As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

Click to email CW8888 or Email ID : jacobng1@gmail.com



Welcome to Ministry of Wealth!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

It is here where I share with you how I did it! FREE Education in stock market wisdom.

Think Investing as Tug of War - Read more? Click and scroll down



Important Notice and Attention: If you are looking for such ideas; here is the wrong blog to visit.

Value Investing
Dividend/Income Investing
Technical Analysis and Charting
Stock Tips

Friday, 31 May 2019

CPF OA After 55 Is A Financial Proof Of Ready Cash


Uncle8888 learnt something new when he became one of the two sureties for an overseas scholarship as retiree without IRAS assessment statement. 

He was told that he still qualified as surety by submitting his CPF OA statement as financial proof of cash.

CPF OA after 55 is power!

Quickly go and top up CPF before 55!





12 comments:

  1. Hmmm.... too late for old goats like us.

    U did before 55?

    I can only top up by using CPFIS judiciously even when working-"MONEY NOT ENOUGH LAH".

    ReplyDelete
  2. Wah!

    There U go "pit chia Lobang", never top up OA yet OA alone reaches $1000,000.00?

    Must be high earner or very good with your CPFIS or both.

    ReplyDelete
    Replies
    1. During my time; there was cap for CPF mandatory contribution at $5K per month so it didn't matter how much we earn after hitting $5K limit.

      Delete
  3. So 60,000 per year for OA.

    So just 18 or 19+ years, OA already $1,000,000.00 easily.

    Why take so much risk in stock market leh
    😀

    ReplyDelete
  4. Uncle 8888 time should be CPF contribution rate is 50% compared to 37%. Many many

    ReplyDelete
  5. 50% contribution rates only for a few years. 40% rates slightly longer but also didn't last long.

    And Uncle8888's salary during those years wouldn't be that high (plus the $5K monthly salary cap & also total annual contribution cap). ;)

    During AFC & for many years after, the monthly salary cap subject to CPF was further reduced to $4K -- to allow punch drunk Sinkie workers to take more salary home LOL. And let companies pay less CPF. Not that that many Sinkies were earning > $4K those days.

    The relatively higher interest rates till the late-1990s helped though! :) But of course you have to take higher inflation --- that's why interest rates high mah! Those born after 1980 have NO IDEA what real inflation feels like LOL! Most of today's startups & app companies wouldn't be able to survive in those years.

    Actually no secret to 1M55 --- earn at least today's median salary, make sure no retrenchment or firing for 30 years, buy BTO in non-mature estate, don't upgrade (or buy extra) property.

    No need to top up CPF! ;)

    ReplyDelete
    Replies
    1. Ah.. uncle spur also should be near uncle 8888 age.

      Hmm not those who is near/or adult hood in 1980s?

      Delete
    2. Real "pit chia Lobang" from Spur to beat 1M65! Ha ha!

      Actually no secret to 1M55 --- earn at least today's median salary, make sure no retrenchment or firing for 30 years, buy BTO in non-mature estate, don't upgrade (or buy extra) property.

      Delete
    3. In today environment, it really hard not to get retrenchment for 30 years especially if U are in the private sector.
      Even if your office politics is A.

      Delete
    4. Whole department or division retrenched. A grader office politicians also no use.

      Delete

Related Posts with Thumbnails