Gitanic 6th Gear January 4, 2016 Share January 4, 2016 (edited) The concept of CPF life is indeed good but I don't like that nothing seems to be firm. There is no firm payout at all.... What are you not saying? I guess he might have achieved more if he had stayed in cambridge. when assess a person must take into account his background,experiences,parenthood and most importantly,genetic heritage. he has very outstanding parents. can't pronounce certain words well because of his genetic heritage (i think). but i firmly believe he is doing his best. Edited January 4, 2016 by Gitanic ↡ Advertisement Link to post Share on other sites More sharing options...
Celicar Turbocharged January 4, 2016 Share January 4, 2016 Technically speaking , the ceiling is not raised from 5k to 6k , its actually being restored back to 6k. The ceiling was 6k in the 90s , and employee / employer contribution back then was 20 / 20 . A person earning 6k per month back then has a total of $2400 contributed to his CPF every month . Then came the SARS crisis in 2003 , and the gov didn't want to burden the Employers , ceiling was reduced to 4.5k and employer contribution slashed to 15% . Employee contri remained at 20% . Employee got more take home pay , but total CPF contribution fell from $2400 ( 40% of 6k ) to $1,575 ( 35% of 4.5k ) . Also , more take home pay also results in higher taxable income . It was painful . I may be the few whom are glad that the contribution ceiling has now been fully restored back , albeit that it has taken 12 long years . And I hope someday the Employer contribution can be back up to 20% . That's right. Lower also get criticized, raise/restore also get criticized, tough to be a policy maker nowadays, really got to block out all the 'noise' and decide what is best on balance, no such thing as one right answer and every other option is wrong. Anyway, best to not depend on your CPF for your retirement, but treat it as bonus. 5 Link to post Share on other sites More sharing options...
Loki Supersonic January 4, 2016 Share January 4, 2016 Anyway, best to not depend on your CPF for your retirement, but treat it as bonus. If you rely only on CPF Life payouts for retirement, you're in big trouble. CPF payouts ought to be only one of many income streams. 5 Link to post Share on other sites More sharing options...
Ktglfc Hypersonic January 4, 2016 Share January 4, 2016 Just take it as a small bonus when you reach 55... at current moment, best to save and invest and have a good nest when you retire :) 3 Link to post Share on other sites More sharing options...
1fast1 Supersonic January 4, 2016 Share January 4, 2016 (edited) What are you not saying? What I'm not saying is what needs to be left unsaid by necessity. You know the adage "Fools rush in where angels fear to tread." Fools like Roy Ngerng have had to learn what not to say the hard way. Edited January 4, 2016 by Turboflat4 2 Link to post Share on other sites More sharing options...
Solar Turbocharged January 4, 2016 Share January 4, 2016 Chenghu will never do anything for free........ we must always rem this Look into the balance sheet mah... I do that at home too. Money don't rain from the sky. If this month overspend, the restaurant will have to cut down and eat home leow :-) Link to post Share on other sites More sharing options...
Tiger1 6th Gear January 4, 2016 Share January 4, 2016 To me, this CPF scheme was created good and it was a very good platform as compared to the western style of welfare style. We work hard, save our monies in the system and when we retire at the age of 55, we take out. Simple and straight forward. Of course there are dirty old men who chose to believe they were Andy Laus and lose all their money to xmm. These are beyond sympathies. Now, CPF keep pushing and pushing withdrawal age. Calculations take a genius to understand. Given a choice, I will park my money elsewhere and earn less interest than keep in CPF. What guarantee when we can't even know when can we take out our own monies. You dare to tell me precisely when? 1 Link to post Share on other sites More sharing options...
Wt_know Supersonic January 4, 2016 Share January 4, 2016 (edited) it's all about trust and believe in the system ... cpf life payout pay you until you say bye bye ... even greece cannot pay pension now ... so ... what if spore become greece in 50 years time? $$ in own pocket is better than $$ in other people pocket ownself pay ownself is the best To me, this CPF scheme was created good and it was a very good platform as compared to the western style of welfare style. We work hard, save our monies in the system and when we retire at the age of 55, we take out. Simple and straight forward. Of course there are dirty old men who chose to believe they were Andy Laus and lose all their money to xmm. These are beyond sympathies.Now, CPF keep pushing and pushing withdrawal age. Calculations take a genius to understand.Given a choice, I will park my money elsewhere and earn less interest than keep in CPF. What guarantee when we can't even know when can we take out our own monies. You dare to tell me precisely when? Edited January 4, 2016 by Wt_know Link to post Share on other sites More sharing options...
