Does CPF expect me to die in three months therefore I don’t need money for expenses?

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CPF is our life time savings for retirement. It is our money saved with CPF. I was asked to retire at age 55 and lived in retirement for 15 years already.

I am now a 70-year-old senior citizen. Luckily my HDB flat loan was full paid off.

CPF recently send me a letter to inform me that my Retirement Account (RA) balance was S$646.86 and with my monthly payout of S$250 from my RA, the last estimated payout will be in May 2019.

On 31/12/2018 my total amount across my CPF was S$67,562.78, which means CPF is keeping S$66,665.92 of my savings in my CPF money away from me for Ordinary Account (OA), Special Account (SA) and Medisave Account(MA).

Why keep so much of life saving money saved in my CPF account away from a 70-year-old healthy senior citizen? Is my lifetime money reserved for OA, SA and MA account more important than my money for retirement expenses?

Does CPF expect me to die in three months therefore I don’t need money for expenses?

 

Michael Toh

 

 

* Letter first appeared on Redwire.

 

 

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23 Responses to “Does CPF expect me to die in three months therefore I don’t need money for expenses?”

  • Only choice left, VTO:

    VTO if you want your money.
    No other choice folks.
    These miws are too far gone into their own ivory tower worlds to care.
    So do the right thing and give the best alternative parties a chance.
    We have nothing to lose.
    May God Save Our SG from PAP’s grip!

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  • oxygen:

    THIS DEBACLE WON’T HAPPEN DOWN UNDER – here is the reason.

    Who can access their super early?

    To get your super released early you must meet 1 of these eligibility requirements:

    be in severe financial hardship
    have a terminal illness
    be a temporary resident
    have less than $200 in your super fund
    meet compassionate grounds.

    https://www.humanservices.gov.au/individuals/services/centrelink/early-release-superannuation/who-can-access-their-super-early

    I GOT MOST OF MINE OUT BEFORE MY RETIREMENT AGE OF 55.

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  • Sperm:

    To a high income earner, this amount is nothing.

    Employees CPF is not 20% of income.
    It is 20% of upto about the first 5k of employee salary.

    It’s huge part of a Low income earner but negligible to high income earners eg 100k a month . I not saying people like Gan Boh Yong and Joseph Teo Bai Bai.

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  • KNN:

    I’m against most PAP policies & actions. But sorry, this guy’s figures & the photo of 2 letters just shows too much discrepancies.

    The alleged RA of $646 doesn’t match the 2nd letter at all. If the 2nd letter really belongs to him, he will be able to withdraw the OA of $8.8K and SA of $7.7K no questions asked.

    This will be similar to what my uncle & aunty did.

    In this case the 2nd letter seems to belong to another person.

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  • PC Ong:

    Aiyoh Uncle, you really blur and got your facts wrong. Now you 70 years old already, CPF will give you money every money from your Minimum Sum put aside, when your $646 in RA finish. Simple as that. Don’t anyhow accuse our govt when there is no problem here at all.

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  • LIONS:

    they oredy said: YOU DIE YOUR BUSINESS.
    COLLECTING MORE $$$ from you is ‘OUR’ BUSINE$$!

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  • UniQ:

    Thread Starter,

    That is the MERDEKA GENERATION PACKAGE FOR YOU !!!!

    WHAT A BIG F%#& UP ????

    LoLoLoL !!!

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  • rukidding:

    I believe that there are many cases like Micheal’s.

    I have also reveal many times before about my fren’s case of being diagnosed with Gastric Cancer and also a Kidney Transplant patient.

    I have also told many here that ,even SGH doctor “help” wrote and support his “early withdrawal” of cpf based on Medical grounds. ( Means sure de case )

    Lo and behold,….Cpf did release his OA but still “held back” his retirement and 30% of his Medisave.

    He is only 57 years oldm,,,,so “no retirement min sum” every month.

    Here is the SAD part,…he did not die…and his medicine still cost him $1,000 er month….cannot and not allowed to use his rmaining $70k for his medical /monthly medicine by Cpf.

    Lan, lan,…he has to “beg, borrow” for $$$ from his frens and relatives to support his monthly medical and medicines consumption….when the “IRONY” is ..HE STLL HAS $70K “lock inside his Retirement and Medisave” which he cannot “TOUCH” ?

