Required Medisave (the untouchable) amount increased from 2013 ( up 20%)

[roly8]

http://sg.news.yahoo.com/required-me...084524307.html

Singapore’s government has raised the Medisave required amount, even as it promises to maintain its 4 per cent interest rate on its Special and Medisave accounts for the first three months of next year.

From the start of 2013, the minimum required amount in all Medisave accounts will be hiked from $32,000 to $38,500, the Central Provident Fund (CPF) Board said in a statement released on Friday.

This means that CPF account holders aged 55 and above will from next year need to ensure that they have at least $38,500 in their Medisave accounts, on top of the minimum sums set in their Ordinary and Special accounts, before being able to make a withdrawal.

“The requirement for members to set aside the MRA (minimum required amount) in their Medisave account is to enable them to have enough savings to meet their healthcare needs during old age,” the CPF board said.

Having announced its promise to maintain a 4 per cent interest rate on all Special, Medisave as well as Retirement account monies throughout 2013 in September this year, the CPF board also said it will maintain the figure till 31 March for Special and Medisave accounts, and for the whole year for Retirement account balances.


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as you know, medisave is consider hard to touch unless you are sick or kena jialat ..(no one want to get sick or kena jialat)

LOL!

up 20%!

for me, it turn me off.
i don't know how the rich feel about this.. maybe got no effect la.

[Kelonguni]

Will it have an impact on OA and SA?

Minimum sum or not, just kenna stuck there unless sick. So to me no difference.

[roly8]

Will it have an impact on OA and SA?

Minimum sum or not, just kenna stuck there unless sick. So to me no difference.

when i check my mum's CPF, what surprise me is her medisave is more than her OA and SA..

[zzz1]

when i check my mum's CPF, what surprise me is her medisave is more than her OA and SA..

Isit' that is good? Don ever need to touch that ac is the best..!

[mcmlxxvi]

Isit' that is good? Don ever need to touch that ac is the best..!

ha ha mine also. OA is 0 lol

[richwang]

"it will maintain the figure till 31 March for Special and Medisave accounts"

Does this mean the interest rate will drop from 4% to 2.5% starting from
April 1, 2013?

This will have a HUGE impact to the long term accumulation of wealth.
(Just imagine your rental yield sudden drop from 4% to 2.5%, and the impact to your property price.)

Thanks,
Richard

[irisng]

http://sg.news.yahoo.com/required-me...084524307.html

This means that CPF account holders aged 55 and above will from next year need to ensure that they have at least $38,500 in their Medisave accounts, on top of the minimum sums set in their Ordinary and Special accounts, before being able to make a withdrawal.

“The requirement for members to set aside the MRA (minimum required amount) in their Medisave account is to enable them to have enough savings to meet their healthcare needs during old age,” the CPF board said.

for me, it turn me off.
i don't know how the rich feel about this.. maybe got no effect la.

If seriously ill, $38,500 also not enough lor. If use medisave to buy insurance, in the end still need to top up the medisave from our OA a/c but we also need the OA a/c to service our housing loan leh, sign......

I think the rich will not mind, off hand they can easily take out this sum of money from their saving accounts.

[roly8]

in the forum, they say the medisave is not 100% pay for everything one.

very limited..

[richwang]

MedSave should be used for preventative medicine, such as health screening, etc.

Last stage illness gives the hospital huge profit, but does little good for a person's true health.

Everyone will not - no matter how rich you are, or how much money to dump into the last stage.

It is more important to ensure they have a good life and healthy when they are younger.

Thanks,
Richard

[irisng]

MedSave should be used for preventative medicine, such as health screening, etc.

Last stage illness gives the hospital huge profit, but does little good for a person's true health.

Everyone will not - no matter how rich you are, or how much money to dump into the last stage.

It is more important to ensure they have a good life and healthy when they are younger.

Thanks,
Richard

Some of the illness very difficult to prevent one leh. Just heard from my friend, a 60+ old man who likes to eat seafood and fatty food has not health problem, all in good condition, all normal but one day, his hand hit against a door handle and he was admitted to hospital with serious condition.

[roly8]

you are what you eat...

- Dr(unofficial) roly

[phantom_opera]

imo, government's move to give extra 1% on first 60k of SMRA accounts are one step in right direction, both husband/wife will have extra 1% of first 120k combined to help a middle class family to retire

if 10y SGS yield + 1% > 4% ... it will be ideal

[zzz1]

ha ha mine also. OA is 0 lol

u are referring how many zero at the back right ?

[richwang]

Most of us are very familiar with how the "market force" works in the property market:

Selling land at higher price -> higher private housing -> higher open market public housing -> high new public housing.

