OK PAP relents.. no more minimum sum plus 30% bonus on your cpf funds at 55

[Leongsam]

So those who have $150,000 or less can now withdraw the whole lot at 55 and there's a 30% gratuity so that's $195,000 in total if you had $150,000.

You're 55 which is the restored retirement age courtesy of PAP or the new government. You estimate you're going to live till 85... that's 30 years. You now have $195,000 in the bank. How are you going to budget for your retirement?

If you draw $10,000 per year [$833 per month] of the above sum at 3% return, it will last 29 years so at 84, you have nothing left.

 

[soIsee]

The fact is those who have S$150,000 less SHOULD have ALL of their funds RETAINED!! And the state do some type of CPF Life scheme to manage the money for them.

These are the losers who WOULD SQUANDER their money!

It's only those who have more than $200K or more that should have ALL of their funds returned!

 

[Leongsam]

It's only those who have more than $200K or more that should have ALL of their funds returned!

You have a valid case there... prove that you have acceptable skills in money management and earning potential and you're exempted from the minimum sum scheme.

More input please from others.

 

[frenchbriefs]

just do a soylent green type deal.....spend 190k in 6 months on a beach at bora bora island and then go for assisted euthanasia.

[video=youtube;y1gIz0Ef-7Y]http://www.youtube.com/watch?v=y1gIz0Ef-7Y[/video]

 

[frenchbriefs]

You have a valid case there... prove that you have acceptable skills in money management and earning potential and you're exempted from the minimum sum scheme.

More input please from others.

if thats the case just cancel the damn cpf altogether....if time and compound interest is on our side,its better we just put our money into index funds or let black rock
invest for us....we can be multimillionaires in 30 years time...fuck 2.5%.

 

[laksaboy]

The CPF is a national savings scheme... like a very long term fixed deposit. Essentially, we are lending our money to the government.

When the time is up, the people ought to take back their money. Owe money pay money, even the loanshark thugs understand this fundamental rule.

Instead of worrying what happens if old folks squander their CPF money on booze, women and gambling, how about the government give something back for the taxes we have paid: both direct and indirect taxes? Feed and clothe the old citizens till they day they die. If you're worried about not having enough money, don't spend so much on the military.

There's no point withholding the CPF money indefinitely.

 

[halsey02]

The fact is those who have S$150,000 less SHOULD have ALL of their funds RETAINED!! And the state do some type of CPF Life scheme to manage the money for them.

These are the losers who WOULD SQUANDER their money!

It's only those who have more than $200K or more that should have ALL of their funds returned!

I work hard, BLOOD SWEAT & TEARS for 30 plus years to reach 55 years or whichever come first, whatever money I have saved in my CPF is my money...when I retire...I want that money, I do not need a nanny to look after my money, nor do I trust a government, who MAY squander all my money....

All money in CPF must be returned to the nearest 0.1cent no more no less...what I do with my money..squander it that is my business..what right has it for a government or anybody to set restrictions on my savings..period.

 

[Leongsam]

Instead of worrying what happens if old folks squander their CPF money on booze, women and gambling, how about the government give something back for the taxes we have paid: both direct and indirect taxes? Feed and clothe the old citizens till they day they die. If you're worried about not having enough money, don't spend so much on the military.

There's no point withholding the CPF money indefinitely.

Valid point but I believe the government is already doing that for the poor and destitute who have nothing. It might be hard to get welfare but it is provided where necessary.

 

[Leongsam]

I work hard, BLOOD SWEAT & TEARS for 30 plus years to reach 55 years or whichever come first, whatever money I have saved in my CPF is my money...when I retire...I want that money, I do not need a nanny to look after my money, nor do I trust a government, who MAY squander all my money....

All money in CPF must be returned to the nearest 0.1cent no more no less...what I do with my money..squander it that is my business..what right has it for a government or anybody to set restrictions on my savings..period.

I understand that. You have made your point. However, I want you to think of those who only have $150,000 in their accounts after so many years of work. What if it's paid out at 55 and all gone by 65? What happens then?

 

[halsey02]

I understand that. You have made your point. However, I want you to think of those who only have $150,000 in their accounts after so many years of work. What if it's paid out at 55 and all gone by 65? What happens then?

We should be accountable for our own actions, by 55-65, they must be adults not kids, unless they regress & is in early stages of dementia!!...they take the money, they squander...it should be right that they suffer for what they have done..

The whole point is....do not hold people's money, whatever the intention are good or noble...it is still people's money, my money. The road to hell is paved with good intentions...

I do not believe in any government to hold on to their people's savings, they should be returned...whatever they do with it...they are responsible, why be a nanny to people. I personally do not want a many to my hard earned saved money..

Holding on....gives people a perception that, they are not honest with what is given to them....after all, they are not that dishonest....just return the money...

 

[JHolmesJr]

How about this...you can take all your money but you have to sign a waiver that you are fully responsible if your funds run out and will not receive any more handouts....or you give up your citizenship and pack off to a cheaper country?

 

[Leongsam]

....or you give up your citizenship and pack off to a cheaper country?

This option already open to all.

 

[tanwahtiu]

your idea sounds ok, but need to work a bit more, $250k is about right.

I have another point to raise and that is abolish CPF totally.

If FTs stayed and work all his life in Singapore he has no issue with PAP or whoever run Singapore. If FTs don't have to pay CPF why the citizens have to.

We need a fair level of playing field in this area.

So those who have $150,000 or less can now withdraw the whole lot at 55 and there's a 30% gratuity so that's $195,000 in total if you had $150,000.

