CPF Tries To Con The Elderly

[ckmpd]

My sister is 60+. She decided to delay her monthly payout when she reached 62 (which was $390 per mth at that time) but had instead opted to increase her savings in the minimum sum by leaving it in the Retirement Account. It has increased to much more than $120k now.

Recently she received a letter from CPF Board inviting her to join CPF Life. She was told that when she opts for CPF Life (Balance), she wld immediately receive $560 per mth for life as opposed to $390 if she remains on the present scheme. It sounded appealing to her. But the CPF Board didnt tell her that the $560 is not guaranteed.

With her amt of $120k, her interest at 4% wld get her $400 per mth and her principal sum wld continue to grow if the CFPB pays her the minimum sum. Why wld anyone in her position want to give up her retirement account of $120k and get a non guaranteed amt of $560 per mth?

Either CPFB didnt do their calculations right or is out to con the elderly

 

[ChaoPappyPoodle]

With 120K in her account and she wants $560 a month!

What a pitiful piece of scum shit she is!

IN first world countries people with that kind of money at her age will be going for holidays once in a while and spend money on their grand children while her children help her out with a small allowance.

In SG, her children have such a hard time paying off housing loans that they can't care for her!

And to think of those without such a large sum of savings!

In SG, whether you are middle income or lower, once you reach 50+ you are better off dead before the pappies tie your money down for their huge salaries and those of their cronies.!

 

[jimmyfallon]

Can she get china or msia citizenship and then live in sg as FT?

 

[borom]

Con People's Funds

If you were to visit their website, how many do really understand the so many complicated schemes that they have.?
If you do not understand, can you make the right choice.

Look at all those investment products like Minibonds ect2 where many elderly lost their life savings.They all have one thing in common-they are all so complicated that most do not understand how it works but get taken in by all the nice glossy brochures highlighting the best possible outcome.