Why it’s so hard for S’poreans to understand CPF

[eatshitndie]

yes and u complaining the payout of 1400 is low?if cpf paid out 1400 a month,ur money would be gone in an instant......social security is paying u for life.u opt for cpf life and see the peanuts u get.

the usd1400+ monthly payout starts at 65 while you can collect a lump sum payment on your cpf starting at 55. if you reinvest that lump sum in a high yield fund, you should earn better than the monthly ss payment, 10 years ahead of the curve. moreover, ss payouts are subject to federal and state tax, as it is considered income. the federal and state tax agencies will cut down the usd1400+ payout to usd1100+ before you know it.

how long will you live? 75? 85? factor in inflation, depreciation of the usd, and postponement of the payout ages. the ssd is contemplating pushing the payout to age 67. by the time i collect on my 1st ss check, it may be age 69. and all checks are made from a common pool. those who contributed little to the pool get the best benefit plus other welfare assistance from all levels of gov from feds to state to county to city.

the simple fact that the sgd has appreciated so much over the years in purchasing power parity should not go unnoticed. that appreciation alone should contribute yields of more than 5% pa over and on top of the 2%+ yield that cpf is giving you. you would not realize it until you convert the lump sum to usd.

 

[eatshitndie]

well using the eatshitdie example,he earned over 2 million income and only contributed 230k to social security,7.2% contribution rate,for that he gets $1300 payout lifetime,good deal.....u want withdraw lump sum at 55,still want 1300 payout for life?i think u can wait long long...maybe when singapore adopts a australian socialist government and mcdonalds is paying 20sgd per hour.

do not forget i have to wait till 63 to collect on usd1200+ per month or 65 on usd1400+ per month. after tax, they are down to usd900+ and usd1100+ respectively. moreover, they will move the age to 67 and 69 in the coming years. 10 years difference between 55 and 65 is a big deal. with cpf, i could have withdrawn a sizable amount and reinvest that in a high yield account or pay down on a home. factor in inflation, depreciation of the usd, and depletion and postponement of the ss payout. the cpf scheme in sg is far superior while the ss system is a giant albatross around the u.s. neck.

 

[bakkuttay]

welcome back reamy

 

[winnipegjets]

do not forget i have to wait till 63 to collect on usd1200+ per month or 65 on usd1400+ per month. after tax, they are down to usd900+ and usd1100+ respectively. moreover, they will move the age to 67 and 69 in the coming years. 10 years difference between 55 and 65 is a big deal. with cpf, i could have withdrawn a sizable amount and reinvest that in a high yield account or pay down on a home. factor in inflation, depreciation of the usd, and depletion and postponement of the ss payout. the cpf scheme in sg is far superior while the ss system is a giant albatross around the u.s. neck.

Don't forget you didn't put in as much money via your social security contribution (12.5 pct) as we have to into the CPF (20 pct). Your social security cheque is indexed to inflation and you will get it as long as you live.

 

[GoldenDragon]

Brilliant Claire ! You are the one !:o

Uncle, so you arent the old man arrested then.

 

[eatshitndie]

Don't forget you didn't put in as much money via your social security contribution (12.5 pct) as we have to into the CPF (20 pct). Your social security cheque is indexed to inflation and you will get it as long as you live.

you can pretty much write off social security for retirement as those depending on it are either devoid of financial planning or delusional. usd1100+ per month after tax buys you coffee, donuts, ramen, spam for food and gas, parking, repairs, maintenance, transit fares for transport. more than half of it goes to medication, and the remainder goes to membership fees for the aarp. it's subsistence living, with nothing for a meaningful retirement. no vacation, no parties, no picnics, no long road trips. and continue living such a mundane life for 10 to 20 more years? might as well jump off the golden gate bridge.

no, in truth, social security does not factor in in my retirement plans. it is only for losers and those who do not plan early.

whereas cpf is entirely different. it would be a windfall for me at 55 with the hefty contribution rate. plus the tremendous asset enhancement from property price escalation and steady sgd appreciation over 20 years.

