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Pardon me for not following matters on Minimum Sum (MS) closely.
I know our government has been increasing the amount of MS yearly. May I ask what is going to happen to the MS that we are forced to set aside? Can this MS be used to pay for the CPFLife which we are forced to buy?
The reason why most people cannot take out anything from CPF when they turn 55, is becoz most of their CPF is already gone into property. Govt will tell you — No leh; we already allow you to take out CPF even in your 20s and 30s to buy HDB and condo.
Anyway you shouldn’t count on CPF as part of your retirement money. You need to depend much more on cash savings. Which means putting aside 20%-30% of your take-home pay for retirement purposes, even when you’re still in your 20s.
With the way CPF is being regulated and structured, just treat it as easy financing for your property as well as a good H&S plan.
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