CPF Minimum Sum to be raised again, again and again

[Pisces69]

Yes it is debatable with regard to whether it is wise or not to release whole CPF sum at age 55. I also don't know what is best. If give all to me, will I squander it too fast or will I spend it wisely? One can never be too sure so the immediate plan is to make sure at least I have enough money from 55 to 65 yrs old given the current policy. Who know the policy will change in future again then we have to plan accordingly to whatever changes it may be?

 

 

Well if u decide to squander it then its yr problem. Its your money after all.

 

Just like u buy an insurance policy n when it matures the Insurance company MUST pay u in full what was agreed when u bought it PLUS all the additional bonuses that they declared along the way.

 

Can they halfway change the contract n say "in your interest. We have decided that u r not fit to handle your own money n we wil manage it for u as how we deem fit".

 

Can the insurance co. along the way change the policy(contract) n say now we wil only pay u 30% n the rest we wil pay in instalments of 5% every year? Now that is a breach of contract n they can b sued by u in a court of law.

 

Or the insurance co say they had many bad years n have not enough money to pay u so wil pay bit by bit only. Wil u accept this?

Edited May 14, 2014 by Pisces69

[Pisces69]

Just treat CPF as tax that can be use to buy house can liao.

 

like what some mention, if you rely only on your CPF money for retirement... then you are badly screw anyway. so its better to let gahmen keep for you.

 

 

When CPF was introduced, the gharmen made it clear that it was supposed to b for our retirement living expenses. It then was modified to replace any pension scheme that we had.

 

Now it had been modified so many times till its not recognisable from what it was when it was introduced.

[Duckduck]

Just treat CPF as tax that can be use to buy house can liao.

 

like what some mention, if you rely only on your CPF money for retirement... then you are badly screw anyway. so its better to let gahmen keep for you.

 

yea thats wat i thk too

[Wt_know]

that's why many hoot property ... anyhow hoot ah ... that's another problem for discussion .... lol

 

Just treat CPF as tax that can be use to buy house can liao.

 

like what some mention, if you rely only on your CPF money for retirement... then you are badly screw anyway. so its better to let gahmen keep for you.

 

Edited May 14, 2014 by Wt_know

[Sdxx]

once again, i would say cpf is a good scheme ...

but the many changes in policy and increase in min sum and drawdown age and payout is really bothering me

 

how to plan accordingly? can catch up or not ? in 1 year the min sum increase $7000.

do you know need how many years to catch up $7000 in SA.

cpf contribution is max at 1800 (1000 from you, 800 from employer)

the percentage goes to OA, SA and MA varies when one getting older

before you can even catch up $7000 ... another increase of $7000 or $10000

 

 

All the CPF policies and changes good or bad are debatable. Come to think of it, the MS and DDA started in 2003 and 2008 respectively, not too long ago. It might change again if soceity changes. It is always good to be prudent with money especially in our old age. I look at the issue non personally when I said squander all the money in old age, it can happen, it has happened and it will happen and it should be an area of concern if we want to view the issue objectively.

[Sdxx]

 

 

When CPF was introduced, the gharmen made it clear that it was supposed to b for our retirement living expenses. It then was modified to replace any pension scheme that we had.

 

Now it had been modified so many times till its not recognisable from what it was when it was introduced.

Yes last time pure and simple. Slowly can buy house, buy shares, pay education fee, pay medical fee, pay medical insurance etc. Do you think people will accept it if we can't use CPF for all these?

[Pisces69]

that's why many hoot property ... anyhow hoot ah ... that's another problem for discussion .... lol

 

 

 

 

So the gharmern decide to allow CPF to b used to buy public n private property has had the effect of pushing up the property prices in Spore.

 

Was this foreseen or was it intentional?

 

So then was it the gharmen who is responsible for the high prices of housing here?

 

If CPF was not allowed for housing, our property prices wud b much lower than what it is today.

 

Slowly bit by bit the web is untangled n more n more is revealed.

[Wt_know]

CPF must be allowed to buy property. but limit to buy 1 property only

if this is the case, CPF could be fat fat at the age of 55 ... huat ah!

especially those who buy BTO < $300k ... husband+wife each $150k ... sup sup water

 

anyway, that's a different discussion because

 

cpf + hdb + asset enhancement + sell back & lease + re-mortgage ... is a whole suite of retirement strategy ... as we were told, no?

 

 

 

So the gharmern decide to allow CPF to b used to buy public n private property has had the effect of pushing up the property prices in Spore.

 

Was this foreseen or was it intentional?

 

So then was it the gharmen who is responsible for the high prices of housing here?