You're 55 which is the restored retirement age courtesy of PAP or the new government. You estimate you're going to live till 85... that's 30 years. You now have $195,000 in the bank. How are you going to budget for your retirement?

If you draw $10,000 per year [$833 per month] of the above sum at 3% return, it will last 29 years so at 84, you have nothing left.

 

[takchenow]

Imagine you put $150,000 in bank, say a 5 years Fixed Deposit. Once the tenure matures and you go to bank to withdraw the principal and interest. You are then told by the bank officer you can't do that since you can't 'handle' the money. The bank then forced you to purchase their annuity with your money as it is "for your own good".

This whole thing. It doesn't make sense.

 

[tanwahtiu]

the shitty bank take your money and lose your money and pai seh turn around an say you cannot handle money, give a little by little.

It is as good as otang you money, cannot pay so how? He is your debtor and what can you do with him?

Imagine you put $150,000 in bank, say a 5 years Fixed Deposit. Once the tenure matures and you go to bank to withdraw the principal and interest. You are then told by the bank officer you can't do that since you can't 'handle' the money. The bank then forced you to purchase their annuity with your money as it is "for your own good".

This whole thing. It doesn't make sense.

 

[Leongsam]

Imagine you put $150,000 in bank, say a 5 years Fixed Deposit. Once the tenure matures and you go to bank to withdraw the principal and interest. You are then told by the bank officer you can't do that since you can't 'handle' the money. The bank then forced you to purchase their annuity with your money as it is "for your own good".

This whole thing. It doesn't make sense.

All this has been discussed to death. I'm now painting the opposite scenario... you can have it all at 55 plus 30% gratuity on your last balance.

You're 55, you have reached the official retirement age and you shook hands with all your colleagues last Friday at your farewell dinner. A few tears were shed and that chapter of your life is now closed for good. You are officially a retiree and unemployed.

On Monday, you woke up with no job to go to anymore and no salary will go into your account from next month onwards.

You logged on to your bank account and the PAP, true to its word, has credited your current account with $195,000.00 exactly based on your last balance of $150,000 plus 30%.

You have no other savings but your apartment is fully paid for.

What are you going to do next?

 

[soIsee]

I understand that. You have made your point. However, I want you to think of those who only have $150,000 in their accounts after so many years of work. What if it's paid out at 55 and all gone by 65? What happens then?

When I made such sweeping statement of those having less than S$150k are losers, I might not be entirely fair. Some might be able to manage it on their own but that would be an exception, as their entire life time they have already almost demonstrated and double confirmed they are a bunch of losers that need management.

Of course, to get down to the nitty gritty and the smallest details, as to who should be allowed to have all of their funds back, one have to examine all the factors of each individual thru out their life time, from the day 1 when they put money into CPF, how have each been contributing, the amount contributed, any years or break when there was no contribution, type of wise investments to bolster the funds etc etc to the day which they want the funds returned. In other words, one have to know intimate details, right down to their personal life styles, to know they are unlikely to squander the funds and can well manage it on their own.

Which gov would be bothered?

Moreover, the huge amount of funds after 40+ years of Independence, was just too much of a temptation for Pinky and his gang not to put their hands into the cookie jar.

His initial motive was maybe to try to bolster his state coffers but thru the years got lost in greed and gone totally berserk in his economic pursuit.

So now it is not only a question, as to who should the funds be returned to. Now it is also, can you even know whether the funds are ALL there. LOL

 

[soIsee]

your idea sounds ok, but need to work a bit more, $250k is about right.

I have another point to raise and that is abolish CPF totally.

If FTs stayed and work all his life in Singapore he has no issue with PAP or whoever run Singapore. If FTs don't have to pay CPF why the citizens have to.

We need a fair level of playing field in this area.

Sure no problem. I remove CPF and I remove everything you Sinkie took for granted.

Like having medical subsidies, first pick at HDB pigeon hole with double bite of the cherry, study grants for your brats, subsidies if you live in HDB pigeon holes ( you pay the same as landed ..EVERYTHING, right down to the cost of each W/C!) and many many more.

Can tahan?

You Sinkie just want the good stuffs and looked to the left and right of your shoulder and compare, who gets this and who can that and why Sinkie have these restrictions impose upon them.

Wanna level the playing field? Wanna play? LOL

 

[frenchbriefs]

Sure no problem. I remove CPF and I remove everything you Sinkie took for granted.

Like having medical subsidies, first pick at HDB pigeon hole with double bite of the cherry, study grants for your brats, subsidies if you live in HDB pigeon holes ( you pay the same as landed ..EVERYTHING, right down to the cost of each W/C!) and many many more.

Can tahan?

You Sinkie just want the good stuffs and looked to the left and right of your shoulder and compare, who gets this and who can that and why Sinkie have these restrictions impose upon them.

Wanna level the playing field? Wanna play? LOL

can take away my priviledge of serving NS too?i gladly forgo all these "carrots"u just gimme back my 2 years plus 10 icts.freedom to do whatever i want.

these hdb pigeon holes i dont get why must pay the same as landed since the cost to build them is a fraction,u talking about mass produced prefab,cookie cutter,tiong build concrete boxes....have u seen the quality of hdb w/c?subsidies?dont need subsidies.....say we get 1.4 million fts to fuck off,600k can stay,i think hdb should be right about affordable levels liao,dont need to pay 3 times what cost less than 100k to build....cpf money is intact....

gdp back to 36,000?nevermind i can tahan 3 meals at hawker center.....been poor all my life and used to it.....question is can the PAP tahan without their million dollar paycheck?doesnt matter cause they will be dangling from piano wires from lampposts.

wanna level the playing field?

 

[Leongsam]

I'm going into the piano wire business. Lot's of potential.