CPF Minimum Sum to go up from July 1st 2008

[tom]

Today it's Sept. 2009. Now people are no more talking about " RETIREMENT ACCOUNT ", no more talking about " MINIMUM SUM ", no more talking about " CPF WITHDRAWER AGE ".  Hot topic today is " CPF LIFE ".

Sounds confusing ? IS'NT IT ?

Have to sit down, read, analized and see what is going on with our " CPF SAVINGS "

DO NOT BE LEFT BEHIND. IT'S money for retirement to keep us going till death. 

[tom]

Some info about CPF LIFE.


1. The CPF Lifelong Income Scheme For The Elderly (CPF LIFE) is a
scheme that will provide us with a monthly payout starting from
our Draw Down Age (DDA), for as long as we live.


There are 4 different types of plans.

1. LIFE BasicPlan :              RA balance of $20,000 with monthly payout $ 172 to $ 188
                                       RA balance of $40,000 with monthly payout $ 339 to $ 371
2. Life Balanced Plan :         RA balance of $20,000 with monthly payout $ 183 to $ 200
                                       RA balance of $40,000 with monthly payout $ 362 to $ 396
3. LIFE Plus Plan :               RA balance of $20,000 with monthly payout $ 193 to $ 211
                                       RA balance of $40,000 with monthly payout $ 382 to $ 419
4. LIFE Income Plan :           RA balance of $20,000 with monthly payout $ 206 to $ 224
                                       RA balance of $40,000 with monthly payout $ 408 to $ 444

Incentives to join CPF LIFE.

To encourage and help Singapore citizens born before 1963
to join CPF LIFE, the government will provide a bonus of up
to $4,000, called the LIFE Bonus (L-Bonus).

To receive the L-Bonus, we will need to join CPF LIFE as
shown below:

Those born in 1954 or earlier join before 31 December 2010
Those born from 1955 to 1962 join within 12 months after turning age 55

When are we getting the first payout from CPF ?

At age 60 years old for those born in 1943 or earlier.
62 years of age for those born between 1944 to 1949.
63 years of age for those born between1950 to 1951.
64 years of age for those born between 1952 to 1953.
65 years of age  for those born in 1954 or later.

[tom]

It looks as though, the scheme is only meant for the old at the moment, but no, every citizen will become old eventually.

As mentioned by our manpower boss, " The scheme will apply automatically to those who turn 55 from 2013, with at least $40,000 in their CPF savings ".

 

[speedevil6969]

wats new in this Pay N Pay scheme ..........