Red alert! Achtung! Singaporeans approaching 65

Responding to this Why CPF annuity will begin at 75 fat cat investor and ex-medical doctor “abc” said that

In case you didn’t know, the DEFAULT CPF Life payout age is now 70.

This is in the event you don’t get back to CPF before your 65th birthday.

I think this policy started (silently) in 2017.

I asked a financial planner if this assertion was right, and he said after checking with a colleague, “Yes”.

So if u want yr CPF Life payments to start at 65, tell CPF. Otherwise have to wait until 70: which will soon morph into 75 as I predicted.

As, I’m on the minimum sum and I’ll be checking to see if I have to give notice that I want my money from 65 onwards. Until I give CPF details of bank account where the money is to be paid into ,I know the money will be rolled over but now I want to know if I don’t give them bank account details before I’m 65, will the payments start only when I’m 70.

Not at it really matters, I’ve not withdrawn any of my CPF monies.

Btw, anyone knows what happens if someone “opts” for payment to begin at 70, but dies between 65-70: will the estate lose “everything” i.e. the amountrs not paid out? If so better start receiving money at 65.

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor.

 

 

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19 Responses to “Red alert! Achtung! Singaporeans approaching 65”

  • New Government Promises:

    If any potential new governments will promise to return any amounts deceived back to the people, no GST like Malaysia, I am sure a lot of people will be supportive of them.

    It’s the in-thing, current trend of governing, isn’t it?

    Majority wins, never mind the logic.

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  • pap clown and his S$m gang:

    we did not read the post because once heading sounds interesting we check author and since it is pap PA paid IB ci we stop reading.

    you know, with over a billion S$ abused by pap clown in pap PA, it is a wonder why 70% sheep gave the pap departed evil scum son clown prince mandate. WTF.

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  • N.Jungne:

    Ask Ms Chia Bo Yong

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  • LIONS:

    So another $cheme on the scheming.
    PAP gahmen are indeed a band of robbers.
    Que$tion is WHAT ARE THEY HIDING from us?

    Only if we have enough OPPO MPs can we get to the bottom of the matter.

    It is up to us to determine the fate of our CPF by making sure we vote for REAL CHECKS N BALANCE.

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  • oxygen:

    THE CPF IMPRISONMENT PAST 55 is in common law applications theft of private property.

    What difference if the payout begins at 70 or 75 when the member gone to TERN SUA before 65? Pay the departed by “”hell note burning” TELEGRAPHIC TRANSFER?

    CPF money must be pay out in full at 55, If anyone wants to put it back thereafter, it is his/her entitled funeral. Who cares?

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  • Malaysia boleh Singapore bodoh:

    CI just gave another compelling reason for regime change. Thank you.

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  • Python 5:

    next election.
    opposition must:

    1)contest all constituencies
    2)get disgruntled ex-PAP MPs to contest.
    3)all opposition parties bite on CPF and GST relentlessly.
    (remember, even civil servants have their CPF and GST concerns.)
    4)opposition parties may not fight under one banner, but at least fire in the same direction.

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  • Anon:

    Well, well, well, surprise of surprises! CI is coming of age and wondering what will happen to his CPF money; maybe there will be another change of policy to surprise him, so that his CPF Life becomes an ever receding horizon and he hasn’t stopped to wonder why this is happening. Maybe he should have paid more attention to what Roy was getting at.

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  • Greedy PAP Thieves:

    More CPF stealings.. PAP Hoodwinked wayang headlines,just like in the past, the devil’s in the details.
    By now, any daft would have guessed, people’s reserves squandered and emptied.
    The clown stealing tax monies for self glorification at the expense of poor dafts… hosting racist and dictator, yet feeling proud.
    The peace is only found in his own pockets, inflow only.

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  • Lye Khuen Way:

    The CPF Board do send out letters to those approaching their cohort drawdown age.
    For those borned in 1953, it’s their 64th Birthdays.

    There after, I believe it is 65.

    The sly way they put it, is to suggest that you could delay your drawdown and receive more per month.

    That applies to both Minimum Sum Scheme or those who opted for CPF Life.

    Those who instinctively do not want any delay might just chuck the letter and the forms aside.

