OK PAP relents.. no more minimum sum plus 30% bonus on your cpf funds at 55

[Troll]

Truth is there is no such thing as a retirement savings plan that will allow one to live a reasonable quality of life without having the person living like a pauper now.

With the kind of inflation we are living its just not possible.

That said, CPF is our money. Let us have it all back when its due. Anyway the pittance it pays out won't sustain anybody except the most frugal.

 

[Manager]

i am not saying the current CPF scheme is good. i am saying the CPF scheme is here to stay whether u like it or not.
it might change in the future. we dont know.
while it is here, we beat it with other means than be a sitting duck like what u have been doing.
you deserved to die poor if u cannot think of way to beat the system that screwed you.
u can choose to continue to brat how the PAP screwed you instead of making the best of the situation.
nobody is going to pity you. you will end a loser.

well i humored u and read ur last post....all i can say is nothing u said is of original thought,yes we all know u cant be rich by being an employee,yes we all know u cant be financially independent if u depend on social nets to save ur ass,yes we all know we have to figure out our way to get to where the cheese is at some of us are still young and only just begun on our journey we are still learning how to play the game,but idiots like u whose ego is so pumped by his so called "success" cannot think any higher than level one,that this not about about individual success or how far one has gone......this is about fixing a system that has gone wrong,J. B. Jeyaretnam understood what was wrong,he saw the cancer that was growing,he saw deeper than others could see.....and he sacrificed his life and 1.5 million of his money in the 1970s so that he could fight the system and champion for rights of the underpriviledged masses...only idiots like you will never understand.

 

[Leongsam]

Truth is there is no such thing as a retirement savings plan that will allow one to live a reasonable quality of life without having the person living like a pauper now.

That is why it is important to achieve FINANCIAL INDEPENDENCE as early as possible. Read my retirement thread for more details.

 

[sleaguepunter]

this is very true, most of the friends/associate who are in business have no faith in the WP. if the PAP get voted out. We will probably leave the country.
the WP are for the working bees.

mr manager, speak for yourself. A NS mate who also a towkay think pap system is not the way for him. Like u, he admit pap system is the best way to make money but he believe the pap system cause too much suffering to the man on the street. As for pap pro business stance, it also not always true as only CONNECTED ppl get the pick of the crop while the rest has to make do with the leftover. He already branch out to oversea and reduce his singapore revenue share.

If everyone want to be towkays, then who left to be foot soldiers? foot soldiers deserved to die?

i am glad you very sucessful but spare a thought for the common folks.

 

[sleaguepunter]

That is why it is important to achieve FINANCIAL INDEPENDENCE as early as possible. Read my retirement thread for more details.

although i didnt partipate in your thread, i agree one have to achieve financial security as early as possible. At the minimium, have enough dough so as to not burden the children.

 

[Manager]

i did and that was why i told these people there is no use continuing ranting about the CPF scheme and should instead of ways to overcome the problem so that they do not have to depend on the CPF scheme.
i even share with them my experience and how it did it.. sadly i must say most people here are daft and didnt understand what i was trying so hard to put across
they prefer to blame and rant at the PAP everyday instead of finding ways to overcome and outsmart the obstacles the PAP placed in front of them.

i pity these lot, they only know how to rant but is never able to think out of the box and find a real solution to the problem they face.

mr manager, speak for yourself. A NS mate who also a towkay think pap system is not the way for him. Like u, he admit pap system is the best way to make money but he believe the pap system cause too much suffering to the man on the street. As for pap pro business stance, it also not always true as only CONNECTED ppl get the pick of the crop while the rest has to make do with the leftover. He already branch out to oversea and reduce his singapore revenue share.

If everyone want to be towkays, then who left to be foot soldiers? foot soldiers deserved to die?

i am glad you very sucessful but spare a thought for the common folks.

