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17-05-2014, 12:00 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
CPF Minimum Sum
From 1 July 2014, the Minimum Sum (MS) will be revised to $155,000 for members turning 55 from 1 July 2014 to 30 June 2015.
As Singaporeans are living longer, we will need a steady stream of income to meet our basic living expenses in our retirement years. The MS set aside at 55 enables CPF members to receive monthly payouts for life from age 65.
The MS has been adjusted yearly to help each group of CPF members turning 55 set aside enough savings to maintain a basic standard of living in retirement. The MS for members who have already turned 55 remains unchanged.
A male member who turns 55 this July and sets aside $155,000 would start to receive about $1,200 monthly for life from 65, assuming he is on the CPF LIFE Standard Plan. Get your personalised estimate with the CPF LIFE Payout Estimator.
How much will I need for my retirement?
The amount you need for retirement depends on the standard of living you desire when you are no longer working, and how long you need the money to last.
Get a quick estimate with our Retirement Savings Interactive Calculator to set your retirement goal. It is never too early to start planning.
Get started with the Are You Ready? Retirement Checklist.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?181747-the-bull-is-shitting-in-CPF-yes-again!&goto=newpost).
CPF Minimum Sum
From 1 July 2014, the Minimum Sum (MS) will be revised to $155,000 for members turning 55 from 1 July 2014 to 30 June 2015.
As Singaporeans are living longer, we will need a steady stream of income to meet our basic living expenses in our retirement years. The MS set aside at 55 enables CPF members to receive monthly payouts for life from age 65.
The MS has been adjusted yearly to help each group of CPF members turning 55 set aside enough savings to maintain a basic standard of living in retirement. The MS for members who have already turned 55 remains unchanged.
A male member who turns 55 this July and sets aside $155,000 would start to receive about $1,200 monthly for life from 65, assuming he is on the CPF LIFE Standard Plan. Get your personalised estimate with the CPF LIFE Payout Estimator.
How much will I need for my retirement?
The amount you need for retirement depends on the standard of living you desire when you are no longer working, and how long you need the money to last.
Get a quick estimate with our Retirement Savings Interactive Calculator to set your retirement goal. It is never too early to start planning.
Get started with the Are You Ready? Retirement Checklist.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?181747-the-bull-is-shitting-in-CPF-yes-again!&goto=newpost).