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This guy has 800K in his CPF. (AK responds to HWZ Forum.)

Wednesday, January 30, 2019

A reader pointed me to a thread in HWZ Forum which discussed about my CPF savings being more than $800K.

He wanted to clarify certain questions and comments made by some people there.

I am amazed that there are more than 10 pages of comments and I am even more amazed by some of the comments made.

There is plenty of ignorance in that thread.

There is also so much "jelly" that HWZ can start a dessert shop.

What about HWZ starting a grocery since there are plenty of grapes too but they are of the sour variety and might not sell well?

So, how like that?

Jin jelly or jin buay song my CPF?

If only people bother to find out the facts instead of reading fiction. 

Either way, we are spending time.

Want to spend time reading something useful or something useless?

If they did find out the facts, they would realise that the CPF is here to help ALL members to achieve a basic level of retirement funding adequacy.

A cornerstone in retirement funding.

Fortunately, there are also voices of reason in that forum and I am very happy for them.

Honestly, many rich people I know would like to park more of their money in their CPF accounts but they are not allowed to do so as the CPF is not a system created to make the rich richer.

Unfortunately, often, people who should be making use of the CPF system more in order to retire more comfortably are the ones keeping their distance.

Purpose of the CPF is to make the rich richer?

Complaining is not going to help us understand the system.

Complaining is not going to make the system work for us.

Instead, find out more about the system and see how it could possibly work to our advantage.

It is really about helping the system to help ourselves.

HWZ Forum says:

Is AK really blogging about his CPF savings to show off and because he has no life?

I blur.

I don't know why some people are laughing at my CPF savings.

Really, I blur.

However, I know I am laughing because I have my CPF savings.

The CPF will help us secure a measure of retirement funding adequacy because we will retire with

1. an investment grade bond (excess beyond prevailing Full Retirement Sum can be withdrawn at age 55)


2. a lifelong annuity (CPF Life) that pays us monthly from age 65.

I blog about the CPF and my journey with CPF extensively.

If anyone is willing to put in the effort to read, they will find the answers here.

Of course, I understand that it requires less effort and it is probably more thrilling to take potshots and in the dark too.

I hope for the sake of these thrill seekers that they are not throwing boomerangs at me.

Related post:
My 2018 CPF savings.


laurence said...

AK is so rich and so famous.
So good.

AK71 said...

Hi Laurence,

I am rather partial to fortune but not fame. ;)

AK71 said...

Aihar Chua says...
AK 万岁. Most of us who eavesdrop on u all the time will retire with 1M in CPF. But I can only achieve it at 55. So no early retirement

Tony Yeo says...
For those that understand, no further explanation is required. For those that don’t, no amount of explanation is sufficient. So the only choice left of us is to choose whether we want to understand or not. 😂

Wong Yixiang says...
I guess not everyone will celebrate our success. 😢
When these people tap out at MRT station, they’ll probably look at the balances of the person in front of them and go, “Wow, he has more money in his Ez-Link card than me. I’m so jealous!” 😬

Jackson Yang says...
I just made the quick projection for mine one include scenario of yearly cash top up into SA and no pay increment for the rest of my working life.
I estimate myself to have 800k in cpf too by the time i reach age 55.

Hau Yao Wen says...
Ignore. We are not here to save the world. You showed the way and people have to help themselves

AK71 said...

Yew YH says...
Hey AK can you post the original link to HWZ thread?

Jack James says...
Please provide the HWZ link . Thanks

AK says...

AK71 said...

Henry Leow says...
Hi AK, I am one who benefits from your blog.
I transferred some OA to SA few yrs back and now SA was above the minimum sum.
Apparently, I has attempted to transfer more OA to SA but was rejected, hence can I confirm that the other only way is to VC or employer's contribution to our CPF so to increase our SA.
Heart pain to see OA not earning the 4.5%... 🤔

AK71 said...

To everyone who is on Jalan CPF like me, we jalan jalan now and later we will makan for free. Huat ah!  

Darren said...

hi AK,

just keep posting to your own vision

blazingruby60 said...

hi AK
I have been a homemaker for 23 years and all the while didnt contribute to my OA but after reading your blog i decide to do VC and also make my husband top up my RA upon reaching 55. Of course i am delighted to see the interest credited past 2 years. If you have not written on this blog i would still do nothing about topping up and earning the interest from government.
Will continue to do so as long as possible.
thank you for the shoutout..

hynyosan said...

