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Thread: Any Ceiling for contribution of CPF OA?

  1. #991
    Join Date
    Jun 2009
    Location
    Southbank
    Posts
    9,531

    Default Re: Any Ceiling for contribution of CPF OA?

    b) Govt Mortgage insurance triggered if U take HDB loan using CPF. OPTIONAL. I opt out . Payable till your HDB loan is fully paid.

    Why?

    Q1. Why take CPF loan?

    Q2. Why take CPF loan and don't take the Mortgage insurance?
    The Best Time to buy Property is Yesterday.
    If you lose Money it because you sell on a wrong Day.

    https://wa.me/6587821025

    https://r057844h.propnex.net/

    You don't Buy others will Buy.
    You don't Sell, others will Sell.

  2. #992
    Join Date
    Jan 2021
    Posts
    21

    Default Re: Any Ceiling for contribution of CPF OA?

    CPF - Financial independent @ age 60-65
    =================================
    Retirement planning is like what Confucius said.
    The man who moves a mountain begins by carrying small stones. To accomplish any major task, you first must take tiny steps in order to get it done.

    It is important to build a retirement fund because you cannot work forever. As you age, you are going to slow down & certain tasks will become more difficult due to ever changing technologies advance. Your brain cannot work as fast as when you are aging. Your health doesn’t permit you to slot day & night due to your physical ability.

    CPF Life is a scheme that provides you with monthly payouts @ age 65 for as long as you live.

    To have a million in your CPF (SA+RA) at age 65. Time is the critical factor. Start early as young as possible & be Patience & have faith in our CPF system. Late retirement planning means that you lose out on the accumulated interest earlier on.

    You can accelerate your overall CPF SA savings even faster.
    *Top up SA with cash to max out FRS=198k (Full retirement sum)
    *Or Transfer from OA (2.5%) to SA (4-5%) asap
    https://www.youtube.com/watch?v=WjjglpF5WWo


    1) No1. priority - Buy Insurance for protection asap
    In the event of an emergency such as an illness or accident, you will lose your hard-earned money overnight & fall into poverty. Your retirement years of planning will be derailed.

    *Critical illness term insurance (till age 85) policy – Must be. Cheaper & affordable

    * Accident policy- High accident risk job. Must buy.

    *Govt compulsory Medshield life plan offers higher claim limits for hospital bills and outpatient cancer treatments like chemotherapy.

    *Govt compulsory CareShield life plan (age 30 commence) provides basic financial support should you become severely disabled.

    2) Buy 5 room BTO flat or EC condo base on your affordability asap. Set a Preferable goal to have your own house before age 40. Why?
    When you are old at age 60 to 65 and have less money in your retirement fund. Your house eventually may either rent out or under the lease buyback HDB scheme (if need arise) when you are approaching retirement. You will be paid monthly for the next 15-25 yrs.
    https://www.youtube.com/watch?v=d0Wgdy_dIRY&t=177s

    3) Your Parents Are Not Your Emergency Fund.
    Start building your own wealth. Do not plan to depend on "them". Start saving immediately.

    4) Children Not Your Retirement Fund
    养儿防老 看了十分心酸. You may be disappointed.

    5) Old age & Caregiver
    Singapore's ageing population is a ticking 'time bomb. It sees more cases of Parkinson's disease. 82,000 people in SG have dementia.

    Most young people are not emotionally or financially preparing to take care of old age parents who has Parkinson or Dementia. Prolong stress without help can cause burnout.
    So having much more retirement fund at old age so that our children will have less financial burden.

    6) Saving money is easy, but keeping saving is not easy.
    If you want better results, Focus on your system. Goals are about the results you want to achieve. Systems are about the processes that lead to those results.”

    GIRO SYSTEM arrangement with DBS/OCBC. GIRO for cash top-up to my own/ recipient's Retirement/Special Account under the Retirement Sum Topping-Up Scheme”

    7) Rule of 72
    By taking the number, 72 & dividing it by the interest rate you can get with the money, you will be able to find out how many years it will take for a sum of money to double.