Karu 6th Gear January 4, 2016 Share January 4, 2016 Govt think you cannot manage your own money, so they help U... Kena $200 pay cut now!! 2 Link to post Share on other sites More sharing options...
Kb27 Supersonic January 4, 2016 Share January 4, 2016 CPF is a tax. They take your money first, Then they decide if they want to return it to you on their terms. And they decide to change the terms whenever they want and you have no say. 2 Link to post Share on other sites More sharing options...
Kusje Supersonic January 4, 2016 Share January 4, 2016 CPF is a tax. They take your money first, Then they decide if they want to return it to you on their terms. And they decide to change the terms whenever they want and you have no say. Same shit for CPF life. While stable, the monthly payouts are not fixed. The payout amount will be reviewed annually and we may adjust your payout due to changes in mortality experience, interest rate and transactions which affect your Retirement Account balance. This will ensure that the CPF LIFE annuity fund is sustainable in the long run. We will notify you two to three months before we make any adjustments to your monthly payout. https://www.cpf.gov.sg/members/schemes/schemes/retirement/cpf-life Govt think you cannot manage your own money, so they help U... Kena $200 pay cut now!! TBH, I don't really care la. 200 missing from my bank account but 370 extra into CPF. Some of that 370 I can use to pay my housing loan anyway. Even if you put the 200 into my bank account, I might use it to pay off my housing loan. 2 Link to post Share on other sites More sharing options...
Mockngbrd Supersonic January 4, 2016 Share January 4, 2016 like i said earlier, less $$$ for stress-relieve massag 1 Link to post Share on other sites More sharing options...
Iamtheone 1st Gear January 4, 2016 Share January 4, 2016 (edited) If 1 so hard up to take out their CPF $$ before retirement, it just goes to show they are not good enough in 'growing'their saving $$.. how many ppls screaming at HL park are millionaires? Many cant even paid off their hp bills Edited January 4, 2016 by Iamtheone Link to post Share on other sites More sharing options...
Wt_know Supersonic January 4, 2016 Share January 4, 2016 (edited) $200 in bank account ... can go kopitiam lim cui and ask for free sexi massage TBH, I don't really care la. 200 missing from my bank account but 370 extra into CPF. Some of that 370 I can use to pay my housing loan anyway. Even if you put the 200 into my bank account, I might use it to pay off my housing loan. Edited January 4, 2016 by Wt_know Link to post Share on other sites More sharing options...
Kusje Supersonic January 4, 2016 Share January 4, 2016 If 1 so hard up to take out their CPF $$ before retirement, it just goes to show they are not good enough in 'growing'their saving $$.. how many ppls screaming at HL park are millionaires? Many cant even paid off their hp bills It is not about being hard up. First question that should be answered is whether the government acknowledges that CPF money is our money. Secondly, if it is our money, why keep shifting the goal post? 2 Link to post Share on other sites More sharing options...
Wt_know Supersonic January 4, 2016 Share January 4, 2016 (edited) and increasing cpf minimum sum ... what would be the MS in 2030? Edited January 4, 2016 by Wt_know Link to post Share on other sites More sharing options...
Showster Twincharged January 4, 2016 Share January 4, 2016 (edited) One way to think about it is if you have reached the goalpost (minimum sum) for SA (161K) today, the goalpost will not really shift anymore. This is because your SA account will grow together with the goalpost shift (maximum I can believe is 4% inflation rate that they adjust to). The SA account will be growing at minimum 4%. So the aim really should be, how can I reach this goalpost earlier? Put in more money today as you save, let Govt raise the contribution ceiling etc. All these will help you reach the goalpost for SA. Then the OA you can treat it as additional savings or use it to pay down/off your housing loan right before 55 years old. At 55 years old, its going to be a huge amount for those whose current salaries go beyond the annual CPF contribution cap, and especially if you hit your MA and SA early (say in your 30s or 40s because of the way you save). And some of the super savvy are starting to put into their children's accounts to help the children for retirement! No kidding! It is not about being hard up. First question that should be answered is whether the government acknowledges that CPF money is our money. Secondly, if it is our money, why keep shifting the goal post? Edited January 4, 2016 by Seohster 3 Link to post Share on other sites More sharing options...
1fast1 Supersonic January 4, 2016 Share January 4, 2016 like i said earlier, less $$$ for stress-relieve massag You have a one-track mind. Luckily, it's a track I happen to like. ↡ Advertisement Link to post Share on other sites More sharing options...
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