 

If CPF was not allowed for housing, our property prices wud b much lower than what it is today.

 

Slowly bit by bit the web is untangled n more n more is revealed.

 

Edited May 14, 2014 by Wt_know

[Pisces69]

All the CPF policies and changes good or bad are debatable. Come to think of it, the MS and DDA started in 2003 and 2008 respectively, not too long ago. It might change again if soceity changes. It is always good to be prudent with money especially in our old age. I look at the issue non personally when I said squander all the money in old age, it can happen, it has happened and it will happen and it should be an area of concern if we want to view the issue objectively.

 

 

A person squndering his money is always possible n each person has to decide how he wants to save or spend his savings.

 

How about pple who do not have enough money at age 55 n end up borrowing from illegal moneylenders. Wil this make him worse off cos of the extremely high interest he wil end up paying which wil wipe out all his savings faster.

 

Its hard to prevent pple from squandering their wealth whichever way they decide.

 

How about those who sell their property n then squander that money. Wil the gharmen step in n say we cannot sell our property then?

 

When n where does it all end?

[Wt_know]

aiya ... no need to go so chim la

for the longest time ... sporean has been labeled ... the people don't think one ... always wait for govt to tell what to do

then ... govt got campaign ... hey people you need to think and act for yourself ... don't just rely on govt

then ... govt decide again

 

it's good and bad la ...

 

When n where does it all end?

 

Edited May 14, 2014 by Wt_know

[Pisces69]

CPF must be allowed to buy property. but limit to buy 1 property only

if this is the case, CPF could be fat fat at the age of 55 ... huat ah!

especially those who buy BTO < $300k ... husband+wife each $150k ... sup sup water

 

anyway, that's a different discussion because

 

cpf + hdb + asset enhancement + sell back & lease + re-mortgage ... is a whole suite of retirement strategy ... as we were told, no?

 

 

 

 

I rememeber the early days when HDB/SIT flats were damm cheap. Mainly cos pple cud only buy flats which ty cud afford as payments were cash from their disposable income.

 

When CPF was allowed to purchase HDB, then ther prices started to climb the stairway to heaven till what it is today.

 

Then HDB became the richest gharmen department cos of all the money they were getting n pple were willing to pay more n more from their CPF savings for their flats.

 

Pple was using this loophole to "withdraw" their CPF earlier n CPF as a retirement savings scheme lost its direction n now its totally lost till even gharmen says thet we cannot depend on our CPF for our retirement anymore.

[Sdxx]

aiya ... no need to go so chim la

for the longest time ... sporean has been labeled ... the people don't think one ... always wait for govt to tell what to do

then ... govt got campaign ... hey people you need to think and act for yourself ... don't just rely on govt

then ... govt decide again

 

it's good and bad la ...

 

 

Good point. It's good to depend on family on friends but I support the mentality of jia ka ki and don't rely too much on others including the ah gong. Good night.

[Joseph22]

that's why many hoot property ... anyhow hoot ah ... that's another problem for discussion .... lol

 

 

that is when buy within your mean come into play.. lol

[Wt_know]

hmm ... come to think of it ... very true

imagine if cannot use cpf to buy property ... who is willing (afford, may be) to pay $1,000,000 for Bishan HDB?

the willingness is greater because the money is sitting in cpf anyway

 

 

 

I rememeber the early days when HDB/SIT flats were damm cheap. Mainly cos pple cud only buy flats which ty cud afford as payments were cash from their disposable income.

 

When CPF was allowed to purchase HDB, then ther prices started to climb the stairway to heaven till what it is today.

 

Then HDB became the richest gharmen department cos of all the money they were getting n pple were willing to pay more n more from their CPF savings for their flats.

 

Pple was using this loophole to "withdraw" their CPF earlier n CPF as a retirement savings scheme lost its direction n now its totally lost till even gharmen says thet we cannot depend on our CPF for our retirement anymore.

 

Edited May 14, 2014 by Wt_know

[Kb27]

If CPF was never allowed to be used to buy property, do you think property price would be what it is today ?

[Duckduck]

If CPF was never allowed to be used to buy property, do you think property price would be what it is today ?

 

in other words, garmen is "guaranteeing" SG props bot by CPF, so another too big to fail case

[Kb27]

 

in other words, garmen is "guaranteeing" SG props bot by CPF, so another too big to fail case

 

Just like buying cars, 40% downpayment, 60% loan, not allowed to use CPF and see what happened to property price.

[Porche]

If the payout every mth can survive still not that bad, now not even enough for a comfortable retirement. Tell us to use reverse mortgage or downgrade smaller flat, lim peh's money y u bother how I spend