    100k bank saving 0.25%. Take 280 years to grow to 200k
    100k bank FD 1.8%. Take 55 years to grow to 200k
    100k CPF OA 2.5%. Take 40 years to grow to 200k
    100k in CPF SA 4%. Take 18 years to grow to 200k

    8) Always be frugal, even in times of prosperity. To assume that one’s job security, prosperity and fortunes will last is a foolish way to live. It is during the good times that we should prepare ourselves for leaner times.

    The company you work for promise you job today but never promised you job tomorrow.

    “She found out she had been laid off from Google hours after giving birth. She was one of the 12k, Google employees caught in the latest slew of tech layoffs in 2023"
    The rise of machines leaves many well-paid workers vulnerable. Companies are prepared to replace everyday workers with artificial intelligence.

    9) 风水轮流转 是指你这一生不可能永远都是一帆风顺的
    Good luck won't always belong to you, good luck won't always be with you, good things won't always be on you. Your life cannot always be smooth sailing.

    This is the reason why I top up into my CPF to the max ,37.7k/year to build up my CPF OA for housing & CPF SA for future retirement. It comes useful when there is a sudden turn of your Feng Shui fortunate at later age.

    YOU CAN BE A GREATEST INVESTOR.YOU CAN BE GREAT AT ANYTHING .IT WILL ONLY BE ONE TIME THAT KNOCK YOU OUT ONE TIME WILL KILL U.

    10) Women MUST know that Beauty can't show off for a lifetime. Women need to have their own "emergency" or 'secret" fund in case men start to go "Haywire" after years of marriage.

    Women on average live five to 10 years longer than men. Living longer means that your savings need to last you longer. So, build up your CPF as young as possible.

    11) 花錢只能滿足一時的慾望,存錢卻能滿足未來的渴望
    Spending money can only satisfy temporary desires, but saving money can satisfy future desires. Saving money is easy, but keeping saving is not easy.

    Spending money on big car, holidays, branded goods etc are your least priority. Built your emergency fund in case you lose your job.

    先苦后甜- Bitter now, sweet later. Work hard now and enjoy the fruits of our labor later.

    12) 增强忧患意识和使命感. Sense of urgency and sense of mission
    If your salary is not high, you have to start financial management much earlier. You need to enhance sense of urgency and mission to plan to save for your old age as young as possible.

    If you think seriously about retirement , then you will be prepared. If you are prepared, then you will have less worries. Goodbye Tension. Hello CPF Pension.

    13) DPM Heng - We have to run even faster to stay relevant.
    SG society is the kind of society that does not let its people rest especially those working people.

    Many people hate office politics toxic environment. It make their life unhappy at work. The issues of long working hours & unrealistic workloads exacerbate their miserable life at work. Feeling less motivated to get up in the morning to work. If your mental & physical health are neglected, it can leave you feeling lonely and isolated and further exacerbate mental health problems & lead to depression.

    Getting regular exercise is important for good physical and mental health. Exercise can help stimulate parts of your brain that aren’t as responsive when you’re feeling depressed. It has been proven to reduce stress, ward off anxiety and feelings of depression & improve sleep.
    Exercising promotes the release of feel-good brain chemicals. It may also help distract you from your worries and improve your confidence.

    14) 不熟不做,不懂不买. 少走很多年弯路
    The stock market is “dangerous” especially for First-Time Investors who lose money regret emotional, impulsive investing decisions. We are hardwired from birth to be lousy investors.

    The market is a treacherous place to be in and market is all about deception and psychology

    Fool me ONCE, shame on YOU.
    Fool me TWICE, shame on ME.
    Fool me 3rd TIME, How STUPID I am.
    Fool me the 4th TIME, I need to be CONDEMNED.
    Fool me the 5th , 6th TIME, totally hopeless gamblers
    The final tragedy hopeless GAMBLER stage will bring financial disaster to his/her family.