 

[Leongsam]

Boss I wanna agree with you, but can you please tell me where does Whore Jinx find so many tens of Billions of Dollars to lose in her speculation?

She may lose 10 of billions once in a while but she can afford to because she makes far more when she's on a winning streak.

It is for this reason that Temasek is one of the best performing funds in the whole world.

 

[winnipegjets]

She may lose 10 of billions once in a while but she can afford to because she makes far more when she's on a winning streak.

Show me the money.

It is for this reason that Temasek is one of the best performing funds in the whole world.

Yeah right. Let's have Temasek be publicly listed then. That will be test.

 

[winnipegjets]

you can pretty much write off social security for retirement as those depending on it are either devoid of financial planning or delusional. usd1100+ per month after tax buys you coffee, donuts, ramen, spam for food and gas, parking, repairs, maintenance, transit fares for transport. more than half of it goes to medication, and the remainder goes to membership fees for the aarp. it's subsistence living, with nothing for a meaningful retirement. no vacation, no parties, no picnics, no long road trips. and continue living such a mundane life for 10 to 20 more years? might as well jump off the golden gate bridge.

no, in truth, social security does not factor in in my retirement plans. it is only for losers and those who do not plan early.

whereas cpf is entirely different. it would be a windfall for me at 55 with the hefty contribution rate. plus the tremendous asset enhancement from property price escalation and steady sgd appreciation over 20 years.

The 20 percent of high middle income and rich don't make up the US.
In financial planning, the 80 percent will take into account the income from social security. Social security is not supposed to be the sole source of retirement income. Surprise that you don't even know that.

If you depend solely on social security for retirement, you won't have money for healthcare insurance. Medicare is all that you can afford.

You are so happy to get negative returns from your CPF contributions. I rest my case.

 

[winnipegjets]

the usd1400+ monthly payout starts at 65 while you can collect a lump sum payment on your cpf starting at 55. if you reinvest that lump sum in a high yield fund, you should earn better than the monthly ss payment, 10 years ahead of the curve. moreover, ss payouts are subject to federal and state tax, as it is considered income. the federal and state tax agencies will cut down the usd1400+ payout to usd1100+ before you know it.

The money that you put in the CPF over the years would have resulted in negative return while your social security contributions assure you of inflation-index regular cheques after 65 at a much lower contribution rate. How you can rate the CPF over SS is beyond comprehension.
The US government never tell you that SS is all you need for retirement. They offer you IRA and Roth. If you put the difference in contribution rate between SS and CPF into these two programs, your overall retirement portfolio would be many times larger than dumping into the CPF negative return savings plan.

how long will you live? 75? 85? factor in inflation, depreciation of the usd, and postponement of the payout ages. the ssd is contemplating pushing the payout to age 67. by the time i collect on my 1st ss check, it may be age 69. and all checks are made from a common pool. those who contributed little to the pool get the best benefit plus other welfare assistance from all levels of gov from feds to state to county to city.

Inflation is not a problem in US. It is in sinkapore.
It is total right-wing bs to say that those who contribute the least gets the most. Your SS cheques depend on your contributions.
If you don't like to be part of a community, then come back to sinkapore. As it is, the US is already highly individualized.
That's why it has taken decades before a bastardized form of socialized healthcare can be introduced.
Right-wingers like you like to keep your money, yet am not prepare to medicare. If the Republicans really believe in their ideology instead of serving their own interest, then they would abolish social security and medicare. But they won't because they know that they senior constituents will throw them out of office immediately.

the simple fact that the sgd has appreciated so much over the years in purchasing power parity should not go unnoticed. that appreciation alone should contribute yields of more than 5% pa over and on top of the 2%+ yield that cpf is giving you. you would not realize it until you convert the lump sum to usd.

Despite this 'apprecation' why the hell are prices of similar items so much higher in sinkapore than in US?