    So,…my dear PC Ong,…if you DO NOT KNOW ACTUAL GROUND SITUATION,..please do not talk nonsense to blindly support this Pap Government.

    Honestly,…I pray that you can “Fall critically sick” ( though its bad),…but its BEST that YOU, YOURSELF BECOME THE “Victim aka sick person”…then come back and tell us all that we were wrong !!! ( asshole ,cock sucker )

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  • SomeComfortForUncle:

    Respect, people.
    70yo uncle is reaching out for help in a way, and some are being not so nice in their replies.
    He is not the enemy here.
    So be nice, huh? Cheers!

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  • True facts:

    They said you can live until 100 yrs that’s why keep for u.

    Lol.

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  • Perspective:

    Uncle, at 70, you should have been able to withdraw the lump sum from your OA after 55, unless you voluntarily leave it there with CPF. Please correct me if I am wrong, anyone?

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  • oxygen:

    @ KNN

    I AM NOT TAKING A STANCE that Michael Toh is correct or otherwise BUT I NOTICED PARTICULARLY his complaint below is quite specific of his claims.

    Michael Toh :CPF recently send me a letter to inform me that my Retirement Account (RA) balance was S$646.86 and with my monthly payout of S$250 from my RA, the last estimated payout will be in May 2019.

    If you read CAREFULLY, he claims, at least, in confidence that

    - his RA was $646.86
    - his monthly payout of $250
    - his last estimated payout will be in May 2019 and
    - HE RECEIVED A LETTER FROM CPF BOARD ASSERTING THOSE CLAIMS illuminated above.

    I believe a reasonable mind will conclude that his RA $646.86 is specific to decimal place and thus cannot be made up of thin air which he can’t deny later is false and which CPFB can easily refute or deny or contradict of amount (meaning that it is $646.68 instead of $646.86 perhaps or even just $46.86 if that was in reality of case information). THERE ARE OTHER SPECIFIC AMOUNTS STATED in Michael Loh’s complaint which is checkable from CPFB records.

    KNN: The alleged RA of $646 doesn’t match the 2nd letter at all. If the 2nd letter really belongs to him, he will be able to withdraw the OA of $8.8K and SA of $7.7K no questions asked.

    I AM CURIOUS WHY CPFB HAVE NOT COME OUT TO REFUTE MR. MICHAEL TOH’s CLAIMS.

    This begs the next obvious question – did Mr. Michael Toh got himself thoroughly confused?

    He claims he received a letter from CPFB – this is BINARY of certainty – either yes or no. Michael Toh would be stupid to make such a wild claim, if he can’t produce that alleged letter if asked upon to substantiate. There is no maybe “yes” or “no”. He claim of having received such a letter is BOTH CONCLUSIVE AND EXHAUSTIVE.

    Lets see if

    - CPFB comes out to refute the claims of Mr. Michael Toh’s letter sent from its office and the contents alleged therein.

    SILENCE IS NOT ACCEPTABLE TO MR. MICHAEL TOH and all CPF members if it is true – public interest is involved here.

    There are so many rules changes, who really knows what is reality of facts now?

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  • pap clown and wife the losers:

    KNN:
    I’m against most PAP policies & actions. But sorry, this guy’s figures & the photo of 2 letters just shows too much discrepancies.

    The alleged RA of $646 doesn’t match the 2nd letter at all. If the 2nd letter really belongs to him, he will be able to withdraw the OA of $8.8K and SA of $7.7K no questions asked.

    This will be similar to what my uncle & aunty did.

    In this case the 2nd letter seems to belong to another person.

    bro, you are correct about the 7k in OA and 8k in SA.

    we think writer is thinking of the S$50k in MediSave which he can’t touch and probably shall outlast his life.

