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Retiring PR

Relocating, travelling or planning to make Singapore home? Discuss the criterias, passes or visa that is required.
CashewNut
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Retiring PR

Postby CashewNut » Tue, 01 Aug 2017 8:01 am

Looking into the future, if you are a PR and approaching retirement age, and you had obtained PR under the employee scheme, what happens to PR status on retirement? Will they not renew on the basis you don't have a job?

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ecureilx
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Re: Retiring PR

Postby ecureilx » Tue, 01 Aug 2017 8:48 am

CashewNut wrote:Looking into the future, if you are a PR and approaching retirement age, and you had obtained PR under the employee scheme, what happens to PR status on retirement? Will they not renew on the basis you don't have a job?


going by pre-2005, they used to renew

Post 2005 or so, they don't

I did mention a couple of personal experiences, about guys who been in Singapore for more than 30 years, when it came to renewal of REP, the simple reply from ICA - NOPE. BYE.

These are guys who had no family or any connection to SG, btw.

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PNGMK
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Re: Retiring PR

Postby PNGMK » Tue, 01 Aug 2017 8:53 am

ecureilx wrote:
CashewNut wrote:Looking into the future, if you are a PR and approaching retirement age, and you had obtained PR under the employee scheme, what happens to PR status on retirement? Will they not renew on the basis you don't have a job?


going by pre-2005, they used to renew

Post 2005 or so, they don't

I did mention a couple of personal experiences, about guys who been in Singapore for more than 30 years, when it came to renewal of REP, the simple reply from ICA - NOPE. BYE.

These are guys who had no family or any connection to SG, btw.


That makes some sense. If you were here under PTS there's no reason for you to be permitted to stay on after employment.
I have gay, black, Asian friends and then JR8.

CashewNut
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Re: Retiring PR

Postby CashewNut » Tue, 01 Aug 2017 9:05 am

I guess you could just stay in SG and never leave if they don't renew your REP on retirement.

Or do the MM2H thing in Malaysia together with all other retiring Singaporeans!

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Re: Retiring PR

Postby Strong Eagle » Tue, 01 Aug 2017 9:53 am

I know of people on PR who continue to keep PR after retirement. Three things about them.

  1. They were high level executives in well known MNC's when they retired.
  2. They made a lot of money, had slathers of cash, and owned substantial properties in Singapore.
  3. They continued to volunteer in various ways in Singapore.

I judge that if you own a home, can demonstrate sufficient assets and insurance to never be a burden, and continue to stay involved in at least some meager way, you could keep PR.

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ecureilx
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Re: Retiring PR

Postby ecureilx » Tue, 01 Aug 2017 10:01 am

CashewNut wrote:I guess you could just stay in SG and never leave if they don't renew your REP on retirement.

Or do the MM2H thing in Malaysia together with all other retiring Singaporeans!


The idea of staying forever minus REP - :) In fact, that may cause issues. With tightening rules, one day they may declare those minus REP as PNG (no offense PNGMK :D )

CashewNut
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Retiring PR

Postby CashewNut » Tue, 01 Aug 2017 10:17 am

And I guess your CPF balance will be substantial come retirement age. If the point of CPF is to fund a Singapore dollar retirement then it would be odd not to allow you to retire in Singapore after all those CPF contributions over the years. Presume they wouldn't want you to cash out and go abroad? Or would they?

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ecureilx
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Re: Retiring PR

Postby ecureilx » Tue, 01 Aug 2017 10:56 am

CashewNut wrote:And I guess your CPF balance will be substantial come retirement age. If the point of CPF is to fund a Singapore dollar retirement then it would be odd not to allow you to retire in Singapore after all those CPF contributions over the years. Presume they wouldn't want you to cash out and go abroad? Or would they?
Correction.

S$ retirement for Pink IC

Even Pink ICs are not sure how it's gonna pan out.

CashewNut
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Re: Retiring PR

Postby CashewNut » Tue, 01 Aug 2017 11:18 am

Hmm so what happens to the S$ in my Special Account on retirement? I get the option of using it how I like?

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PNGMK
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Re: Retiring PR

Postby PNGMK » Tue, 01 Aug 2017 12:08 pm

CashewNut wrote:I guess you could just stay in SG and never leave if they don't renew your REP on retirement.

Or do the MM2H thing in Malaysia together with all other retiring Singaporeans!


the number of MM2H applicants is extremely low - something like 32,000 including renewals in the entire programs history and most of those are Singaporeans doing it to get a cheap car for their relatives.
I have gay, black, Asian friends and then JR8.

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ecureilx
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Re: Retiring PR

Postby ecureilx » Tue, 01 Aug 2017 1:35 pm

CashewNut wrote:Hmm so what happens to the S$ in my Special Account on retirement? I get the option of using it how I like?


errr ...

Who knows.

The speed the numbers and rules are being changed is mind hurting.

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PNGMK
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Re: Retiring PR

Postby PNGMK » Tue, 01 Aug 2017 3:23 pm

ecureilx wrote:
CashewNut wrote:Hmm so what happens to the S$ in my Special Account on retirement? I get the option of using it how I like?


errr ...

Who knows.

The speed the numbers and rules are being changed is mind hurting.


IF you are an SPR / SC you can use CPF life (annuity) scheme. Currently optional but almost certainly enforced soon. If you give up your SPR or SC you can withdraw CPF.
I have gay, black, Asian friends and then JR8.

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Re: Retiring PR

Postby mchambs » Fri, 04 Aug 2017 4:51 pm

Hi,
I'm in similar situation and going to hit 55 soon. I need to make a decision to join cpf life at 55 but worried tht my REP won't be renew once I stop working. Do you think they won't renew your REP?
Frankly, Sg is too expensive to stay without working, so planning to stay in Msia. Any comments are greatly appreciated. Thanks

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Re: Retiring PR

Postby PNGMK » Fri, 04 Aug 2017 7:54 pm

mchambs wrote:Hi,
I'm in similar situation and going to hit 55 soon. I need to make a decision to join cpf life at 55 but worried tht my REP won't be renew once I stop working. Do you think they won't renew your REP?
Frankly, Sg is too expensive to stay without working, so planning to stay in Msia. Any comments are greatly appreciated. Thanks


Only two or three places are liveable in MY IMO. Melaka, Penang and possibly KK. Personally I think the PI or Thailand is better value. No one can say on the REP renewal (except I think family tie renewals are probably ok).
I have gay, black, Asian friends and then JR8.

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Re: Retiring PR

Postby mchambs » Mon, 07 Aug 2017 10:51 am

Thanks PNGMK,
I'm a Penangite and planning to go back there for retirement. :-) So, I guess there's no other choices. Maybe I'll check with ICA before deciding on CPF life when the time comes.

Thanks


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