CPF member receives $250 a month for only 8 years to “retire”

[maxsanic]

A CPF member who would be turning 65 in May this year, recently received a mail from the CPF Board. It informed him that he would be eligible to receive S$250 per month for about the next 8 years when he hit 65.

View attachment 155040


It also enticed him saying that he can get higher payouts if he delays the start of his payouts after age 65. In fact, if the member does nothing, by default, he would only start getting his payouts at age 70.

And if he still wants to get his payouts starting at 65, he must inform the CPF Board.


How to survive $250 in Singapore for 1 month, let alone 8 years?


In any case, at $250 per month, it's not known how the CPF member is going to survive in Singapore for one month, let alone 8 years.


And even if he is able to survive and scrape through by cleaning tables at hawker centers, it's not known if he can continue to do so after 80+ years old.


As a last resort, the Singapore laws do enable him to sue his children to get money, assuming he has children, so that he can continue surviving here.

More at https://shrtcô.de/UXLiVs

It's quite telling that this person does not dare to reveal his CPF balance when bitching about the low payouts. I would imagine the number to be so embarrassingly low that it would dilute the effect of his self-pity and invite questions as to how he ended up with so little.

This is nothing more than an appeal to netizens' emotions to support him in his narrative that the government should give him free money so that he can retire comfortably.

If we use the CPF Life Estimator here https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEstimator/LifeEstimator we can easily work backwards that the reason for this meagre payout is he has only ~$40k CPF savings at the age of 65. How much was he expecting with only $40k?

 

[Willamshakespear]

There's more than meets the eyes. No Human is born out of a vacuum. He will have a family, relatives & friends to rely on. There are options in life & his free will to choose as a Free citizen in Spore.

If he has no one to rely on, and had been working honestly for decades, he would have at least a HDB flat that he could had bought at age 35yrs old as a single, & 20 yrs ago, a mere 3 rm flat would had only cost under $100,000, & today, would fetch at least $250,000, especially it would have been considered matured estate today as 20yrs ago, ulu Sengkang did not even had exist in name.

As each would need a shelter & we Taxpayers had never left anyone behind since our founding in 1965, he being single would be able to rent out a room in his 3 room flat in a mature estate, fetching at least $700/mth today. Combined with his CPF payout, it would be $950/mth. OR he can re-finance his house to HDB, to get at least a few hundred thousand in cash to last till the avg age of Singaporean life-span - 83yrs old, comes into play, or even longer life, but the home belongs back to HDB once he passes on, & cannot leave it to any next of kin.

He can even lease out his entire unit at $1500/mth or more, if approved by HDB, & as his single needs will be small at his age, he can then find an old folks home to live & participate in their community to live out the rest of his life in retirement, with the rental income & CPF payout sum. Such homes costs around $700 to $1600/mth after govt subsidy, services dependent on his choice.

Another scheme if he has no other options, is to rely on social welfare grants, & there are many, to supplement his income. He only needs to reach out for information. We taxpayers will not leave anyone behind. We..are Singapore.

 

[eatshitndie]

deferred “higher” monthly payout sounds like social security in u.s.

 

[sweetiepie]

Of these nearly 400,000 CPF members, 100 are aged 35 and below.

My uncle think this leeport talk cock.
How is it possible for anyone below 35 to have > 500k in cpf ?
Anyone who is drawing high salarlee has a cap to cpf contribution. If the person do cpf topup there is also a yearlee cap.

 

[batman1]

Where are our promised Swiss standard of living
by the pap ?

 

[JohnTan]

My uncle think this leeport talk cock.
How is it possible for anyone below 35 to have > 500k in cpf ?
Anyone who is drawing high salarlee has a cap to cpf contribution. If the person do cpf topup there is also a yearlee cap.

Inheritance?

 

[TerrexLee]

Where are our promised Swiss standard of living
by the pap ?

only for the elites lah

 

[sweetiepie]

Inheritance?

For Inheritance cpfb will send money to bank account . Pap also play some defensive game for people overloaded with money to avoid giving them too much interest.

 

[Rogue Trader]

Who did he voted for?

 

[laksaboy]

So after 8 years, can $24k pay for a lavish funeral? Or do you need to top-up with your savings?

 

[laksaboy]

Sinkies need to wake up to the fact that the CPF is a scam and it's totally unlike a savings scheme like USA's 401k plan.

https://www.investopedia.com/terms/1/401kplan.asp

 

[batman1]

Sinkies need to wake up to the fact that the CPF is a scam and it's totally unlike a savings scheme like USA's 401k plan.

https://www.investopedia.com/terms/1/401kplan.asp

They have under-paid the interest earned to the cpf members .

 

[jw5]

They have under-paid the interest earned to the cpf members .

They learn from the banks.

 

[TerrexLee]

So after 8 years, can $24k pay for a lavish funeral? Or do you need to top-up with your savings?

24K come from where?

 

[syed putra]

Malays normally plan to retire in changi resort.

 

[bobby]

Can have 3 packets/day...huat ahhhh !!!!!

 

[shittypore]

They have under-paid the interest earned to the cpf members .

Tats how they managed to pay emself millions.

 

[Hypocrite-The]

This is an economic fact. Everyone who cannot contribute economically is a burden to society and family. If one is not economically viable etc...the humane thing is soylent Green. No point clinging to life as poverty n illness is a fate worst than death. N death is part of life, deal with it. Alot of emphasis in philosophy etc is based on human life. But I never see any emphasis on the life of the human being. N wat is the point of living when one is living as an invalid?

The worst thing is the gahmen knows it...but will not provide soylent Green..to have people move on with dignity....they rather ppl starve n live in poverty n indignity. And now we have this rubbish about CPF payout is this amount etc . What do people expect? Tax payer funded pension scheme for all? Who pay? And why can't ppl accept reality of death? If soylent Green is available...I will throw a party or go enjoy myself than soylent Green...go off with a bang than wallow in poverty n misery n worry about the next meal...

 

[CPTMiller]

A CPF member who would be turning 65 in May this year, recently received a mail from the CPF Board. It informed him that he would be eligible to receive S$250 per month for about the next 8 years when he hit 65.

View attachment 155040


It also enticed him saying that he can get higher payouts if he delays the start of his payouts after age 65. In fact, if the member does nothing, by default, he would only start getting his payouts at age 70.

And if he still wants to get his payouts starting at 65, he must inform the CPF Board.


How to survive $250 in Singapore for 1 month, let alone 8 years?


In any case, at $250 per month, it's not known how the CPF member is going to survive in Singapore for one month, let alone 8 years.


And even if he is able to survive and scrape through by cleaning tables at hawker centers, it's not known if he can continue to do so after 80+ years old.


As a last resort, the Singapore laws do enable him to sue his children to get money, assuming he has children, so that he can continue surviving here.

More at https://shrtcô.de/UXLiVs

Is his problems CPF account not much money balances and so how to expect more pay out monthly?
You expect government give free money?

 

[Scrooball (clone)]

What’s he going to do after 8 years? Hand in passport at Bedok Reservoir?