Budget 2014

[TracyTan866]

you believed Singaporean entitled to the above 3?
more realistic would be like these for singaporean
Starting pay $1.5k
3. Annual increment of $50-$100 per year
4. Annual salary - 12months+ 0months for midyear + 1mth aws + 0 mth performance bonus = 13moths total

if you dont believed ask around the locals

if you disagree with my assumptions, work it out based on your assumptions. then we can see the range

 

[ykhuser]

i am a local gal

yes i know.i have no doubt you can get this amount.
however only a few out of the many get this.
how many local uni grad are there in 100 uni grad?
a poly grad can get $3k?
can get $500 incremental ?
there are thousand and thousand out there getting only aws without any bonus.

 

[TracyTan866]

yes i know.i have no doubt you can get this amount.
however only a few out of the many get this.
how many local uni grad are there in 100 uni grad?
a poly grad can get $3k?
can get $500 incremental ?
there are thousand and thousand out there getting only aws without any bonus.

you can calculate based on your assumptions.

you dont have to agree with my assumptions...that's why they are called assumptions so that we can do some quantitative analysis and planning. if we dont draw up some assumptions, nothing can analysed

i am not even factoring in promotions and super performance bonuses so based on my knowledge what i assumed is already very conservative. there are some finance companies which pay 8mths end of year bonuses

 

[ykhuser]

base on $3k at age 25
incremental $500
age 50 $315000 per month
that is near the salary of our mp

 

[Leongsam]

yes i know.i have no doubt you can get this amount.
however only a few out of the many get this.
how many local uni grad are there in 100 uni grad?
a poly grad can get $3k?
can get $500 incremental ?
there are thousand and thousand out there getting only aws without any bonus.

Actually her calculations pretty much illustrate what I've been saying all along.. that CPF simply isn't sufficient even for someone who starts with 3k and gets a $500 increment per year consistently throughout working life.

$1.3 million adjusted to present value is less than half a million dollars... a paltry sum for a very miserable retirement.

Read my retirement thread. It illustrates the right way to plan for retirement.

 

[ykhuser]

you can calculate based on your assumptions.

you dont have to agree with my assumptions...that's why they are called assumptions so that we can do some quantitative analysis and planning. if we dont draw up some assumptions, nothing can analysed

i am not even factoring in promotions and super performance bonuses so based on my knowledge what i assumed is already very conservative. there are some finance companies which pay 8mths end of year bonuses

well i agress that there are these bunch of people that exists.
but we want fact and figure based on majority of singaporeans, not the salary of the top scholar

 

[TracyTan866]

base on $3k at age 25
incremental $500
age 50 $315000 per month
that is near the salary of our mp

how did you get $315000 per month?

if you see my calculations, CPF contribution is maximum at $1.8k per month after she reaches late 20s

 

[TracyTan866]

well i agress that there are these bunch of people that exists.
but we want fact and figure based on majority of singaporeans, not the salary of the top scholar

my assumptions are not based on top performers

 

[ykhuser]

Actually her calculations pretty much illustrate what I've been saying all along.. that CPF simply isn't sufficient even for someone who starts with 3k and gets a $500 increment per year consistently throughout working life.

$1.3 million adjusted to present value is less than half a million dollars... a paltry sum for a very miserable retirement.

Read my retirement thread. It illustrates the right way to plan for retirement.

yes.if the calculation is used to illustrate that our cpf is not enough to retire, i have no objection.

 

[Leongsam]

i can see through your double talk.

that's why I called you Samy

I've been pretty consistent in my advice. I stated in http://www.sammyboy.com/showthread.php?151153-The-RETIREMENT-thread&p=1515738#post1515738 what the PAP's ulterior motive is when it comes to financial planning and the retirement age.

I have not changed my views over the years.

 

[TracyTan866]

Actually her calculations pretty much illustrate what I've been saying all along.. that CPF simply isn't sufficient even for someone who starts with 3k and gets a $500 increment per year consistently throughout working life.

$1.3 million adjusted to present value is less than half a million dollars... a paltry sum for a very miserable retirement.

Read my retirement thread. It illustrates the right way to plan for retirement.

so the CPF is a failed system ?

 

[Asterix]

......... Forget about the PAP. Live life according to your own rules.

..............

[video=youtube;8205kJSig4A]http://www.youtube.com/watch?v=8205kJSig4A[/video]

 

[Leongsam]

my assumptions are not based on top performers

If your assumptions are based upon an average performer, then I must say that the PAP is doing a very good job in creating such a healthy job market.

 

[TracyTan866]

I've been pretty consistent in my advice. I stated in http://www.sammyboy.com/showthread.php?151153-The-RETIREMENT-thread&p=1515738#post1515738 what the PAP's ulterior motive is when it comes to financial planning and the retirement age.

I have not changed my views over the years.

i didnt follow your post but i am glad you see through the pap this time

 

[TracyTan866]

If your assumptions are based upon an average performer, then I must say that the PAP is doing a very good job in creating such a healthy job market.

indeed we have many capable singaporeans who dont rely on pap schemes to survive

 

[ykhuser]

how did you get $315000 per month?

if you see my calculations, CPF contribution is maximum at $1.8k per month after she reaches late 20s

sorry my mistake.
salary should be ard $18k at age of 55

 

[Leongsam]

so the CPF is a failed system ?

I won't call it a failure as it provides a foundation upon which a complete retirement strategy can be built.

However, it was never going replace a life long pension and like all retirement schemes, inflation is a silent killer. Even pensioners in Western societies end up living from hand to mouth because inflation has eaten away at their incomes.

 

[Leongsam]

indeed we have many capable singaporeans who dont rely on pap schemes to survive

The whole of Singapore is a PAP scheme. If you live and work there, you're part of the scheme whether you like it or not.

 

[TracyTan866]

sorry my mistake.
salary should be ard $18k at age of 55

you are mistake prone:-)

so is $18k per month at 55 too far fetched?

 

[TracyTan866]

The whole of Singapore is a PAP scheme. If you live and work there, you're part of the scheme whether you like it or not.

i disagree. SG is not pap