Joseph22 Turbocharged May 9, 2014 Share May 9, 2014 (edited) The 2009 payout table source is from CPF plain and simple Now the payout numbers dropped plain and simple 2009 payout table got 4 scheme. Now only 2 scheme because no one take up the other two. They twitch both scheme to make it last longer. That's why it's different. It's reported in the news. No misleading was mention then by anyone including the opposition during election. In short 2009 was out-dated. Replace by the current scheme. Edited May 9, 2014 by Joseph22 ↡ Advertisement 1 Link to post Share on other sites More sharing options...
Goldbug 6th Gear May 9, 2014 Share May 9, 2014 2009 payout table got 4 scheme. Now only 2 scheme because no one take up the other two. They twitch both scheme to make it last longer. That's why it's different. It's reported in the news. No misleading was mention then by anyone including the opposition during election. In short 2009 was out-dated. Replace by the current scheme. an uncle wrote a letter to Today's voice forum saying that CPF scheme life short changed members CPF Life scheme can do better ... 04:46 AM Mar 08, 2012 Letter from Tan Say Yin THERE are two negatives in the Central Provident Fund Life scheme: Low payouts and, especially, the uncertainty of the monthly quantum, which could fluctuate yearly depending on interest rates. And if the payout is at the lower end of the range, it could be further eroded by inflation in the future. Private companies can structure their annuities with a locked-in monthly payout, with some even providing participating annuities whereby bonuses could be declared, which then raise the monthly payout. The CPF Life scheme surely could do better, since it has a larger pool of members, as it is mandatory from next year for the majority of Singaporeans who turn 55. I am in my late 50s and am looking at various options for my retirement. Using the CPF online calculator, I did some comparisons. Assuming I have S$117,000 in my Retirement Account, the Minimum Sum monthly payout would be S$1,040 from the age of 65. The current CPF Life Balanced Plan, however, would provide a lower monthly payout ranging from S$768 to S$844. I am aware that the monthly payouts last for as long as a member lives, But the Minimum Sum example I quoted could last for a good 20 years, likely to be sufficient for most Singaporeans. Even if the difference in payouts between the two schemes was, say, only S$136, I would get S$32,640 more under the Minimum Sum scheme. I could set aside this amount to possibly give me another three years of allowance, taking me to a ripe old age of 88 years. I am therefore not sold on CPF Life. URL TODAYonline | Voices | CPF Life scheme can do better ...,,, Copyright 2012 MediaCorp Pte Ltd | All Rights Reserved So far nobody reply his letter in Today's Voice forum. Link to post Share on other sites More sharing options...
Enye Hypersonic May 9, 2014 Share May 9, 2014 since payout calculation can differ greatly in the last few years why bother to debate so much if your retirement is 20 years later? save the debate till 19 years later so that you can get a better grasp of the payout Link to post Share on other sites More sharing options...
Goldbug 6th Gear May 9, 2014 Share May 9, 2014 since payout calculation can differ greatly in the last few years why bother to debate so much if your retirement is 20 years later? save the debate till 19 years later so that you can get a better grasp of the payout the first batch of members haben even start draw down, the projected payout already dropped so much liao Link to post Share on other sites More sharing options...
Blackyv Turbocharged May 9, 2014 Share May 9, 2014 something seriously wrong if need to take another 20-25 years property loan when one is early to mid 40s if this is the case, it simply means you cannot afford to upgrade better to stay in a fully paid HDB and accumulate retirement savings just like my bil bought a condo last year for 1.5mil and he only get 65% loan approved, 70% loan rejected...... actually his wife wanted to buy, he doesn't... but... well... then he said the reason to buy the condo is for retirement... i was like... huh???.... how to retire when still have close to a 1mil to service... and yup, he is hitting 40yrs old this year... Link to post Share on other sites More sharing options...
