One of the most time consuming task I have to do for comprehensive financial planning is often related to the allocation of limited resources. Under comprehensive financial planning, there are a number of conflicting needs namely retirement planning, children’s education and property purchases. For example, if one would to overcommit to a large property, it may jeopardise one’s retirement as … [Read more...]
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CPF: How to Accumulate $1m in your CPF by 57?
I read online that there are people who wants to achieve $1M in their CPF by 65 years old. However, I found that it is possible to do so by 57 WITHOUT even attempting to top-up extra money in CPF. Before I show you the calculation, it is necessary to understand some CPF jargons and limits. The following definitions were copied from CPF website: CPF Annual Limit The maximum amount of CPF … [Read more...]
Young & old Integrated Shield Plans policyholders likely to pay part of its premiums in cash
The government dropped a bomb shell that both young and older policyholders of Integrated Shield Plans are likely to pay part of its premium in cash. This was according to the newspaper report on 13 March 2015 (“More Clarity on private health plan premiums” Straits Times) which I copy and paste and underline the relevant part: The premium for the MediShield Life portion of their IP can be paid in … [Read more...]
CPF Changes 2015 & CPF Life Changes Part II – timeline and other calculations
CPF is undergoing major renovation. Many clients asked me about it and I also noticed a surge in google searches. I wrote a very long commentary on Analysis of CPF Changes 2015 & my very long commentary but apparently I have to write some more! For those who wants to know when the changes are going to be effect, the bad news is that the changes are not going to happen at the same time … [Read more...]
Analysis of CPF Changes 2015 & my very long commentary
Recently, it was announced that there will be CPF changes. The CPF Advisory Panel has made a number of recommendations. The recommendations are in 10 separate documents! To help my readers figured out what is happening, I have combined all the 10 reports into a single document. All page number mentioned in this article refers to the PDF page number of the combined document. So when I say page 11 … [Read more...]
Medishield Life: Govt given power to access people’s income without consent
It was announced on 19 January 2015 that the government will be given the power to access people’s income without their consent so as to determine the level of subsidy for Medishield Life’s premiums. At the same time, similar power will be given to the government to access hospital records of all Singaporeans and Permanent Residents. This is because there will be a 30% premium loading for 10 years … [Read more...]
CPF Member & witnesses’ NRIC required for CPF Nomination
With effect from August 2014, CPF Board requires the copy of the CPF Member’s and the witnesses NRICs. Previously this was not the requirement. The following were the instructions on the CPF Nomination form before the change: This form may take you 10 minutes to complete. Please read the instructions carefully on CPF nomination before completing the form. You must be 16 years old and … [Read more...]
51 things you can do with your Medisave
With effect from 1 April 2015, up to $200 a year of Medisave can be used for elderly patients aged 65 and above for outpatient treatments at: Specialist Outpatient Clinics in the public hospitals and national specialty centres; Polyclinics; and Medical GP clinics participating in the Community Health Assist Scheme (CHAS). The Medisave used can be from the patient’s own account or the … [Read more...]
New CPF Contribution Rates wef 1 January 2015 worst off for self-employed
With effect from 1 January 2015, the CPF contribution rates will increase. The following table is meant for employees who are Singapore Citizens, Singapore Permanent Residents in their 3rd year onwards and with wages above $750. The table does not apply for the Ordinary Wage in excess of $5000. As it can be seen above, the employee enjoys a real wage increase because the Employer's … [Read more...]
Regulation of CPF nominations not feasible
There was a case in which a man nominated his entire CPF to his ‘goddaughter’. Although his widowed wife tried hard to contest the nomination, she failed and incurred legal costs equivalent to the amount of CPF money the man had! Someone wrote to the Straits Times suggesting that CPF Board regulate the distribution of CPF. I decided to write to the Straits Time forum: I AGREE with Mr Liew … [Read more...]
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