (90.5k) , FRS ($181k) & ERS ($271k) inflation est 2.5%

    1. Basic Retirement Sum(BRS) = $80.5k with 2/3/4 rm HDB pledged
    Monthly payout for life@65 = $660-$720

    2. Full Retirement Sum (FRS) = $161k (No 2/3/4 rm HDB pledged)
    Monthly payout for life@65 = $1220-$1320

    3.Enhanced Retirement Sum (ERS) = $241,500
    Those who wish to put more saving in CPF life - optional
    Monthly payout for life@65 = $1770-$1920.

    Max contribution to your CPF for 2015 = $31.45k / yr (20% of your Salary + 17% employer + voluntary cash)
    Max contribution to your CPF for 2016 = $37.75k / yr (20% of your Salary + 17% employer + voluntary cash)


    Many of them are unaware of how their annual income + CPF adds up over 30 years of working (age 25 to age 55).

    Starting pay $2500 (3% Salary increment yearly till age 55).Do nothing to your CPF acct
    ==================================================================
    At age 25 - OA=$7.1k. SA=$1.9k MA=$2.5k

    By age 35, OA=$112k. SA=33k. MA=41k

    By age 45 - OA=$268k. SA=120k. MA=97k

    By age 55 - OA=$479k. SA=354k. MA = $138k

    ** When MA (now call BHS) ceiling is reached ($49.8k) Excess goes to SA. But if SA (4%) min FRS ($161k) is also reached. MA (4%) excess goes to OA (2.5%)

    NET CASH Income (take home pay) earned accumulated for 30 years of working (age 25 to age 55)= $1.3 million dollars very very more than enough
    for the HDB BTO 4rm HDB flat $350k (income >$8k no HDB grant) . I did not include variable or performance bonus which range from 0.5 mth to 3 mths
    & also your partner income whic may be also $1.3m if she/he has the same earning power.

    If you have the job stability & the financial capablilty . Consider on How To Manage Your CPF Money by Shift all your money from Ordinary Acct to Special Acct as
    YOUNG as possible. You will get extra >60k to 100k more with no sweat involved at all.Just transfering OA-SA every Year . It MUST BE DONE when you are young.


    Shift CPF-OA (2.5%-3.5%) to SA (4-5%) at YOUNG age & start to transfer OA (2.5% to SA(4%)
    ------------------------------------------------------------------------------------------------------------------------------
    At age 25 - OA=$7.1k. SA=$1.9k. MA=$2.5k.

    By age 35, OA=0 (vs 112k). SA=156k (vs 33k) . MA=41k

    By 45 - OA=$85k.(vs 268k) SA=347k (vs 120k). MA=93k

    By 55 - OA=$341k (vs$479k) @SA=$550k to 600k. (vs $354k). @MA=$100k - 135k

    @ SA=550k to $600k depend on the CPF board yearly adjustment of the min sum retirement % increment. Range from 2.5% to 3.5%.

    @ MA= $100k to $135k also depend on the CPF board yearly adjustment on the MA & your medishield life selection from Govt b2 to private A class
    MA (now call BHS) ceiling is reached. MA Excess goes to SA. But if SA min sum is also reached. MA excess goes to OA

    Remember, you are not voluntary CASH contribution in the CPF. Just only your 20% of your Salary + 17% from your employer.

    ================================================================================================================
    I believe only the minorities have the financial capablity , determination & discipline to prorities their retirement need when young & transfer from OA
    to SA to see the magic of compouned interest in their special acct. Young prefer WANTS 1st & ignore the NEEDS. if they mismanage the CASH & CPF,
    they will be in trouble when they grow old. Low cash & low CPF.

    I do not recommend to voluntary contribute cash into CPF when young unless you really have more more than enough cash either from your parent or you yourself.
    Maybe when your reach late 40s & your children are age 21 & start working . You have extra cash. Can consider voluntary cash into CPF if min sum is met.
    By age 55, you can withdraw all after meeting the min sum (161k). Eg OA=200k SA=201k MA=49.8k(cannot touch). U can withdraw all OA=200k + SA=40k
    (201k minus 161k) if you chose FRS ($161k).


    Since most of the young couple likely to marry late between age 30-40. Why not set yourself a tgt to hit your Special acct min $100k at age 35
    (By age 35, OA=$112k. SA=33k --- Move 67k from your OA to SA (33k + 67k ) to increase your SA to 100k tgt.


    Once your SA=100k is reached by age 35. You know that the BIG WORRY min retirement need is SETTLED & can concentrate to build your OA .
    Any extra contribution to your SA is extra extra bonus.



    $100k compounded 4% interest for 30 yrs. U will have at least 325k at age 65. A very basic retirement est 2.5k/mth at age 65 for life.
    http://www.moneychimp.com/calculator...calculator.htm



    FYI, those wiives who decided to become a homemaker to take care of children & self employed . You better start to think now about your retirement as you have much lesser CPF for retirement. A umarried man or women. You are also need to plan early as MAID is the only person which you need to depend on when you grow old.

    One of the way ticket to retirement - CPF
    Plan ahead now. It is better late then never.


  3. #678

    Default

    Leong Sze Hianís line of argument is so obviously flawed that only the clueless would embrace.

    It is sad that Vicís elegant solution had been overwhelmed with all the crappy posts of one. Hopefully, it is overwhelmed but not forgotten.

  4. #679
    Join Date
    Mar 2009
    Posts
    10,562

    Default

    What Leong Sze Hian's line of argument is so obviously flawed?

    About his asking why CPF interest rate, particularly for CPF Ordinary Account, is simply too low?
    Well, this is a FACT and something many people agreed with him!

    LSZ has also shown how people are being short-changed from CPF Life because while it appears that CPF Life members get 4% p.a. interest from 55 to 65 years old, he also proved that therefter CPF Life members get 0% to negative interest rate on their CPF Life money if they can't live past 80 years old!

    People who disagree should show FACTs to disprove what LSZ said, and not just to malign him with words of mouth, talk only............

    Quote Originally Posted by Hakuho View Post
    Leong Sze Hianís line of argument is so obviously flawed that only the clueless would embrace.

    It is sad that Vicís elegant solution had been overwhelmed with all the crappy posts of one. Hopefully, it is overwhelmed but not forgotten.

  5. #680

    Default

    CPF Life, bequest is $0 at the age of 80, but monthly payout continues until the individualís death.

    The total monthly payouts at the death of 80, is about equal to the vested sum of $244 k at the age of 65, so where is the short-change ?

    What zero or negative returns you are talking about. You mean you can still demand a returns (presumably in the form of bequest) having fully Ďconsumedí the vested sum beyond the age of 80 ?

    The proper comparison is, whether CPF Life as an annuity scheme is better or worse than those provided commercially. Never mind that CPF Life is compulsory for members.

    So in your case who is able to live until 10,000-years old as you have repeatedly claimed you could, the returns of your CPF Life should be 1 mil % or more, so what's the problem.

    And are you able to argue using your original thoughts without relying on LSHís or others etc ?

    If I want to debate with LSH, I will just go to LSH directly and not here.

    Also, arguing about the interest rate of OA here is pointless. Please consult the government, or be the government.

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