<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>
Coffeeshop Chit Chat - CPF Tries To Con The Elderly</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>ckmpd <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>Sep-22 8:44 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 13) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>21504.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>My sister is 60+. She decided to delay her monthly payout when she reached 62 (which was $390 per mth at that time) and had instead opted to increase her 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
<HR SIZE=1>Edited 9/22/2009 11:49 pm ET by ckmpd</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
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
<HR SIZE=1>Edited 9/22/2009 11:49 pm ET by ckmpd</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
