CPF Payout At The Age of 80?!!
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the conclusion i know of is that I will not see my hard earn money
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but as I stated last night .... I'm not going to spoilt my votes now .... if the powers that be thinks 66.6% is a heaven mandate, then I'll do my part to make it 55.% ... I'd help vote in a few clowns into parliament, since we're being treated like slow kids anyways .... it'll be entertaining at the very least ...
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I didn't like the way that it was put across by those in power that Singaporeans do not know how to manage their finance and therefore needed someone to decide where and how we should keep out money safe and therefore it is right to take our money away and keep it away.
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isn't this the annuity thingy rather than CPF ?
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Originally posted by Fatum:
double
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Originally posted by Fatum:
but as I stated last night .... I'm not going to spoilt my votes now .... if the powers that be thinks 66.6% is a heaven mandate, then I'll do my part to make it 55.% ... I'd help vote in a few clowns into parliament, since we're being treated like slow kids anyways .... it'll be entertaining at the very least ...
Hell, that's what I'd do the next time round. Since 66.6% is a strong mandate to them, I'd give them a couple of clowns to go out on man dates with.
But then again, since I live in Marine Parade, the odds of my getting the chance to vote would be..... negligible.
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If anyone of you think you will have a chance to vote... think again... for many of us. The last election was the 1st time in our long lives that we ever got to vote.
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erm guys... this 80 year old thing is not your CPF savings. its a separate longevity annnuity scheme.
im not saving i like it or approve of it, but its not as crazy as what you guys are saying here. we still get our CPF monies at our retirement age, whatever the hell they want to increase it to. 60 years now right?
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what happens to our cpf after we die?
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Die liao.... will not come to you loh...
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what happened to the money if a person dies before he withdraws any cpf money? Are the money transferred to his wife, sons and daughters?
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so we wont see our CPF $$$
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alot of pple here can tell u if it wasnt for their walkover area, they would have voted for opposition.
but when they have the chance to do so, they screw their vote like the Bear.
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Originally posted by Fatum:
but as I stated last night .... I'm not going to spoilt my votes now .... if the powers that be thinks 66.6% is a heaven mandate, then I'll do my part to make it 55.% ... I'd help vote in a few clowns into parliament, since we're being treated like slow kids anyways .... it'll be entertaining at the very least ...
What? And risk having the Old Man send in the troops to "correct" the "freak" results of an election?
Better just vote for the incumbents and not rock the boat, lah!
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Originally posted by pwnz0r:
erm guys... this 80 year old thing is not your CPF savings. its a separate longevity annnuity scheme.
im not saving i like it or approve of it, but its not as crazy as what you guys are saying here. we still get our CPF monies at our retirement age, whatever the hell they want to increase it to. 60 years now right?
that's not the point, the point is that we are being asked to foot the cost of social security policies and more to the point, we are being asked to contributed to an ever widening liquidity pool from which only one in two of us would ever benefit, and in a very limited way too ..... the goverment has always been dismissive about "egalitarian" ideals ..... that's why we have the CPF ... you earn more, you have more money to enjoy when you retire .... but of course, with CPF, you get your money back after a certain age ... I can only guess at the utility of a huge pool of money from which half of the participants can only contributes towards, but is unlikely to ever enjoy any of it (get what i'm trying to say ? )... when you join the pool ... what you put in ceases to become yours ... when you die, that's it ... the money doesn't go back to your descendants .... ....
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Your money belongs to Singaporeans!!! ( yes, to a small minority lah)
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Originally posted by Shotgun:
This is just wrong.
Put aside all this garbage of about longevity insurance. What is the purpose of having CPF in the first place?
Its more important that people be able to access the CPF funds after they retire at the age of 65, otherwise, what would they do til the age of 80? People who live beyond 85 should have their living expenses PAID FOR by the government. That much is owed to them for contributing to the economy.
Do we really want a situation where there are there are old folks starving on $300 a month (@ unknown inflation rates), with just $20 in their bank account, and tens of thousand of dollars "tucked" away in their CPF? These proposals are getting ridiculous. Based on supposed "public opinion." Did any of you guys get interviewed for your opinions about this? Who are they getting "feedback" from?
Fantastic point!
I think they are getting "feedback" and advice from the financial advisors who help to invest the CPF monies to generate profit, which translates into more income and more wealth for Singapore, Inc. Witholding the timely payout of CPF to the people, they hold on to the fund, hoping to use the money to generate even more money, for who, I don't know, but obviously, not for you and for me.
