Read? Turning 55 - and enjoying financial freedom (7)
Read? 1M65 CPF OA Possible Or Not???
Counting interests no stress unlike collecting dividends as Panadols when sitting on paper losses.
Uncle8888 has already withdrawn $23K from CPF SA and CPF OA in Dec 2017
CPF OA = $21,478 + $3,267 = $24,745
CPF SA = $1,522 + $139 = $1,661
CPF MA = $2,145
CPF RA = $7,556
Total = $36K or $3K per month
Since there is no more mandatory CPF contributions after his retirement from full-time job as employee and he still says NO to voluntary CPF top up to all 3 CPF accounts.
Currently; he only contributes to CPF MA as self-employed for his 8 HWW + XX Hours Variable WW so that he will qualify for Workfare as low income worker. This is money from Government and not
This is how he accumulates $1M in CPF OA!
Posts
Hoho ... my test comment succeeded ... been having disappearing comments for past few weeks :P
ReplyDeleteAnyway good job Uncle8888!!! :)
Oh ... I learnt something new ... interest from RA can also be withdrawn.
I'm guessing this only applies to those on MSS and not those on CPFLife??
RA can't withdraw. Only SA and MA if exceeds BHS
ReplyDeleteOoops my bad ... read wrongly ... tot u withdraw total $36K.
DeleteFor a min there tot ah gong became so generous hahaha!!
hmmm you know wat?
From your retirement funds, many people may be better off focusing on their jobs, skills & income/sales-generating abilities AND savings, rather than on investing / trading!! LOL!!!
Problem is this requires a stable job or industry, at least median income or higher, no splurging on property, using cash to service mortgage and/or topping up CPF... But nowadays people want to FI before 40 and not at 55 or 60 hoho!!
Off-topic: Buffett confirmed to have won bet against active-investing hedge funds.
Good job on him to also more than double the cash pot for charity to USD2.2M
what is this WW and Workfare stuff?
ReplyDeleteWW : Work Week
DeleteRead? Workfare
This comment has been removed by the author.
ReplyDeleteHi Uncle CW8888,
ReplyDeleteCongrats !!🥂🥂👏👏 Guess this is one of the more stable and consistent cash flow from your ‘3 taps system’....
Cheers !!! :)
We need decades to see the effect of 2.5% CAGR
DeleteHi Uncle CW,
ReplyDeleteHuat ah! Power! But nowaday all use CPF to pay house. Even mandatory contribution also doesn't have much compounding effect already.
Even you have uses CPF to pay house. Your CPF OA is compounding at 2.5% CAGR in your retained interests in property value of your house when you sell it before 55 as payback to CPF OA as Accrued interests unless your SA has exceeded FRS.
ReplyDeleteIn another word; you still have that compounding CPF OA interests effect.
Uncle, hv u tried to go CPFB and withdraw interest earned in SA for Dec 17 ?
ReplyDeleteDon't think I will try this year to test the training received by CPF counter staff. :-)
DeleteJust withdraw $139 interests in SA should not be an issue as it would not hit the principal in SA and OA.
DeleteOMG....to achieve S$1Mil in CPF OA! Uncle Wealth88888....you are amazing! Steady man! Salute! If I can reach one third of it I already very happy liao.
ReplyDelete