Re: BREAKING: More Calls For CPF To Be Returned To CITIZENS @ 55. I Also Join This Ca
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52784.1 </td></tr><tr><td height="8">
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Most Singaporeans have less than minimum sum in CPF on retirement – HSBC survey
June 16th, 2011 |
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According to the Future on Retirement survey done by HSBC bank, most Singaporeans will have less than the current minimum sum of $131,000 in savings including their monies in their CPF accounts on retirement:
[Source:
HSBC]
CPF board recently announced the raising of the minimum sum (MS) to a shocking $131,000 to prevent Singaporeans from withdrawing their hard-earned savings for their twilight years. The new MS will apply to unfortunate Singaporeans who turn 55 from July 1 2011 to June 30 2012.
Upon reaching 55 years of age, the ordinary and special accounts of CPF holders will be merged to form a retirement account (RA). Singaporeans are required to have a MS of $131,000 (now) in their RA before they can withdraw their ‘excess’ savings not exceeding $5,000 at 55 years of age without which they can only withdraw them in the form of monthly payouts starting at 65 years old.
If they pass away prematurely, their life-long savings in the RA will be passed on to their spouse, children or nominees. Otherwise, they will be ‘eaten up’ by the PAP regime under the Intestate Succession Act. This means that the PAP regime will always hold a certain percentage of Singaporeans’ savings in the CPF coffers.
Based on the HSBC survey, the average Singaporean have only $120,000 in savings for retirements and this amount include non-CPF savings and investments. The result is not surprising as the CPF savings of most Singaporeans are tied up with mortgages to finance their over-priced HDB flats.
It is little wonder that though Singaporeans have one of the highest saving rates in the world, few have enough savings for retirement with many having to work for as long as they can till they drop dead and die, as exhorted by PAP supreme leader Lee Kuan Yew who is still ’serving’ Singapore as a MP at 88 years of age.
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kukulakaku <nobr></nobr> </td><td class="msgDate" align="right" nowrap="nowrap" width="30%">3:31 pm </td></tr> <tr class="msghead"><td class="msgT" align="right" nowrap="nowrap" height="20" width="1%">To: </td><td class="msgTname" nowrap="nowrap" width="68%">
kojakbt_89_ <nobr></nobr> unread</td> <td class="msgNum" align="right" nowrap="nowrap"> (2 of 5) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">
52784.2 in reply to
52784.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt" id="msgtxt_2">No way to bypass or poke some holes in this stupid rule?
There must be a way!! PAP are stoopid!
Because they believe 60% is a clear mandate for them!
<hr size="1">Edited 6/16/2011 3:31 pm ET by kukulakaku</td></tr> <tr><td> </td></tr> </tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="msgleft" width="1%"> </td><td class="msgopt" nowrap="nowrap" width="24%">
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52784.3 in reply to
52784.1 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt" id="msgtxt_3">Singapore has among the Highest savings rate in the world with their CPF scheme but still do not have enough money to retire in their twilight years! The CPF in its current form is a FAILURE.
Simply because :
1. The yield from interests in the CPF CANNOT keep up with the rate of inflation and
2. The costs of Health, Housing and Education keeps escalating and eating into their CPF accounts.</td></tr> <tr><td> </td></tr> </tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td class="msgleft" width="1%"> </td><td class="msgopt" nowrap="nowrap" width="24%">
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ALL <nobr></nobr></td> <td class="msgNum" align="right" nowrap="nowrap"> (4 of 5) </td></tr></tbody></table></td></tr><tr><td rowspan="4" class="msgleft" width="1%"> </td><td class="wintiny" align="right" nowrap="nowrap">
52784.4 in reply to
52784.3 </td></tr><tr><td height="8">
</td></tr> <tr><td class="msgtxt" id="msgtxt_4">govtment SHLD ABOLISH D MINIMUM CPF SUM IMMEDIATELLEE
it our own $monie$ ... n... it SHLDN'T B MANUPULATE n CONTROL by d govtment
we reserved n deserved every rights 2 our own $monie$ accumulated thru'out our life-work
is d govtment belittling sinkapolians they cant manage their own savings
or
IS D GOVTMENT BROKE 2 PAY BACK ALL RETIREES' CPF $MONIE$ IN 1 LUMPSUM??
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