 

[chootchiew]

How do we estimate this live till 85 which is the key number for calculation ? Reference to old fart ?
Some people who lead unhealthy lifestyle estimate they gonna live till 60-70, what happen to this people ?
Given this doubtful numbers, cpf should be made optional for withdrawal. It is their own problem if they do a wrong estimation of their lifespan. It is same as how much our salary is, we got to estimate our expenses.

 

[Leongsam]

How do we estimate this live till 85 which is the key number for calculation ? Reference to old fart ?
Some people estimate they gonna live till 60-70, what happen to this people ?
Given this doubtful numbers, cpf should be made optional for withdrawal. It is their own problem if they do a wrong estimation of their lifespan. It is same as how much our salary is, we got to estimate our expenses.

85 is the current life expectancy in Singapore.

 

[frenchbriefs]

85 is the current life expectancy in Singapore.

yeah who wants to live to 85 in this hellhole?PAP should set up a euthanasia clinic asap.

 

[Leongsam]

yeah who wants to live to 85 in this hellhole?PAP should set up a euthanasia clinic asap.

There are plenty of options. Take your pick.

 

[SkyRider]

How do we estimate this live till 85 which is the key number for calculation ? Reference to old fart ?
Some people who lead unhealthy lifestyle estimate they gonna live till 60-70, what happen to this people ?
Given this doubtful numbers, cpf should be made optional for withdrawal. It is their own problem if they do a wrong estimation of their lifespan. It is same as how much our salary is, we got to estimate our expenses.

maybe this can help you to understand

 

[takchenow]

All this has been discussed to death. I'm now painting the opposite scenario... you can have it all at 55 plus 30% gratuity on your last balance.

You're 55, you have reached the official retirement age and you shook hands with all your colleagues last Friday at your farewell dinner. A few tears were shed and that chapter of your life is now closed for good. You are officially a retiree and unemployed.

On Monday, you woke up with no job to go to anymore and no salary will go into your account from next month onwards.

You logged on to your bank account and the PAP, true to its word, has credited your current account with $195,000.00 exactly based on your last balance of $150,000 plus 30%.

You have no other savings but your apartment is fully paid for.

What are you going to do next?

Two separate issues here.

To us common folks, CPF is nothing but just a long term FD, albeit one with the banker (SIN Government) changing the terms and conditions arbitrarily and unilaterally. Ask those who turned 55 in the early '90s. They got every cent back, and they could even treat CPF like a bank which gave min 2.5% interest.

How in the span of 20 years Singaporeans evolve to become one who can't 'handle' money is beyond me.

On another note, if CPF is truly meant for retirement, then the onus is for the government to ensure it keep up with inflation. If the government can't do it, but fine, let the private citizens handle it then.

 

[zeebjii]

i did and that was why i told these people there is no use continuing ranting about the CPF scheme and should instead of ways to overcome the problem so that they do not have to depend on the CPF scheme.

You are totally missing the point. It's not so much about depending on cpf for retirement, people are being angry that the pap govt broke its promise and contract with sinkies, AGAIN and AGAIN. A contract is a contract. I will not allow pap to meddle with my money, not even $1. Just give me back all my money at 55, as originally agreed. I WILL NOT leave even a cent for them to play with my money, even if they promise me 1000% returns. Fuck the PAP!

 

[eatshitndie]

You are totally missing the point. It's not so much about depending on cpf for retirement, people are being angry that the pap govt broke its promise and contract with sinkies, AGAIN and AGAIN. A contract is a contract. I will not allow pap to meddle with my money, not even $1. Just give me back all my money at 55, as originally agreed. I WILL NOT leave even a cent for them to play with my money, even if they promise me 1000% returns. Fuck the PAP!

sinkies need to wake up to know that public funding schemes shift their goal posts all the time. i'm so immune and tired of my social security goal posts being shifted and shafted so frequently that it's no surprise to hear of changes to the cpf. this is not new and has been ongoing for some time. except for rants by 500-squat and "where's my cpf" equalisation, why sinkies are kpkb'ing now? a warm up to the world cup? :p

 

[Sinkie]

maybe this can help you to understand

Exactly what I'm saying.......the life expectancy of those born in 2013 is 82.5 years (both sexes ave).
But surely we're not born in 2013, or are we saying they're treating us like 3 year old?