    你的第一次上当
    你是不明事理 (lack of common sense)
    你的第二次上当
    你就是有贪心 (Greed)
    你的第三次上当
    你就是愚蠢 (Stupid)
    你的第四次上当
    你就 是无药可救 (incurable)
    江山易改本性难移. 不见棺材不落泪 .


    15) Some people say that he has several years of work experience, but in fact, he does not have that many years of work experience, he just repeats one year's work for several years. This is very similar to some ordinary workers who do the same thing every day for more than ten years. In other words, they just repeat a day's work for many years. So, such people are destined to be ordinary people.

    If you work hard on your job, you can make a living. But if you work hard on yourself, you could make a fortune. Start learning extra skill & seriously reading self-improvement books for self-development.

    Five signs that you will be rich.
    *You are willing to work harder & sacrifice more than others
    *You are curious & just learning non-stop
    *You can handle problems & move on easily
    *You don’t give a damn about what others think of you
    *You are good with money and have a wealth mindset
    *You know the good habits of exercise

  3. #993
    Join Date
    Jan 2021
    Posts
    21

    Default Re: Any Ceiling for contribution of CPF OA?

    CPF to me is like a "religion"
    =======================
    1) Briefly help my grandma's small neighborhood gambling den in the early 80s as a young boy. Can tell A huge different between a Wise & unwise gambler.

    2)Briefly work part as insurance agent in the 90s.

    3) Started (early 90s) off as Novice Moronic Investment Mindset & probably loss 100k+combine through many years of trading especially Penny stocks.

    4) Survival of 1997 Asia financial Crisis. Ability to cut all my lousy Msia clob stocks & switch to Maybank. It was followed by Former PM Mathahir ban selling stock for a year .It saved me from selling at a lousy price in 1998. In 1999, he removed the selling.

    5) Foolishly & by luck made 100K+ during year 2000 (DOT COM burst). Went up High US85 within 6 mts. Sold (bought 2000 shares @ $14) US$56. DOT com started to burst Apr2000. Become ZERO within 12 mths.

    6) I am a high-risk taker. Probably I have done a thousand of FX trade, ELN , FCN , accumulators etc combined & survived & learnt from it. Stop all these high risk trade 2021.

    7) Bought Carlye Europe private equity, Euro250k in Jan07.My banker told (Lie) me that I can sell in 2-3 yrs time if there is a urgent need. Wanted to sell away during the Lehman crisis. Unable to. In fact, I need to hold at least 10yrs with 3+3 extension. Prevent me from selling a depress price . A blessing in disguise. I made est S$500k for holding for 15 yrs.

    8) Survived 2008 US financial crisis. Las Vegas sand from $140 to $2+ etc .Ability to cut loss fast in Mar08. Full blown Sept 08

    a) Traded very high risk accumulator HK/SG stock from 2006-2008.
    b) By early 2008, I was Over leverage by >150%.
    c) In a depression mode during the lehman crisis, Cant sleep well as stock kept going down. Went to quiet Balestier Temple to meditate.
    d) Queuing up to terminate my AIA insurance policies (AIG bankrupt) at HQ but gave up as >100 people were also desperate to terminate.
    e) Withdraw money from citibank as Citigroup may Bankrupt. Stock price from US$45 to US$0.99.



    9) Switch to trading bond in 2011 instead of equity,. Less volatile.
    In 2011, Full gear trading investment grade (4-5%) & HY bond (8% to 10%) through leveraging (>150%) as borrowing cost is 1%+ . HY bond like Olam. China/SG property developer , India/Russia/Brazil/ etc. Many sleepless night.

    Probably traded>100 corp bond 2011-2021. 2 bonds default. But net off still making profit. Stopped leverage in 2019 & stop buying HY bond like China developers preparing. Stop buying HY corp bond as I wanted to sleep well at night.Patience waiting for the next crisis to come.