This sounds really preposterous! At first, the CPF was started to help people save for their post-retirement years, pay for their HDB flats, and pay for healthcare. By denying retirees good and timely access to their accounts, HOW are they going to retire comfortably, having put their faith in the scheme right from the get-go? Wait... they didn't have to put their faith in the scheme in the first place, there was simply no choice!
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Originally posted by Fatum:
I was reading this article in the straits times while eating my morning prata (kosongs now, due to inflation) ....
there's this funny article about a study conducted by a goverment group about singkies' longeivity, health care needs etc .....
"study aims to show need for annuities scheme" .....
I was like ... "
" ...
but hey ! it's a typical goverment high level committee .... you
get what you want to read .... I think two things NEED to happen :
#1 : Singaporeans need to take care of their own finances, and take total responsibility for their financial decisions and the resultant outcome, be it good or bad. Which means, to stop kpkb'ing and trying to pass the buck to the govt when bad things happen. It was your decision, deal with the consequences. It is our responsibility to embark on the necessary groundwork to become financially saavy enough to safeguard OUR savings and OUR investments.
Thing is, you listen to the way lots of Singaporeans talk - they sound like the whole world owes them a living.
No need to conduct whatever surveys or studies, just step into any kopitiam in the heartlands, or even the kopitiams in the shopping malls, and just listen in to the conversation that goes on around you. A lot of kpkb'ing, a lot of times from people who don't really have a rat's ass what they are talking about. It can be entertaining and amusing, but really sad. What do they say about empty vessels and making noises? #2 : The Government needs to just let go and stop acting like some appointed guardian by force. Allow the citizens to make our own decisions. Place the options on the table, and then WE choose, not shove the policies down our throats!
There will be those who are well-informed enough to take care of their own retirement funds, and those who aren't. Key thing is, to cater to all and asunder by allowing choices.
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Originally posted by Fatum:
that's not the point, the point is that we are being asked to foot the cost of social security policies and more to the point, we are being asked to contributed to an ever widening liquidity pool from which only one in two of us would ever benefit, and in a very limited way too ..... the goverment has always been dismissive about "egalitarian" ideals ..... that's why we have the CPF ... you earn more, you have more money to enjoy when you retire .... but of course, with CPF, you get your money back after a certain age ... I can only guess at the utility of a huge pool of money from which half of the participants can only contributes towards, but is unlikely to ever enjoy any of it (get what i'm trying to say ? )... when you join the pool ... what you put in ceases to become yours ... when you die, that's it ... the money doesn't go back to your descendants .... ....
Lots of good points raised there, Fatum, but I'm concentrating on your last sentence...
Increasingly so, there are Singaporeans like me who are single. It's time for the govt to realise that there will be Singaporeans who reach retirement age WITH NO DESCENDANTS. We may choose to have OUR money at OUR disposal then, and to enjoy in our retirement years, before we grow frail, sickly and immobile or stroke out and die.
Since we have no descendants to plan for, has it occured to them that we'd like to spend our twilight years in comfort, and to travel and fulfill whatever dreams we have that we weren't able to pursue when we were busy working, before we step over into the afterlife? LET US CHOOSE WHAT HAPPENS TO OUR MONEY, for goodness' sakes!!
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fatum, i will see to it when i'm eligible to vote
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I concur with you, Rhonda. I feel slighted by a system that treats me as if I can't manage my money, even if its intentions to help those who can't are noble, and even if there are people who are really that immature.
Full-time work is still another 3 years away for me, but I don't feel easy at all when even the sensible folks among us are disagreeing vehemently with it.
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Good for old folks that are old + childrens dont bother them, at least they get monthly pay.... wont anyhow go play girls.. haa
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Originally posted by 798:
alot of pple here can tell u if it wasnt for their walkover area, they would have voted for opposition.
but when they have the chance to do so, they screw their vote like the Bear.
if your wife does something which pisses you off like spending the grocery money on an expensive pair of shoes, do you go have an affair with your neighbour's wife in spite?
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new report today:- http://www.channelnewsasia.com/cna/cgi-bin/search/search.pl (somehow the link of the article cannot work... so just do a search on channelnewsasia... search for "lifelong income scheme", see the 3Feb2008 article) you can draw $600 a month from age 65 years old onwards (not 80), for AS LONG AS YOU LIVE... ok now i don't have to wish that i die young oredi
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i was looking at Lim Siah Sway trying to convince people in the papers..
65.. uhh.. from when?
2030?
cek ah.. mee pok kwee luie?
mee pok chit wa gor pah kor...