Joseph22 Turbocharged May 9, 2014 Share May 9, 2014 an uncle wrote a letter to Today's voice forum saying that CPF scheme life short changed members 04:46 AM Mar 08, 2012 Letter from Tan Say Yin THERE are two negatives in the Central Provident Fund Life scheme: Low payouts and, especially, the uncertainty of the monthly quantum, which could fluctuate yearly depending on interest rates. And if the payout is at the lower end of the range, it could be further eroded by inflation in the future. Private companies can structure their annuities with a locked-in monthly payout, with some even providing participating annuities whereby bonuses could be declared, which then raise the monthly payout. The CPF Life scheme surely could do better, since it has a larger pool of members, as it is mandatory from next year for the majority of Singaporeans who turn 55. I am in my late 50s and am looking at various options for my retirement. Using the CPF online calculator, I did some comparisons. Assuming I have S$117,000 in my Retirement Account, the Minimum Sum monthly payout would be S$1,040 from the age of 65. The current CPF Life Balanced Plan, however, would provide a lower monthly payout ranging from S$768 to S$844. I am aware that the monthly payouts last for as long as a member lives, But the Minimum Sum example I quoted could last for a good 20 years, likely to be sufficient for most Singaporeans. Even if the difference in payouts between the two schemes was, say, only S$136, I would get S$32,640 more under the Minimum Sum scheme. I could set aside this amount to possibly give me another three years of allowance, taking me to a ripe old age of 88 years. I am therefore not sold on CPF Life. URL TODAYonline | Voices | CPF Life scheme can do better ...,,, Copyright 2012 MediaCorp Pte Ltd | All Rights Reserved So far nobody reply his letter in Today's Voice forum. Notice it cpf life he is enquiring on?? It's already say if u opt for it, they will assume u live for more than 20 years. Hence they might had factor it that u liver for another 40years of course it will be very low. How long they want to determine u live is for their discret. What u can do is opt to go for cpf life or for other plan. just like my bil bought a condo last year for 1.5mil and he only get 65% loan approved, 70% loan rejected...... actually his wife wanted to buy, he doesn't... but... well... then he said the reason to buy the condo is for retirement... i was like... huh???.... how to retire when still have close to a 1mil to service... and yup, he is hitting 40yrs old this year... When he sell a few years later and move back to HDB 2 room flat he will have tonns of cash. Link to post Share on other sites More sharing options...
Enye Hypersonic May 9, 2014 Share May 9, 2014 (edited) the first batch of members haben even start draw down, the projected payout already dropped so much liao so the first batch better know what to do in 2016 to help the subsequent batches unless they take pleasure in seeing future generations suffer too Edited May 9, 2014 by Enye Link to post Share on other sites More sharing options...
Joseph22 Turbocharged May 9, 2014 Share May 9, 2014 (edited) so the first batch better know what to do in 2016 to help the subsequent batches unless they take pleasure in see future generations suffer too The way our ns mr personel like to complain to mindef after they rod about the good life they have is free and waste of time so that the later batch suffer. I don't think anything will change. Edited May 9, 2014 by Joseph22 Link to post Share on other sites More sharing options...
Arenz 2nd Gear May 9, 2014 Share May 9, 2014 I was the last batch given the option to choose Min Sum Scheme, with a fixed mthly payout, instead of CPF Life with uncertain payout. And I did what I had to do in the last election at Aljunied. 1 Link to post Share on other sites More sharing options...
Ahgong Supercharged May 9, 2014 Share May 9, 2014 this means payout amount goal post can also be moved anyhow ... min sum move up ... payout move down in order to support more years ... like kena slapped twice ... si bei song ar now then you know the power leh~! then still got all those funny taxes after you are dead. death tax... estate duty tax... gst for the coffin and the after affairs services... si liow pun bo pang suak ah~! 1 Link to post Share on other sites More sharing options...
Enye Hypersonic May 9, 2014 Share May 9, 2014 just like my bil bought a condo last year for 1.5mil and he only get 65% loan approved, 70% loan rejected...... actually his wife wanted to buy, he doesn't... but... well... then he said the reason to buy the condo is for retirement... i was like... huh???.... how to retire when still have close to a 1mil to service... and yup, he is hitting 40yrs old this year... At least he staying in atas condo as compared to peasant hdb. Rather cry seated in BMW than happy on bicycle... Sounds familiar? And I did what I had to do in the last election at Aljunied. Thank you Link to post Share on other sites More sharing options...
