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Monday, 16 June 2008

How is much is needed in 2008 to drawdown at 64?

The CPF Board said the new CPF Minimum Sum will be S$106,000 – up from S$99,600 currently. CPF Members who set aside this amount will get a monthly payout of S$910 from age 64 for about 20 years

I think probably the CPF Minimum Sum is just sufficient for one to live simply from age 64 for about 20 years without other income. To live a better quality of life, one could use 1.x factor times S$106K to determine the estimated nett worth one should accumulate in 2008 to start drawdown at 64. I believe CPF is assuming one will retire at 62.

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