 

[eatshitndie]

Despite this 'apprecation' why the hell are prices of similar items so much higher in sinkapore than in US?

if you stop buying high end retail goods that are imported and displayed at expensive rental areas, you should be living affordably in sg. and you don't need a car. public transportation is convenient and cheap. for example, every time i visit sg, i only spend less than sgd5 on the mrt and less than sgd20 for 3 meals per day. the same routine in the bay area will cost me usd26 on transit, usd5 on gas for my car, and usd35 for the cheapest 3 meals per day without beverages. if you already have a roof over your head in sg, you can make do with sgd25 a day for basic expenses.

ps: gas for my car because the damn expensive bart system is not everywhere like in sg, and the nearest station is 15 miles away.

 

[Leongsam]

ps: gas for my car because the damn expensive bart system is not everywhere like in sg, and the nearest station is 15 miles away.

PAP is the best and they have made Singapore the best too!

 

[eatshitndie]

PAP is the best and they have made Singapore the best too!

i plan to stop by toa payoh to visit you, geylang to visit uncle gd, and siglap to visit nato in half a day. it's so convenient and cheap. pap is indeed the best!

 

[frenchbriefs]

if you stop buying high end retail goods that are imported and displayed at expensive rental areas, you should be living affordably in sg. and you don't need a car. public transportation is convenient and cheap. for example, every time i visit sg, i only spend less than sgd5 on the mrt and less than sgd20 for 3 meals per day. the same routine in the bay area will cost me usd26 on transit, usd5 on gas for my car, and usd35 for the cheapest 3 meals per day without beverages. if you already have a roof over your head in sg, you can make do with sgd25 a day for basic expenses.

ps: gas for my car because the damn expensive bart system is not everywhere like in sg, and the nearest station is 15 miles away.

less than 20 sgd on 3 meals a day my god.....u truly have no idea how the peasants live in this country,mr foreign talent.i think for the average worker earning 1.6k to 2.4k in this country,average meal plan would be not exceeding $4 for cai png or some hawker dish and not exceeding $10 a day for meals.

and $35 usd for cheapest 3 meal a day?are u dining at some bistro or some shyt?go to macdonals and pick up a fucking 50 piece chicken mcnugget box for 9.90 and a couple dollar menu chesseburgers and a 32oz coke.total calories intake should meet ur daily requirement.

 

[eatshitndie]

less than 20 sgd on 3 meals a day my god.....u truly have no idea how the peasants live in this country.i think for the average worker earning 1.6k to 2.4k in this country,average meal plan would be not exceeding $4 for cai png or some hawker dish and not exceeding $10 a day for meals.

and $35 usd for cheapest 3 meal a day?are u dining at some bistro or some shyt?go to macdonals and pick up a fucking 50 piece chicken mcnugget box for 9.90 and a couple dollar menu chesseburgers and a 32oz coke.

if a sinkie can survive on sgd10 a day for meals as you have pointed out, it proves that sg is indeed affordable. as a visitor, i can afford more than sgd20 for 3 meals a day, but that's more than enough for me. i blend, juice and eat healthy. no fast food. no sugared sodas. for breakfast in the bay area, a trip to panera bread will easily cost you usd8 for breakfast sandwich and a juice. for lunch, most lunches now are usd7.99 plus tax plus tips plus usd1.99 for a beverage, from cheap viet pho to cheap chinese takeout to a burger and fries. for dinner, it's easily usd16.99 plus tax plus tips for a humble burrito, sushi roll, korean tofu, personal pizza or a plate of pasta. you'll be lucky if they add in a beverage for free. even an all-you-can-eat salad bar is around usd13.99 for dinner plus tax plus beverage. :*:

 

[eatshitndie]

as a quick measure of the bay area inflation index, i use the egg roll example. an egg roll from king's egg roll used to cost usd0.40 back in 2010. it's now usd0.80! doubled in 4 years. in sg, a curry puff goes up from sgd1 to sgd1.20 in 4 years, and sinkies kpkb.