Blackyv Turbocharged May 9, 2014 Share May 9, 2014 At least he staying in atas condo as compared to peasant hdb. Rather cry seated in BMW than happy on bicycle... Sounds familiar? i really hope he could pull thru.... during recent meet up, he said his company is closing down...he is looking around for job and the worst part is he is in engineering line..... i cannot comprehend their guts to commit .. but he is lucky to have a wife from well to do family background... and mind you, the condo is still piling foundation only, not yet move in.... i worry for him if he is jobless and then bank back out the loan amount... then chialat... anyway, that's sg dream many people want.... Link to post Share on other sites More sharing options...
Nolicense Turbocharged May 9, 2014 Share May 9, 2014 Sorry, CPF question. If one marry a foreign wife and she become PR/Citizen, and not working, does that mean new wife CPF account need to put in money? Is it top up from husband CPF? Link to post Share on other sites More sharing options...
Blackyv Turbocharged May 9, 2014 Share May 9, 2014 Sorry, CPF question. If one marry a foreign wife and she become PR/Citizen, and not working, does that mean new wife CPF account need to put in money? Is it top up from husband CPF? no need... if she has not work before, her cpf account zero lor... Link to post Share on other sites More sharing options...
Nolicense Turbocharged May 9, 2014 Share May 9, 2014 no need... if she has not work before, her cpf account zero lor... jialat.. then no medisave? gahmen want us to foot our own medical bills.. anyway Ponzi scheme.. put money in nothing come out Link to post Share on other sites More sharing options...
Ahgong Supercharged May 9, 2014 Share May 9, 2014 i really hope he could pull thru.... during recent meet up, he said his company is closing down...he is looking around for job and the worst part is he is in engineering line..... i cannot comprehend their guts to commit .. but he is lucky to have a wife from well to do family background... and mind you, the condo is still piling foundation only, not yet move in.... i worry for him if he is jobless and then bank back out the loan amount... then chialat... anyway, that's sg dream many people want.... what to do? when we were growing up, we were all brained washed with all that hog-wash about attaining 5Cs. some of us in that generation had that hog-wash more ingrained than others. Hope your friend can pull thru. else quickly go get a cab license. I have seen people driving cab and affording Condo still, with careful money planning, of course. Link to post Share on other sites More sharing options...
Nolicense Turbocharged May 9, 2014 Share May 9, 2014 what to do? when we were growing up, we were all brained washed with all that hog-wash about attaining 5Cs. some of us in that generation had that hog-wash more ingrained than others. Hope your friend can pull thru. else quickly go get a cab license. I have seen people driving cab and affording Condo still, with careful money planning, of course. maybe taxi driving is a hobby. they retired already Link to post Share on other sites More sharing options...
Throttle2 Supersonic May 9, 2014 Share May 9, 2014 Be like me, just write off your CPF, wahahahahahaha. ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Cpf oa 2.5% OCBC 3.4%
Cpf oa 2.5% OCBC 3.4%
SRS - what to invest in?
SRS - what to invest in?
Can't meet minimum sum? Divorce and buy a second property.
Can't meet minimum sum? Divorce and buy a second property.
Plenty of intelligence but used it in the wrong way
Plenty of intelligence but used it in the wrong way
Malaysia Allows Withdrawal Of Their EPF
Malaysia Allows Withdrawal Of Their EPF
The best way to prepare for retirement is to use less CPF $$
The best way to prepare for retirement is to use less CPF $$
CPF’s Retirement Sum Scheme payout period to be capped at age 90 from 2020
CPF’s Retirement Sum Scheme payout period to be capped at age 90 from 2020
Hdb income ceiling revised 2019
Hdb income ceiling revised 2019