    Bond crashed last year 2022 especially Asian HY bond. My lesson learnt from the 2008 crisis make me more cautious in 2019 reduced by leveraging to <30%.


    10)Two of my previous bankers were being sued by clients. Clients likely to lose. Another acquaintance friend forks out >100k from her own pocket money to pay her Taiwanese clients for misleading them buying Lehman bonds in 2009.


    9) A Property investor. Regret sold way too early.
    A landlord for 7 yrs collecting >140k renting income. Sold as it is too troublesome. So much maintenance problems from Samsung cassette air cond

    With all these 30 yrs experience. My advice is
    1) No1. priority - Buy Insurance for protection asap. In the event of an emergency such as an illness or accident, you will lose your hard-earned money overnight & fall into poverty. Your retirement years of planning will be derailed.

    2) The stock market is “dangerous” especially for First-Time Investors who lose money regret emotional, impulsive investing decisions. Two super-contagious diseases, fear and greed, will forever occur in the investment community. We are from birth also hardwired to be lousy investors. The market is always about deception and psychology. The inability to cut lost & a "hoping" mentality will exacerbate your losses.

    So CPF is like a religion to me after I have gone through upheaval. I will go around tell my friends, relatives, colleagues, even strangers etc to hit your FRS asap if U have the mean to do it.

    Retirement planning is like what Confucius said. The man who moves a mountain begins by carrying small stones. To accomplish any major task, you first must take tiny steps in order to get it done.

    It is important to build a Guarantee CPF retirement fund because you cannot work forever. As you age, you are going to slow down & certain tasks will become more difficult due to ever changing technologies advance. Your brain cannot work as fast as when you are aging. Your health doesn’t permit you to slot day & night due to your physical ability.
    CPF Life is a scheme that provides you with monthly payouts @ age 65 for as long as you live.

    To have a million in your CPF (SA+RA) at age 65. Time is the critical factor. Start early as young as possible & be Patience & have faith in our CPF system. Late retirement planning means that you lose out on the accumulated interest earlier on.

    Total amt $5500 income from age 65 to 85)
    ===================================
    1)CPF RA 500k payout at age 65 est $2500 for life

    2)CPF SA 500k payout base on 4% withdraw rule = $3000/mth for next 20 years before it depleted to zero (from age 65 to age 85)

  4. #994
    Join Date
    Jan 2021
    Posts
    21

    Default Re: Any Ceiling for contribution of CPF OA?

    Quote Originally Posted by vimtr888 View Post
    CPF to me is like a "religion"
    =======================
    1) Briefly help my grandma's small neighborhood gambling den in the early 80s as a young boy. Can tell A huge different between a Wise & unwise gambler.

    2)Briefly work part as insurance agent in the 90s.

    3) Started (early 90s) off as Novice Moronic Investment Mindset & probably loss 100k+combine through many years of trading especially Penny stocks.

    4) Survival of 1997 Asia financial Crisis. Ability to cut all my lousy Msia clob stocks & switch to Maybank. It was followed by Former PM Mathahir ban selling stock for a year .It saved me from selling at a lousy price in 1998. In 1999, he removed the selling.

    5) Foolishly & by luck made 100K+ during year 2000 (DOT COM burst). Went up High US85 within 6 mts. Sold (bought 2000 shares @ $14) US$56. DOT com started to burst Apr2000. Become ZERO within 12 mths.

    6) I am a high-risk taker. Probably I have done a thousand of FX trade, ELN , FCN , accumulators etc combined & survived & learnt from it. Stop all these high risk trade 2021.

    7) Bought Carlye Europe private equity, Euro250k in Jan07.My banker told (Lie) me that I can sell in 2-3 yrs time if there is a urgent need. Wanted to sell away during the Lehman crisis. Unable to. In fact, I need to hold at least 10yrs with 3+3 extension. Prevent me from selling a depress price . A blessing in disguise. I made est S$500k for holding for 15 yrs.

