Budget 2014

[TracyTan866]

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.

according to the pap, CPF is intended to take care of old age. if it doesnt, the scheme has failed

 

[ykhuser]

you are mistake prone:-)

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

yes i agree.the rubber band is under stretch.

 

[Leongsam]

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

I can see through ALL government schemes and ALL governments are self serving. I have yet to experience a government that actually cares about those it governs. I doubt if such a government exists.

When I speak well of the PAP, it's because I agree with the particular policy being discussed. If I encounter a policy I don't agree with, I'll say so.

 

[TracyTan866]

yes i agree.the rubber band is under stretch.

i am glad u agree with me

 

[TracyTan866]

I can see through ALL government schemes

i am not sure whether you can.

but i am ok with what u choose for your life

 

[ykhuser]

i am glad u agree with me

however your calculation still got some major flaw.
if inflation is a silent killer,
you had forgotten to factor compound interest.

compound interest easily over shadow inflation

 

[Leongsam]

according to the pap, CPF is intended to take care of old age. if it doesnt, the scheme has failed

I'm not sure if the government ever said that CPF would take care of ALL retirement needs. If it did, please quote the source... who said it and when.

LKY's retirement plans involved Confusion values more than CPF savings. In other words, in Asian societies, families are supposed to respect and care for their aged.

My grandparents never had large retirement funds. Neither did my parents. Each generation took care of their parents in their old age.

 

[ykhuser]

for the benefit of all,
let use some simple illustration to descible compound interest.

let say i put $10 000 in abc bank that pay 2% interest.
i put in in for 10 year
year 2 i will have $10200
year 3 i will have $10404
year 4 i will have $10612
year 5 $10824
years 6 $11040
year7 $11261
year 8 $11486
year 9 $11716
year 10 $11950



assuming 2% is constant
$1950 out of the inital $10-000 is 19.5%

morale of the story is, if you withdraw cpf to invest a flat,you better weigh if the property rice can out weigh over compound interest

 

[TracyTan866]

however your calculation still got some major flaw.
if inflation is a silent killer,
you had forgotten to factor compound interest.

compound interest easily over shadow inflation

i am just calculating the total CPF a gal have at aged 55 based on my assumptions and based on the current CPF contribution rate and CPF interest rate. my calculation is not to help decide whether it is enough for her for her retirement

 

[TracyTan866]

for the benefit of all,
let use some simple illustration to descible compound interest.

go ahead, do your own calculations

 

[TracyTan866]

I'm not sure if the government ever said that CPF would take care of ALL retirement needs. If it did, please quote the source... who said it and when.

LKY's retirement plans involved Confusion values more than CPF savings. In other words, in Asian societies, families are supposed to respect and care for their aged.

My grandparents never had large retirement funds. Neither did my parents. Each generation took care of their parents in their old age.

read my post carefully and dont put words in my mouth

 

[TracyTan866]

for the benefit of all,
let use some simple illustration to descible compound interest.

let say i put $10 000 in abc bank that pay 2% interest.
i put in in for 10 year
year 2 i will have $10200
year 3 i will have $10404
year 4 i will have $10612
year 5 $10824
years 6 $11040
year7 $11261
year 8 $11486
year 9 $11716
year 10 $11950


and etc
assuming 2% is constant

so what are you saying?

how much will she get after 30 years, at the age of 55?

 

[Leongsam]

read my post carefully and dont put words in my mouth

Answer my question.. who in the PAP specifically said that CPF would "take care" of old age and don't forget the self employed were not part of the scheme when it was introduced.

 

[TracyTan866]

Answer my question.. who in the PAP specifically said that CPF would "take care" of old age and don't forget the self employed were not part of the scheme when it was introduced.

I will answer you when you amend your post#147 which put words in my mouth

 

[ykhuser]

so what are you saying?

how much will she get after 30 years, at the age of 55?

it will take 55 man years to calculate..

 

[TracyTan866]

it will take 55 man years to calculate..

you are wrong.

i guess you are totally confused. it prbably took you less than 5mins to calculate until your year 10

 

[po2wq]

... LKY's retirement plans involved Confusion values more than CPF savings ...

watz confusion values? ...

 

[ykhuser]

you are wrong.

i guess you are totally confused. it prbably took you less than 5mins to calculate until your year 10

already calculate for you.see post 148

 

[RebootTheHangphone]

Mr Leong, times have changed since the days when policemen were chasing down criminals wearing kaki shorts. Please reboot your hanghone.

My grandparents never had large retirement funds. Neither did my parents. Each generation took care of their parents in their old age.

 

[ykhuser]

watz confusion values? ...

he meant 'kong zi "teaching.
alway repay your parents who bring you to this world.

Confucius = 孔子


there is nothing to make fun of spelling mistake