Martin Lee @ Sg
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Reaching 55 Talk (Covering CPF LIFE)

There is a talk organised by CPF that will cover topics like how much money you can withdraw at age 55 and what is CPF life.

Seats are limited on a first come first served basis.

Date : 15 Feb 2011 (English)
Time : 07:00PM to 08:30PM (Registration starts from 06:15PM)
Venue : 6 Shenton Way, DBS Building Tower 1, DBS Auditorium, Level 3, Singapore 068809
Closing Date for Registration : 14 Feb 2011

You can register for the English event here.

Date : 23 Mar 2011 (Mandarin)
Time : 07:00PM to 08:30PM (Registration starts from 06:15PM)
Venue : 79 Robinson Road, Conference Room Basement 1, CPF Building, Singapore 068897
Closing Date for Registration : 22 Mar 2011

You can register for the Mandarin event here.

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4 comments
Daniel P says 8 years ago

I always assumed my CPF will be tied up until I die, the govt keeps moving the goalpost.

Reply
Nuts says 8 years ago

I bet many people will be shocked at how much they can withdraw when they hit 55. By 2013, many can only take out $5000 when they celebrate their 55th birthday. Drawdown Age is also now increased to 65. It will be targeted to be increased to 67 or 68 by 2020.

So if you don’t “save” enough in your CPF to hit *beyond* the Minimum Sum *and* the Medisave Minimum Sum, then you can look forward to only $5K to last from 55 yrs old to 67 yrs old.

From CPF website:-
Q: Why must the drawdown age (DDA) be linked to the re-employment age?
A: With increasing longevity, the DDA has to be increased in order to help members’ CPF savings last longer. To help members better cope with the increased DDA, we need to help them work longer. Therefore raising the DDA is linked with the re-employment age.

So govt is telling you that in order to help (force?) you work longer, govt HAS to hold on to YOUR money for longer. PAP is right when they tell you no retirement in Singapore, work till you drop dead.

For those who are able to save at least 30% of their take-home pay in cash, for at least 20 years before retirement, then no problem. Can still enjoy retirement.

Reply
    lioninvestor says 8 years ago

    My baseline scenario for retirement planning is to assume we can withdraw nothing at age 55. I just treat CPF as a compulsory annuity.

    Reply
      Garrett says 8 years ago

      Compulsory annuity with no guaranteed payout and no laws (e.g. Insurance Act) in place to regulate it!

      Reply
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