 

[Froggy]

The author


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[winnipegjets]

if a sinkie can survive on sgd10 a day for meals as you have pointed out, it proves that sg is indeed affordable.

First world country and sinkees are expected to survive on $10 a day for meals? Go to hell is my utter disgusted response.

as a visitor, i can afford more than sgd20 for 3 meals a day, but that's more than enough for me. i blend, juice and eat healthy. no fast food. no sugared sodas. for breakfast in the bay area, a trip to panera bread will easily cost you usd8 for breakfast sandwich and a juice. for lunch, most lunches now are usd7.99 plus tax plus tips plus usd1.99 for a beverage, from cheap viet pho to cheap chinese takeout to a burger and fries. for dinner, it's easily usd16.99 plus tax plus tips for a humble burrito, sushi roll, korean tofu, personal pizza or a plate of pasta. you'll be lucky if they add in a beverage for free. even an all-you-can-eat salad bar is around usd13.99 for dinner plus tax plus beverage. :*:

If you eat the same type of food in sinkapore as you do in SF, your total would exceed that of the latter.
Aside, isn't Panera Bread the higher end of QSR? There are cheaper options out there.

The median wage in the Bay Area is much higher than sinkapore's median wage. If prices in Bay Area is higher, that's because higher MEDIAN wages support those prices.
The agency’s annual American Community Survey, which measures income and poverty levels across the country, found that the median income in the Bay Area was $74,922, second only to the Washington, D.C. region of the 25 U.S. metropolitan areas included in the survey.

 

[eatshitndie]

First world country and sinkees are expected to survive on $10 a day for meals? Go to hell is my utter disgusted response.

If you eat the same type of food in sinkapore as you do in SF, your total would exceed that of the latter.
Aside, isn't Panera Bread the higher end of QSR? There are cheaper options out there.

you can survive with juicing and blending fresh vegetables and fruit for $10 a day. eat less meat and carb. have a healthy lifestyle by staying from processed and fried food. you will live longer like wealthy folks do. wealthy folks are now eating less, and they juice and blend many times a day.

some sg cooked food are healthier than sf food. in sf i don't have as many healthy and freshly cooked choices as in sg. due to the plethora of choices in sg, i selectively go for stuff that are fresh, delicious, nutritious, yet affordable. for example, yong tau fu is many times more healthy, much more delicious, and one quarter of the cost of a sumptuous meal in sf. if there is ytf in sf, i would go "wtf?!" and have it every day. :p

besides macdonald, starbucks, and city bagel in the neighborhood that open for breakfast starting at 7am, panera bread is the only joint that has a larger selection of choices for breakfast early in the morning. it's not higher end, just ordinary. unlike sg, where you have various choices at some 24-hr food court or kopitiam and hawker centers starting at 6am, the breakfast scene here is basically either fast food (yucks) or diners a distance away. unlike sg again, there are no breakfast choices such as taro cake, chai tau kway, bee hoon mee, wanton mee, mee pok, kway teow mee, sng kway, chook bee png, chwee kway, otah, nasi lemak, mee siam, etc.

sinkies should consider themselves lucky for having the largest selection of freshly cooked food at any time of the day at extremely affordable prices. pap is the best!

 

[greedy and cunning]

CPF is not an "investment fund" its a social security savings plan with guaranteed returns.

yes it is the bestest in the universe.
only problem is the banker decides when you can withdraw , how the fund can be used.
and he keep changing rules and regulations.

you also cowpeh cowmor that nz pension fund is worst.
don't forget the pension is for your daily expense.
NZ has a good welfare scheme.
http://en.wikipedia.org/wiki/Welfare_in_New_Zealand

in sillypoore they will ask you want to eat in coffee shop or a cafe in 5 star-hotel.
there is a medisave acct in see-pee-F*
but you can only used it for certain major medical treatment.
if you have no $ to pay for other treatment , u die your business.