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28-05-2014, 04:20 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
So those who have $150,000 or less can now withdraw the whole lot at 55 and there's a 30% gratuity so that's $195,000 in total if you had $150,000.
You're 55 which is the restored retirement age courtesy of PAP or the new government. You estimate you're going to live till 85... that's 30 years. You now have $195,000 in the bank. How are you going to budget for your retirement?
If you draw $10,000 per year [$833 per month] of the above sum at 3% return, it will last 29 years so at 84, you have nothing left.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?182649-OK-PAP-relents-no-more-minimum-sum-plus-30-bonus-on-your-cpf-funds-at-55&goto=newpost).
So those who have $150,000 or less can now withdraw the whole lot at 55 and there's a 30% gratuity so that's $195,000 in total if you had $150,000.
You're 55 which is the restored retirement age courtesy of PAP or the new government. You estimate you're going to live till 85... that's 30 years. You now have $195,000 in the bank. How are you going to budget for your retirement?
If you draw $10,000 per year [$833 per month] of the above sum at 3% return, it will last 29 years so at 84, you have nothing left.
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?182649-OK-PAP-relents-no-more-minimum-sum-plus-30-bonus-on-your-cpf-funds-at-55&goto=newpost).