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  • Mr Loh, don't u know:

    Mr Michael, don’t u know that PAP MP after serving for a couple of terms can retired with a fat pension while all lowly civil servants n normal poor dirty public transport commuting n patroning the filthy, hot dirty food not worth the $2-3 they paid at the wet market food centre unlike the aircond, served food the multimillionaires minister Hum Ka Chan Stupidly Sin consumed at well worth the $10 a plate of chaitowkweit. Don’t u know the monisters, senior ministers off state n ministers of state all get humongous pension befitting their billionaire status but peanuts to Mrs Seat Warmers when she consider the Kidney Foundation Corruption involving such peanut sum as she opined after serving a couple of terms. So what the shit they care about your retirement. CPF needs to be held back because lky has left his legacy message that Singapore r so daft n will be so easily manipulated n cheated as he has witnessed for the number of years he has been in SIN politics.
    So the Pimps And Prostitutes know best how to manage your money even by negative investment as has been publicly applauded with millions bonus which PAPplp political mmillionaires pensioner minister n the aspiring partner of the lp-favored seat warming PM DPM couple n the highly priced princely slap honored minister/bank chairman/state company/institutions director/chairman/millions pensioner wouldn’t be able so easily forgotten screwed by the big benefactor lp for the bonus saga?
    So Mr Loh, u want your cpf. u have to get rid the mites like you would have gotten them such off n knocked out by your UV mites ridder. To put it plainly as Mahathir trying to nail Najib has said you cannot nailed unless you vote them out n get rid of all the plps, brownnosers, Gfartworms to really put what they have done under the bright lights.

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  • HarderTruths:

    Who did you vote for?

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  • Perspective:

    Mr. Toh, you could go to CPF Board with your I/C and tell them you would like to cash out your OA. See what they tell you. Then, let the readers here know the outcome. For your age group, I think you should be able to get your money @55 yrs old under the old scheme.

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  • oxygen:

    @ Perspective

    GREAT IDEA there! If refused of cash payment, then write next to Finance Minister HSK to ask for HIS elaboration and explanation. And then keep us informed.

    Public interest is at stake here.

    Perspective: Mr. Toh, you could go to CPF Board with your I/C and tell them you would like to cash out your OA. See what they tell you. Then, let the readers here know the outcome. For your age group, I think you should be able to get your money @55 yrs old under the old scheme.

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  • You Die Your Own Business:

    They are only worried that you might live longer,
    so cut you off in advance.

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  • Write To TRE More Effective:

    oxygen:
    @ Perspective

    GREAT IDEA there! If refused of cash payment, then write next to Finance Minister HSK to ask for HIS elaboration and explanation. And then keep us informed.

    Public interest is at stake here.

    You write here write there is a waste of your own time.
    Why would they bother about you if they are guaranteed to govern?
    You want them to act, reduce their numbers to a minority or kick them out altogether.

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  • oxygen:

    @ Write To TRE More Effective

    HAVE YOU HEARD OF THIS CHINESE WISDOM SAYING – tar chow, yin ser. In translation, to kill the s*ake, you must first lure it out of hiding by beating the grass.

    At minimum you know their precise point/angle of vulnerability when the political contest comes around. The diabolical self-entrapment of HDB/CPF nexus of asset enhancement scam is one example.

    Write To TRE More Effective: You write here write there is a waste of your own time.
    Why would they bother about you if they are guaranteed to govern?
    You want them to act, reduce their numbers to a minority or kick them out altogether.

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  • pay back immediately on demand:

    //Aiyoh Uncle, you really blur and got your facts wrong. Now you 70 years old already, CPF will give you money every money from your Minimum Sum put aside, when your $646 in RA finish.//

    aiyoh. ah ong. got people so blur with what rightfully belongs to them meh ? own cpf money means pay back immediately on demand lar – what ‘give you’ lar ? you make it sound like cpf board is ‘giving you’ free ? somemore tok about fact lar ?

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  • nihon:

    70 year old, no more money.

    pity. got one white scum, bg tan will say you need to exercise by collecting cardboards.

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  • No Pain No Change:

    Perspective:
    Uncle, at 70, you should have been able to withdraw the lump sum from your OA after 55, unless you voluntarily leave it there with CPF. Please correct me if I am wrong, anyone?

    Not that simple, can take out only if you have enough money to set aside the various “for your own good” ransoms… or should it be “for their own good”?

    If you can do that, most likely you are fairly rich, like their kind and don’t really belong here because you don’t feel the pain.

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