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02-08-2014, 11:00 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
Went into the CPF site to take a look on both the plan of CPF LIFE
Just off the cuff calculation, wouldn't it be better to go for the LIFE Basic Plan since the bequest is much higher and the payout is only at most S$100plus difference with 100X12 = S$1,200/year more than the Life Standard?.
Or is the calculation wrong.
Assuming the RA is at 155k (The current Minimum Sum is $155,000 (from 1 July 2014 to 30 June 2015))
God knows what figure they are going to come out next 5 years from now.
• Retirement Account Balance : $155,000.00
Based on your inputs above,
• You are not eligible for L-Bonus.
• Your preferred plan type is the LIFE Basic Plan.
Plan LIFE Standard LIFE Basic
Monthly payout from 65 $1,201 - $1,330 $1,102 - $1,223
Bequest at age 65 $185,590 - $190,482 $223,556 - $234,410
Bequest at age 75 $41,374 - $43,698 $162,039 - $172,007
Bequest at age 85 $0 $73,571 - $77,843
Bequest at age 95 $0 $0
Plan LIFE Standard LIFE Basic
Monthly payout from 65 $1,201 - $1,330 $1,102 - $1,223
Bequest at age 65 $185,590 - $190,482 $223,556 - $234,410
Bequest at age 75 $41,374 - $43,698 $162,039 - $172,007
Bequest at age 85 $0 $73,571 - $77,843
Bequest at age 95 $0 $0
1. The monthly payouts are based on the estimated amount that you set aside in your Retirement Account (RA) and the L-Bonus that you are estimated to be eligible for. The payout range is based on interest rates of between 3.75% and 4.25% and does not represent the lower and upper limits of the payout. The monthly payout may be adjusted every year to take into account factors such as CPF interest rate and mortality experience.
2. The bequest amount includes the estimated Retirement Account (RA) balance and annuity premium paid less annuity payouts that have been made under the plan. The estimated bequest amounts do not represent the upper and lower limits of the bequest amounts of the various plans. The interest assumptions used in above computations vary between 3.75% and 4.25%.
The results shown do not constitute financial advice. Depending on your retirement needs and personal financial situation, do exercise prudence when choosing your LIFE plan.
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?187104-CPF-LIFE-Standard-and-CPF-LIFE-Basic-Payout&goto=newpost).
Went into the CPF site to take a look on both the plan of CPF LIFE
Just off the cuff calculation, wouldn't it be better to go for the LIFE Basic Plan since the bequest is much higher and the payout is only at most S$100plus difference with 100X12 = S$1,200/year more than the Life Standard?.
Or is the calculation wrong.
Assuming the RA is at 155k (The current Minimum Sum is $155,000 (from 1 July 2014 to 30 June 2015))
God knows what figure they are going to come out next 5 years from now.
• Retirement Account Balance : $155,000.00
Based on your inputs above,
• You are not eligible for L-Bonus.
• Your preferred plan type is the LIFE Basic Plan.
Plan LIFE Standard LIFE Basic
Monthly payout from 65 $1,201 - $1,330 $1,102 - $1,223
Bequest at age 65 $185,590 - $190,482 $223,556 - $234,410
Bequest at age 75 $41,374 - $43,698 $162,039 - $172,007
Bequest at age 85 $0 $73,571 - $77,843
Bequest at age 95 $0 $0
Plan LIFE Standard LIFE Basic
Monthly payout from 65 $1,201 - $1,330 $1,102 - $1,223
Bequest at age 65 $185,590 - $190,482 $223,556 - $234,410
Bequest at age 75 $41,374 - $43,698 $162,039 - $172,007
Bequest at age 85 $0 $73,571 - $77,843
Bequest at age 95 $0 $0
1. The monthly payouts are based on the estimated amount that you set aside in your Retirement Account (RA) and the L-Bonus that you are estimated to be eligible for. The payout range is based on interest rates of between 3.75% and 4.25% and does not represent the lower and upper limits of the payout. The monthly payout may be adjusted every year to take into account factors such as CPF interest rate and mortality experience.
2. The bequest amount includes the estimated Retirement Account (RA) balance and annuity premium paid less annuity payouts that have been made under the plan. The estimated bequest amounts do not represent the upper and lower limits of the bequest amounts of the various plans. The interest assumptions used in above computations vary between 3.75% and 4.25%.
The results shown do not constitute financial advice. Depending on your retirement needs and personal financial situation, do exercise prudence when choosing your LIFE plan.
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?187104-CPF-LIFE-Standard-and-CPF-LIFE-Basic-Payout&goto=newpost).