    That’s where the devils come in.
    Tuck away in the middle of the FORM, is a line that tell you that if you didn’t indicate that you want to start your drawdown from age 64,or 65,the DEFAULT AGE is 70.

    Yes, Age 70.

    I happen to opt for the CPF Life and somehow my enhanced topup application had already stated I wanted my draw down to start from age 64.

    If unsure, call, write or better still go down personally to any of the CPF offices. Note that the Main CPF Board office is closed on Saturdays.

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  • cpfgone:

    That’s why old folks need to work until past 80 years old no retirement.

    Even no employer employ you personally must pick cardboards to sell.

    Really pity Singaporeans.

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  • oppo parties mocker CI:

    since you are always mocking the opposition parties of SG here and loves PAP so much you go and ask your loverboy LHL yourself lah.

    dont bother the tre cybernuts which is the way you refer to us.

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  • Taleban:

    Money in my pocket is better than money in other people’s pocket.

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  • Irene Vanessa Wan Si Hung:

    CPF building sold. AWW

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  • Shut up IB!:

    New Government Promises:
    If any potential new governments will promise to return any amounts deceived back to the people, no GST like Malaysia, I am sure a lot of people will be supportive of them.

    It’s the in-thing, current trend of governing, isn’t it?

    Majority wins, never mind the logic.

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  • Work till we drop:

    Singaporeans ‘come of age’ at 65yo…
    all other places coming of age is 21yo.
    hahaha…so cute

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  • Zhenzidan:

    oppo parties mocker CI:
    since you are always mocking the opposition parties of SG here and loves PAP so much you go and ask your loverboy LHL yourself lah.

    dont bother the tre cybernuts which is the way you refer to us.

    I was about to say that, but you beat me to it. never mind.

    Listen up here every TRE guy
    If you believe in this fucking CI
    Pigs and Elephants will start to fly
    Last week he was praising PAP sky high
    He and opposition supporters never see eye to eye
    Suddenly he now shows interests in this big CPF lie
    I am still wondering why? why? why?
    When Roy Ngerng was fighting tooth and nail to defy
    Later kena sued until money went dry
    Lost his job but still refused to cry
    And now moved to Taiwan to give another try
    Where his medical experience can hopefully apply
    And he has the spirit of a Samurai
    His guts and courage we can never deny
    But CI was all the while on standby
    Calling Roy “Looney Fringe” hoping he will die
    This shows the sheer hypocrisy of this CI
    Thinking that he’s an immortal floating in the sky
    Actually he had been lazing around in a pig sty
    When you greet him, just say KNNBCCBye!

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  • Cynical Investor:

    So Zhenzidan, oppo parties mocker CI and pap clown and his S$m gang according to u I’m lying about CPF Life and that if don’t opt in then will get money from 65. Why u so hate yr fellow cybernuts.

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  • Zhenzidan:

    Cynical Investor:
    So Zhenzidan, oppo parties mocker CI and pap clown and his S$m gang according to u I’m lying about CPF Life and that if don’t opt in then will get money from 65. Why u so hate yr fellow cybernuts.

    Am I writing in bombastic English that you cannot understand? When did I say you lie about CPF? The “big CPF lie” is referring to the broken promise of returning our CPF upon reaching 55. It was this big lie that Roy Ngerng was KPKBing all about until he got sued, and where were you? Giggling and sneering. Now you also want to question govt about your CPF? I thought you proudly proclaimed that PAP is doing the right thing, so why bother to question? Or have you suddenly come to your senses and like LKY said, repenting now? Hahaha….. Who’s laughing? Not me, but my cock….

    Pretending to support opposition is a stupid mistake
    No matter what amends you try to make
    Everyone can see that it’s fake
    Because they know you are a double-headed s*ake
    You’ve been sneering at opposition supporters without break
    PAP is like your lover that you cannot forsake
    You thought your “Cynical” comments are like earthquake
    Can rattle us and make the whole place shake
    I then start poem-fucking you until you cannot take
    Forcing you to step on the emergency brake
    After realizing you’ve fallen into a bottomless lake
    The poem-fucking will continue till your ass becomes like pancake
    Then you can shaft your ass with a garden rake
    This will help you to stay awake….

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