Me Time!
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starlight1968sg\" post_id=\"1962204\" time=\"1580893486\" user_id=\"14025:
did think of it...but with govt holding on to our CPF, I think it's more appropriate to park the money elsewhere.
Janet
Pardon me for being a KPO. Consider topping up your cpf to have a better retirement. -
Speaking about CPF, has anyone started looking at the three CPF Life options and what are your thoughts on which you would opt for?
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doodbug\" post_id=\"1962304\" time=\"1580963562\" user_id=\"13281:
OT:
Speaking about CPF, has anyone started looking at the three CPF Life options and what are your thoughts on which you would opt for?
https://www.cpf.gov.sg/Members/FAQ/schemes/retirement/retirement-sum-scheme
There are three options: Basic Retirement Sum (BRS), Full Retirement Sum (FRS) and Enhanced Retirement Sum (EHS).
For year 2020, BRS is 90.5k, FRS is 181k and ERS is 271.5k (the amt need to set aside from our SA and OA acc at age 55)
Under each \"Sum\", one can choose Basic (payout less for self, leave more for beneficiaries) Plan or Standard (payout more for self, leave less for beneficiaries) Plan.
I am likely to choose Standard Plan of FRS. -
janet88\" post_id=\"1962286\" time=\"1580958497\" user_id=\"12950:
There was a period of time when I was doing freelance work when my children were younger. Did not think it was worth the while to make cpf contributions then. I kept thinking I would \"park\" my money elsewhere. But, in the end, just left it in the bank which earned miniscule interest.
did think of it...but with govt holding on to our CPF, I think it's more appropriate to park the money elsewhere.starlight1968sg\" post_id=\"1962204\" time=\"1580893486\" user_id=\"14025:
Janet
Pardon me for being a KPO. Consider topping up your cpf to have a better retirement.
Had a chanced conversation with my brother at that time, and he advised to reconsider my contributions to CPF. I decided to contribute average 10% of whatever little I earned to cpf. On months where I worked on fewer projects, I contributed less than 10%. Something better than nothing. Not much, but cumulatively, the OA and SA slowly added up. -
doodbug\" post_id=\"1962304\" time=\"1580963562\" user_id=\"13281:
Check out the https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEstimator/LifeEstimator. Find it a useful tool to give indicative payments that we might receive when we turn 65
Speaking about CPF, has anyone started looking at the three CPF Life options and what are your thoughts on which you would opt for? -
schweppes\" post_id=\"1962310\" time=\"1580966763\" user_id=\"13331:
There was a period of time when I was doing freelance work when my children were younger. Did not think it was worth the while to make cpf contributions then. I kept thinking I would \"park\" my money elsewhere. But, in the end, just left it in the bank which earned miniscule interest.
did think of it...but with govt holding on to our CPF, I think it's more appropriate to park the money elsewhere.janet88\" post_id=\"1962286\" time=\"1580958497\" user_id=\"12950:
[quote=starlight1968sg post_id=1962204 time=1580893486 user_id=14025]Janet
Pardon me for being a KPO. Consider topping up your cpf to have a better retirement.
Had a chanced conversation with my brother at that time, and he advised to reconsider my contributions to CPF. I decided to contribute average 10% of whatever little I earned to cpf. On months where I worked on fewer projects, I contributed less than 10%. Something better than nothing. Not much, but cumulatively, the OA and SA slowly added up.[/quote]It depends on what your plans are. My husband has been topping up my CPF for me over the years as I wasn't earning for a long time, and my earnings since have been quite little. It's a good idea to keep some money outside for emergencies, but the higher interest in CPF is good for money you don't expect to use in the near term. Once you are 55, you can take it out if you need to. -
I am wondering whether one should go with the Enhanced or Full Retirement Sum.
From 55 years old to 65 years old seems like a vulnerable age when one may need cash. I am wondering if we opt for FRS, is it possible to downgrade to ERS (at a time between 55 and 65) if we need the money? -
doodbug\" post_id=\"1962326\" time=\"1580968399\" user_id=\"13281:
Usually, by age 55, most of the \"debts\" shld be fully cleared. And you may withdraw some CPF after you set aside your chosen Min Sum. I dont think one after chosen the Sum, can upgrade or downgrade. Pls check.
I am wondering whether one should go with the Enhanced or Full Retirement Sum.
From 55 years old to 65 years old seems like a vulnerable age when one may need cash. I am wondering if we opt for FRS, is it possible to downgrade to ERS (at a time between 55 and 65) if we need the money?
From FRS to ERS is upgrade
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Paiseh! I got my order wrong. Yes I meant to ask, can I switch from the ERS to the FRS lol
Like let's say 60 years old suddenly need money....hee. -
doodbug\" post_id=\"1962333\" time=\"1580969212\" user_id=\"13281:
I think one can decide either Basic or Standard Plan at age 65 or later. But probably at age 55, one has to decide BRS, FRS or ERS. Thereafter probably cant change bec that amount will be set aside as premiums for CPF Life.
Paiseh! I got my order wrong. Yes I meant to ask, can I switch from the ERS to the FRS lol Like let's say 60 years old suddenly need money....hee.
Again, pls confirm...
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