Hi AK,
Try to sit back and laugh at those who are jealous. Hope you are not affected (by just few) and continue to be what you are. I had benefited by your blog for sure. Thank you.

AK71 said...

Hi Darren,

I intend to do just that. Thank you. :)

AK71 said...

Hi Ruby,

I am never one to reject good help as I am a lazy fellow. ;p

Why reject government's offer to help fund our retirement with 4% to 6% interest per annum? :)

Happy for you. :D

You have a good husband. ;)

AK71 said...

Hi Unknown,

Some people are just not shy to show off their ignorance.

Well, I am not shy to show off my CPF numbers. ;p

AK71 said...

Hi Hynyosan,

I am happy for you. :)

I will say that I am sometimes surprised by the things people say about me especially when they are people who hardly if ever read my blog.

Good luck to them. ;)

xonia said...

Hi AK, one question. Eg , one reaches 55 yr old. Has $100k in OA , $275K in SA , $55k in MA. Meaning he can withdraw all $100k from OA and $100K from SA, leaving $175K in SA which goes to his RA as FRS. correct? Assume other status quo. Thanks

xonia said...

Hi AK, one question. If one reaches 55, has $100K in OA, $275K in SA and $55K in MA. Meaning he can withdraw all $100K from OA, $100K from SA? Leaving behind $175K in SA as FRS so as to transfer to RA? Thanks

AK71 said...

Hi xonia,

Basically, at age 55, we have to set aside the prevailing FRS which goes into a newly created Retirement Account (RA).

We have to maintain the BHS in our CPF-MA.

Anything in excess of these can be withdrawn in full then.

AK71 said...

Jieren Azrael Zheng says...
Aiya, you see a lot complaining on why cannot. They never asked themselves why they can. I see many people cannot even be bothered to prepare a simple spreadsheet for their finances and calculate CPF

Jimmy Ng Jieren says...
Azrael Zheng that group will say "why must calculate ? where got time" then cones when they're out of cash they'll say "why stupid Govt never take care of us, jiak liao bee"

AK says...
jin cham lor liddat -.-"

Any said...

From CPF website : "After setting aside your Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge, you can choose to withdraw the remaining CPF balances (excluding top-up monies, government grants, and interest earned in your Retirement Account), or continue to keep your savings in CPF to earn attractive interest." Based on this statement, one cannot withdraw monies used for top-ups. So it may not be as simple as "we can withdraw everything in excess of FRS" at age 55. Take the example of a person who has a low OA amount due to paying off housing loans while his SA is mainly made up of top up monies and interest rather than from "earned income". In such an example, the excess over FRS would likely be made up mostly of topped up SA monies. In this instance, I'm not sure one can really withdraw everything in excess of the FRS. I do stand corrected as I haven't reach 55 yet and did not attend any CPF seminars on such matters. AK wants to clarify this?

AK71 said...

Hi Any,

I am pretty sure I am right but, of course, it is best for you to clear your doubts by asking CPFB. :)

AK71 said...

Reader says...
AK, I want to show my friend your $1m CPF meme but the link is gone. Send it to me ok?

AK says...
Sure. Hope you song song gao Jurong. ;p

SnOOpy168 said...

My guess is the AK's new CPF statement will be almost $920-930k in total.

Wondering what will the reactions be this time, after we post a screen shot update of AK 2020 revelation of the CPF balance.
Labelled as Fake News ? Hheheeh. Who cares let. but seems that the fear of not seeing the CPFLife Payout at 65 and the potential change of government (if a freak election takes place), were hurdles for those nay sayer. No thanks to the recent spade of 1/2 truths news out there.

Anyway, CPF is one of the sources of income lah. I still got my newly minted TDVL to ek out a humble living if need be.

AK71 said...

Hi SnOOpy168,

Visiting forums is probably a waste of time.

It is probably not very good for my mental health too.

If readers bring something to my attention, however, I might respond.

If I am not in the mood, then, I might just shrug it off.

I am getting lazier and lazier. :P

There are truths, half truths, misinformation and outright lies in forums.

So, to those who visit, tread carefully. ;)

Congratulations on your TDVL.

It is a good fallback to have. :)

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