Goldbug 6th Gear February 24, 2015 Share February 24, 2015 If one puts 250k into cpf life and draw 1.9k every month, and also receive a bit of contribution from children, plus work part time and also receive the elder workers bonus of 2-3k per annum, think can live quite well. every month should be able to eat durian and go Malaysia tour. So you going to put $241.5k into cpf life? 3rd party annuity more flexible can opt to start drawing from age 60 and terminate early. The disadvantage is interest may not be as high as cpf is paying. Unless I'm sure I can still stay with same company for same pay, I would draw out the everything leaving the minimum sum only. Why you no support $241.5k? ↡ Advertisement Link to post Share on other sites More sharing options...
Goldbug 6th Gear February 24, 2015 Share February 24, 2015 There was an article in the Sunday Times. They put up this chart. The sums shown strongly suggest that the returns from CPF Life would be significantly higher than putting the same amount in an annuity. Zhun bo? Of course the govt annuity gives more returns than the commercial ones now that it's compulsory becos it simply has a biggest pool of entrants. The entrants to the commercial annuities lugi cos there will be little or no new entrants, govt using their monopoly power to muscle out private annuities. But at 4.25% interest max, it's CPF Life/GIC giving the best returns? 1 Link to post Share on other sites More sharing options...
Wt_know Supersonic February 25, 2015 Share February 25, 2015 (edited) yalor ... if there is 500K people buy $161K or $241K annuity plan from GE ... i think they will also give 4.25% returns or highly likely to be higher Of course the govt annuity gives more returns than the commercial ones now that it's compulsory becos it simply has a biggest pool of entrants. The entrants to the commercial annuities lugi cos there will be little or no new entrants, govt using their monopoly power to muscle out private annuities. But at 4.25% interest max, it's CPF Life/GIC giving the best returns? Edited February 25, 2015 by Wt_know Link to post Share on other sites More sharing options...
FourZero Hypersonic February 25, 2015 Share February 25, 2015 my plan is to hv at least $160K put aside for this scheme (will have)................receive $1200 a month fm 65 until die (die early no choice lar) if got enough cash in hand then will tink of $240K scheme (with continuous workg shld have).............. But must work in current situation/pay for another 12 yrs or max up to 17yrs (13 to 17 yrs will consider bonus liao ) If one puts 250k into cpf life and draw 1.9k every month, and also receive a bit of contribution from children, plus work part time and also receive the elder workers bonus of 2-3k per annum, think can live quite well. every month should be able to eat durian and go Malaysia tour. I totally agree with your statement 1 Link to post Share on other sites More sharing options...
Jman888 Moderator February 25, 2015 Share February 25, 2015 So you going to put $241.5k into cpf life? Why you no support $241.5k? still considering ...... i probably might my plan is to hv at least $160K put aside for this scheme (will have)................receive $1200 a month fm 65 until die (die early no choice lar) if got enough cash in hand then will tink of $240K scheme (with continuous workg shld have).............. But must work in current situation/pay for another 12 yrs or max up to 17yrs (13 to 17 yrs will consider bonus liao ) I totally agree with your statement if you opt for eternity payout, it will be less than $1200, probably only $1000. Link to post Share on other sites More sharing options...
RadX Moderator February 25, 2015 Share February 25, 2015 still considering ...... i probably might oh...u intend to live long? hmmm...then i dream of u how> Link to post Share on other sites More sharing options...
Jman888 Moderator February 25, 2015 Share February 25, 2015 oh...u intend to live long? hmmm...then i dream of u how> you probably get dementia and forget how i look like liao Link to post Share on other sites More sharing options...
RadX Moderator February 25, 2015 Share February 25, 2015 you probably get dementia and forget how i look like liao is ok..eyes may fail, but mammary...er memory sure can recall...take longer tho Link to post Share on other sites More sharing options...
FourZero Hypersonic February 25, 2015 Share February 25, 2015 still considering ...... i probably might if you opt for eternity payout, it will be less than $1200, probably only $1000. oh only ard $1K............ then must work hard for the $240K scheme liao .................. haha jia you Link to post Share on other sites More sharing options...
FourZero Hypersonic February 25, 2015 Share February 25, 2015 you probably get dementia and forget how i look like liao by then eyes may start to fail on us liao............... must start to use smell liao ................. hahah lol 1 Link to post Share on other sites More sharing options...