    8) Survived 2008 US financial crisis. Las Vegas sand from $140 to $2+ etc .Ability to cut loss fast in Mar08. Full blown Sept 08

    a) Traded very high risk accumulator HK/SG stock from 2006-2008.
    b) By early 2008, I was Over leverage by >150%.
    c) In a depression mode during the lehman crisis, Cant sleep well as stock kept going down. Went to quiet Balestier Temple to meditate.
    d) Queuing up to terminate my AIA insurance policies (AIG bankrupt) at HQ but gave up as >100 people were also desperate to terminate.
    e) Withdraw money from citibank as Citigroup may Bankrupt. Stock price from US$45 to US$0.99.



    9) Switch to trading bond in 2011 instead of equity,. Less volatile.
    In 2011, Full gear trading investment grade (4-5%) & HY bond (8% to 10%) through leveraging (>150%) as borrowing cost is 1%+ . HY bond like Olam. China/SG property developer , India/Russia/Brazil/ etc. Many sleepless night.

    Probably traded>100 corp bond 2011-2021. 2 bonds default. But net off still making profit. Stopped leverage in 2019 & stop buying HY bond like China developers preparing. Stop buying HY corp bond as I wanted to sleep well at night.Patience waiting for the next crisis to come.

    Bond crashed last year 2022 especially Asian HY bond. My lesson learnt from the 2008 crisis make me more cautious in 2019 reduced by leveraging to <30%.


    10)Two of my previous bankers were being sued by clients. Clients likely to lose. Another acquaintance friend forks out >100k from her own pocket money to pay her Taiwanese clients for misleading them buying Lehman bonds in 2009.


    9) A Property investor. Regret sold way too early.
    A landlord for 7 yrs collecting >140k renting income. Sold as it is too troublesome. So much maintenance problems from Samsung cassette air cond

    With all these 30 yrs experience. My advice is
    1) No1. priority - Buy Insurance for protection asap. In the event of an emergency such as an illness or accident, you will lose your hard-earned money overnight & fall into poverty. Your retirement years of planning will be derailed.

    2) The stock market is “dangerous” especially for First-Time Investors who lose money regret emotional, impulsive investing decisions. Two super-contagious diseases, fear and greed, will forever occur in the investment community. We are from birth also hardwired to be lousy investors. The market is always about deception and psychology. The inability to cut lost & a "hoping" mentality will exacerbate your losses.

    So CPF is like a religion to me after I have gone through upheaval. I will go around tell my friends, relatives, colleagues, even strangers etc to hit your FRS asap if U have the mean to do it.

    Retirement planning is like what Confucius said. The man who moves a mountain begins by carrying small stones. To accomplish any major task, you first must take tiny steps in order to get it done.

    It is important to build a Guarantee CPF retirement fund because you cannot work forever. As you age, you are going to slow down & certain tasks will become more difficult due to ever changing technologies advance. Your brain cannot work as fast as when you are aging. Your health doesn’t permit you to slot day & night due to your physical ability.
    CPF Life is a scheme that provides you with monthly payouts @ age 65 for as long as you live.

    To have a million in your CPF (SA+RA) at age 65. Time is the critical factor. Start early as young as possible & be Patience & have faith in our CPF system. Late retirement planning means that you lose out on the accumulated interest earlier on.

    Total amt $5500 income from age 65 to 85)
    ===================================
    1)CPF RA 500k payout at age 65 est $2500 for life

    2)CPF SA 500k payout base on 4% withdraw rule = $3000/mth for next 20 years before it depleted to zero (from age 65 to age 85)

    We need to have a few "Reservoir ready for retirement
    =============================================
    1) Guarantee CPF income

    2) Rental income if have

    3) dividend stock
    buy stable blue-chip stocks to earn dividends to maintain our lives or increase our income. This kind of investment has low risk


    Your Parents Are Not Your Emergency Fund.

    Children Not Your Retirement Fund

    Build your own wealth and start early

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