On both end of the above circle, the smartest get the best money.
Now this game has reached its limit.

Let's look into other sources:

Increase the amount of money supply (the Minimum Sums) -> Drive down the GSG interest rates -> lower the payout interest rates -> require even more contribution to have "sufficient" retirement fund

The nice circle completes again.
The rest are just "market force".

People may be dumb, they may not know why they are taking a ride.
But they do know they are worse off.

Everything has a limit, when the smartest is trying their luck and keep pushing the limit beyond the breaking point, they can only have themselves to blame when things do break.

Welcome to the New World.

Thanks,
Richard

[radha08]

in the forum, they say the medisave is not 100% pay for everything one.

very limited..

cannot use for sex change

[phantom_opera]

I think many people still do not realize:

what this means is that from 1 January 2013, CPF account holders who reach age 55 with less than $177,500 can only withdraw $5,000.

How many Singaporeans will have more than $177,500 when they are 55 years old?

[minority]

I think many people still do not realize:

what this means is that from 1 January 2013, CPF account holders who reach age 55 with less than $177,500 can only withdraw $5,000.

How many Singaporeans will have more than $177,500 when they are 55 years old?

u will be surprised.

[hyenergix]

10-20 years later when we look back, $177.5k is actually a very small sum of money

[phantom_opera]

I am talking about now, not 10 to 20y layer, by then min sum will be 300k

[hyenergix]

I am talking about now, not 10 to 20y layer, by then min sum will be 300k

Maybe even $300k is not enough for retirement. In recent years there were spectacular losses. Fund injection has to come from somebody if e losses continue. It is quite worrying to retire in Singapore for e lower to middle income.

[roly8]

Maybe even $300k is not enough for retirement. In recent years there were spectacular losses. Fund injection has to come from somebody if e losses continue. It is quite worrying to retire in Singapore for e lower to middle income.

i foresee we must travel over to JB for cheaper treatment etc.

pretty depressing life

[minority]

i foresee we must travel over to JB for cheaper treatment etc.

pretty depressing life

Well make the $ here keep the investment here. retire in thailand lor.. Thats not big issue. we lived in a globalized world. World without borders.

[hyenergix]

i foresee we must travel over to JB for cheaper treatment etc.

pretty depressing life

Likely to happen in bigger scale from 2015...

[hyenergix]

Well make the $ here keep the investment here. retire in thailand lor.. Thats not big issue. we lived in a globalized world. World without borders.

Thailand sometimes have political instability and floods. Choose your location carefully.

[richwang]

i foresee we must travel over to JB for cheaper treatment etc.

pretty depressing life

Well, each time when I travel to Iskanda, the nice open space actually makes me feel very relaxed!

Peter Lim's property counter Rowsley is trading at 7 times of book value. The share price has more than doubled in a week. That's a good hint for the next BIG property money.

Merry Christmas!
Richard
PS. Remember those hardcore CCR who missed the boat of OCR. Those hardcore Singapore main islanders will miss Iskanda in a big way!

[irisng]

I think many people still do not realize:

what this means is that from 1 January 2013, CPF account holders who reach age 55 with less than $177,500 can only withdraw $5,000.

How many Singaporeans will have more than $177,500 when they are 55 years old?

How about those ppty bought using CPF, will it be included in the min sum?

[richwang]

How about those ppty bought using CPF, will it be included in the min sum?

"You may pledge your property for up to 50% of the MS"

http://mycpf.cpf.gov.sg/CPF/my-cpf/r.../Reach55-2.htm

[irisng]

"You may pledge your property for up to 50% of the MS"

http://mycpf.cpf.gov.sg/CPF/my-cpf/r.../Reach55-2.htm

Oic, thank you.

[minority]

Well, each time when I travel to Iskanda, the nice open space actually makes me feel very relaxed!

Peter Lim's property counter Rowsley is trading at 7 times of book value. The share price has more than doubled in a week. That's a good hint for the next BIG property money.

Merry Christmas!
Richard
PS. Remember those hardcore CCR who missed the boat of OCR. Those hardcore Singapore main islanders will miss Iskanda in a big way!

malaysia politics is worst than thailand. They will fxxk the investpre the ass any chance they get. esp singaporean.

Remeber 97.. the policy back date on foregin owners. Also Clob.. I will be more careful with buying a ah bang dream.

[roly8]

malaysia politics is worst than thailand. They will fxxk the investpre the ass any chance they get. esp singaporean.

Remeber 97.. the policy back date on foregin owners. Also Clob.. I will be more careful with buying a ah bang dream.

true story ..