I was approached by one of my client to do some calculation on the difference between CPF Life, MSS and Annuity. She is currently 57 yrs old and wants me to use $100,000 as a basis for comparison.
Assumptions
1) Mrs X – Female (16th Aug 1953)
2) Has exactly $100,000 when she was 55 yrs old in her Retirement Account
3) With interest of 4%p.a, she probably have around $108,160 in her Retirement Account now
4) Property Annual Value – $6k to $11k / Annual Income – $24k to $54k (for calculation of bonuses given for taking up CPF Life before end Dec 10)
5) Assuming house are not used as pledge at 55 yrs old
6) Will withdraw the money at age 64 (DDA – Draw Down Age)
How much will she get per month?
==> Under her current MSS, she will $858 at age 64 for about 20 years
==> ......