Give me a break...what a pack of lies.....as evidence tell me many of people I know who are dying now are 65 years old and younger.

Hence, this below statistics (assuming it is not massaged) used to increase the withdrawal age because of the lie that we're living till age 85 now, is applicable only for those born in 2013 and beyond, so it is irrelevant. It is a complete lie!! We don't live so long. The baby boomers do not live so long.

KNN...

 

[winnipegjets]

sinkies need to wake up to know that public funding schemes shift their goal posts all the time. i'm so immune and tired of my social security goal posts being shifted and shafted so frequently that it's no surprise to hear of changes to the cpf. this is not new and has been ongoing for some time. except for rants by 500-squat and "where's my cpf" equalisation, why sinkies are kpkb'ing now? a warm up to the world cup? :p

When you pay 1/5 of your income into a negative return funds, you will want to get it out asap.
When you pay 6.2 percent to get $2k a month indexed to inflation in your old age, a slight change in the payout age to make the fund more sustainable is not a big deal at all.

And Americans plan for SS payments to be one of many sources of retirement income.

 

[winnipegjets]

i did and that was why i told these people there is no use continuing ranting about the CPF scheme and should instead of ways to overcome the problem so that they do not have to depend on the CPF scheme.
i even share with them my experience and how it did it.. sadly i must say most people here are daft and didnt understand what i was trying so hard to put across
they prefer to blame and rant at the PAP everyday instead of finding ways to overcome and outsmart the obstacles the PAP placed in front of them.

i pity these lot, they only know how to rant but is never able to think out of the box and find a real solution to the problem they face.

1/5 of your income is taken away as compulsory savings for your retirement. How can we not depend on that when it is 20 percent! How much money can we sock away? At most another 10 percent. So, you are suggesting to depend on the extra 10 percent we save to fund our retirement? You siao ah?

 

[winnipegjets]

i am not saying the current CPF scheme is good. i am saying the CPF scheme is here to stay whether u like it or not.
it might change in the future. we dont know.
while it is here, we beat it with other means than be a sitting duck like what u have been doing.
you deserved to die poor if u cannot think of way to beat the system that screwed you.
u can choose to continue to brat how the PAP screwed you instead of making the best of the situation.
nobody is going to pity you. you will end a loser.

What defeatist attitude! The CPF will disappear and replaced by a pension scheme when the WP takes over.

 

[winnipegjets]

Sure no problem. I remove CPF and I remove everything you Sinkie took for granted.

Americans pay 6 percent to get a monthly cheque of $2k, the Hongkees pay 5 percent and decide how to invest their retirement saving from a pool of vetted unit trust.
So, we will get rid of CPF and replace it with a pension fund or at the worst, a defined contribution plan.

Like having medical subsidies, first pick at HDB pigeon hole with double bite of the cherry, study grants for your brats, subsidies if you live in HDB pigeon holes ( you pay the same as landed ..EVERYTHING, right down to the cost of each W/C!) and many many more.

We pay tax for what?
Medical subsidies are pure bs ...inflated pricing to justify a fictitious subsidy. Likewise for the HDB flats.

Can tahan?

Not tahan and thrive. Better returns on investment.

You Sinkie just want the good stuffs and looked to the left and right of your shoulder and compare, who gets this and who can that and why Sinkie have these restrictions impose upon them.

What talking you lah?

 

[winnipegjets]

$10,000 invested for 30 years with a return of 8 percent gets you $100k.

Most CPF contributors have put in more than that amount over their working life, yet they have less than $150k in their account.

Sinkees can do better than putting their money in CPF.