How AK saved 32.7% + 9% in Cold Storage supermarket?

Regular readers know that I have a big weakness for ice cream.

So, it should not be surprising that whenever I visit the supermarkets, I would go to the frozen food section and take a look at the tubs of yummy ice cream.

However, I never pay full price for ice cream in the supermarkets. Even as I give in to my weakness, I insist on having value for money. If it is not value for money, AK does not buy! 

OK, I feel better now. See how weak I am?

So, what is the "lobang" this time? This:

This is an ongoing special offer. This was taken at the branch in Bugis Junction. I don't know if the special offer is available at all the Cold Storage supermarkets in Singapore but if you have a weakness for ice cream like I have, this is a chance to buy "atas" ice cream on the cheap. The special offer ends tomorrow.

How did I pay for my purchase? 

1. $15 discounted CapitaMalls shopping vouchers! So, I save another 9.1% or $1.36.

2. I am a Passion Card member. So, I received some TapForMore points which are equivalent to about 13c for the $19.99 purchase.

3. I paid the balance of $4.99 using the NETS Flashpay function in my OCBC Frank Card. So, I save another 6% or about 30c. I also receive 6 chances to win a condominium in a lucky draw happening end of next year. Well, one could always hope, right?

Extra savings = $1.79. I know how some people would sniff at the savings but in terms of percentage, it is a big deal. Believe me when I say that savings do add up. To people who think what I am doing to save money is nonsense, sorry, but I cannot change. This is me.

I am losing the battle of the bulge to happiness in a tub!

Related posts:
1. CapitaMalls: Providing value for money deals.

2. High class ice cream without the high price.

Tea with EY: Questions for the CPF Board (Part 2)

Q:
For the Medisave balance in excess of the Medisave Minimum Sum (MMS), i.e.[MCC] $48,500 – [MSS]$43,500=$5,000, would CPF automatically transfer this amount to the member’s OA when he/she reaches 55 years old or would CPF allow the member to maintain his/her Medisave balance up to the MCC of $48,500?

A:

The balance above the latest Medisave Minimum Sum (MMS) in your Medisave Account (MA) at age 55 will not be automatically transferred to the OA.

If you are able to set aside your full Minimum Sum when you turn age 55, you may then apply to withdraw the remaining CPF savings from your OA, SA and any balance above the latest Medisave Minimum Sum (MMS) in your Medisave Account (MA). The MMS is adjusted each year in July.

Q:
To participate in the CPF LIFE Basic plan with the entire MS of $161,000 at 55 years old, what does the member need to do?

A:

When you join CPF LIFE, all your RA savings (except for new money that is paid into your Retirement Account after your drawdown age) will be used for your CPF LIFE plan.

We would like to share that for the CPF LIFE Basic plan, we will take the annuity premium from your Retirement Account (RA) in two instalments.

When you are 55 years old, we will deduct a small portion (about 10%) of your RA savings as the first instalment of your annuity premium. The rest of your RA savings will stay in your RA.

One to two months before your drawdown age (DDA), we will deduct a small portion (about 10%) of any new money that has built up in your RA between your 55th birthday and your DDA as the second instalment of your annuity premium.

When you reach your DDA, you will receive monthly payouts (paid from your RA) starting up until one month before you reach 90 years old. Once you reach 90 years old, you will continue to receive monthly payouts (paid from the annuity fund) for as long as you live.

Singapore citizens and permanent residents who are born in or after 1958 will be placed on CPF LIFE if they have at least $40,000 in their Retirement Account (RA) when they reach 55 or at least $60,000 when they are reaching their Draw Down Age (DDA). We will write to them one month after their 55^th birthday on their participation in CPF LIFE.

For more details under the CPF Life and its plans, you may refer to the CPF Life booklet for more information:

CPF LIFE Information Booklet

http://mycpf.cpf.gov.sg/NR/rdonlyres/09EA0C05-C8E9-4705-9D91-E8BD1D12CF1E/0/LIFEBrochure.pdf?NRMODE=Unpublished&wbc_purpose=Basic&WBCMODE=PresentationUnpublished

Q:
For a member who has participated in the CPF LIFE Basic plan based on the prevailing MS of $161,000 at 55 years old and subsequently, the MS is adjusted to say $200,000 by the time he/she reaches 65, would the member be able to ‘top up’ $39,000 by transferring the OA/SA balance into the RA account and use it to add to the CPF LIFE Basic plan?

A:
In general, the maximum amount that you can commit to CPF LIFE is the prevailing Minimum Sum which is revised yearly (i.e. $161,000 from 1 July 2015). To receive higher CPF Life payouts at your DDA, you can make top-ups into your RA after 55, up to the prevailing Minimum Sum when there is any upward revision in future.

A big "thank you" to EY for graciously allowing me to share some of the questions and answers here in my blog with all my readers.

Related post:
Tea with EY: Questions for the CPF Board (Part 1)