Dividend Chaser on CPF minimum sum increase to 148,000

(From Article)

SINGAPORE: From 1 July this year, the CPF minimum sum, Medisave minimum sum and Medisave contribution ceiling will be raised.

CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a minimum sum of S$148,000 in their Retirement Account.

The minimum sum for 2012 was S$139,000.

The minimum sum has been adjusted over the years to account for inflation, longer life expectancies and Singaporeans' rising expectations of their quality of life.

The Medisave minimum sum will also be raised from S$38,500, to S$40,500 from 1 July 2013.

The Medisave minimum sum is the amount that a person turning 55 needs to set aside in his old age for his own or his dependants' healthcare expenses and basic MediShield and ElderShield premiums.

Members will be able to withdraw their Medisave savings in excess of the minimum sum at or after the age of 55.

The maximum balance a member may have in his Medisave Account, known as the Medisave contribution ceiling, is set at S$5,000 above the Medisave minimum sum, and this would be increased correspondingly from S$43,500 to S$45,500.

Any Medisave contribution in excess of the current Medisave contribution ceiling will be transferred to the member's Special Account if he is below age 55 or to his Retirement Account if he is above age 55 and has a minimum sum shortfall.

The CPF Board said regular Medisave minimum sum adjustments are necessary to help Singaporeans meet their long-term healthcare needs.  

(Personal Sharing)
By the time I reach 55 in 15 years time, I can't imagine the minimum sum would increase to how much?!

1 year increase by 9K..15 year 9*15 = increase by 135K..
That would be 274K or even more!?

 

 Let's see how much you need in 2035.

Projection based on 6.035% (current growth):
year Estimated minimum sum
2003 80,000.00
2004 85,080.00
2005 90,482.58
2006 96,228.22
2007 102,338.72
2008 108,837.22
2009 115,748.39
2010 123,098.41
2011 130,915.16 <-- 2011 is 131k
2012 139,228.27<-- 2012 is 139K
2013 148,069.27<-- 2013 is 139K
2014 157,471.67<-- 2014 is 148K
2015 167,471.12
2016 178,105.53
2017 189,415.23
2018 201,443.10
2019 214,234.74
2020 227,838.64
2021 242,306.40
2022 257,692.86
2023 274,056.35
2024 291,458.93
2025 309,966.57
2026 329,649.45
2027 350,582.19
2028 372,844.16
2029 396,519.76
2030 421,698.77
2031 448,476.64
2032 476,954.91
2033 507,241.54
2034 539,451.38
2035 573,706.54 <----- do you have this amount? 
2036 610,136.91
2037 648,880.60
2038 690,084.52
2039 733,904.89
2040 780,507.85
2041 830,070.10 
2042 882,779.55