Wt_know Supersonic February 25, 2015 Share February 25, 2015 $160K? how old are you? if you are 55 in the next 15 years assuming 40 now ... the CPF MS probably raised to $243K liao with 3% increment per year my plan is to hv at least $160K put aside for this scheme (will have)................receive $1200 a month fm 65 until die (die early no choice lar) if got enough cash in hand then will tink of $240K scheme (with continuous workg shld have).............. But must work in current situation/pay for another 12 yrs or max up to 17yrs (13 to 17 yrs will consider bonus liao ) I totally agree with your statement Link to post Share on other sites More sharing options...
FourZero Hypersonic February 25, 2015 Share February 25, 2015 $160K? how old are you? if you are 55 in the next 15 years assuming 40 now ... the CPF MS probably raised to $243K liao with 3% increment per year yep, abt there (higher). by then If its at S$240K, n payout still ard S$1.8K then shld be ok................. the higher the min sum, naturally the payout higher (if still same scheme/plan by CPF).......... I am good with $1.8K a month when I am at 65 I guess........ Link to post Share on other sites More sharing options...
Lisw 2nd Gear February 25, 2015 Share February 25, 2015 Came accross this article in Yahoo ........... Yahoo news: Dear CPF: Give Me Back My Money! Dear CPF, For years you’ve taken a cut from my paycheck under the promise of social “protection.” In a way, you’re like a very well-intentioned gangster, protecting my money from well… me right? I’m grateful though that you at least “allow” me to use some of my money towards buying a home, or to subsidise (partially) my hospital bills. I’m not going to ask what you do with my money while it’s in your hands (I’m sure it’s just sitting there untouched right?). But I do ask that you let me use it for pressing emergencies that directly affect me and my family’s well-being. What do I mean? Let me enlighten you. 1. For Retrenchment My financial obligations won’t stop if I get retrenched. Finding a job takes 2-3 months at best. I’m lucky I have enough savings to last me 3 months, but what if it takes longer? What if I had no savings to begin with? Any unsecured debt I have (credit cards, car loan, personal loans, etc.) still needs to be paid – otherwise I risk damaging my credit with late payments or even default. The banks don’t care that I lost my job. They’re about as sympathetic as a cat watching a rodent struggle in a mousetrap. But if I could use my “account” to service my unsecured debt if I get retrenched, even if it’s just to make my minimum payments, that would give me the financial flexibility to weather the situation. Plus, it would discourage those without savings from worsening their financial situation by going to Ah Longs for money. 2. For Education Ultimately, the government wants me to be successful. The more successful I am, the more taxes I can contribute to our nation’s economy. So why can’t I use some of the money from my account towards education, whether I want to pursue an MDA-approved training course or a degree? You don’t need me to tell you that education improves my earning potential, which is a win-win for everyone. I improve my standard of living while the government takes a greater amount of tax revenue. Plus, if I’m working in a sunset industry that has a bleak outlook, I can get the training I need to transition to a more promising profession. But not everyone has the money on hand to pay for education… oh yeah, they do – you’re holding it CPF! So ease up a little on the funds distribution and let us chant Jerry Maguire’s “help me, help you” line together yeah? 3. For Growing Transportation Costs Paying for transportation in Singapore is like choosing how you want to be tortured. The choices differ, but the result is the same – you’re still paying hundreds or thousands of dollars a month just to commute daily! It doesn’t matter whether you own a car or use public transportation, the cost to travel to and from work, pick up the wife and kids, or take the family out to Sentosa is always increasing. All you have to do is see how much COE, ERP, taxi, and public transportation rates have increased over the last few years. Of course, I don’t own 3 cars, nor do I live in Sentosa Cove – and neither do a majority of citizens who suffer every time transportation costs rise. But it would help if I could use some of my funds as a monthly “transportation allowance” to offset the financial pain felt by price hikes. In Conclusion… Now, before you crumple up this letter (if you haven’t already), I have one more thing to say… Tax payers won’t need to support me with these situations. That’s because this money is already mine to begin with (or so you tell me). All I’m asking is that you make it easier for me to access my funds so I can patch up my social safety net. If you need to validate my situation before dispersing my funds to prevent “fraud,” I’m fine with that. I’d rather deal with the inconvenience of a sloth-like bureaucracy than have to worry about how I’m going to come up with cash in an emergency. Again, I’m grateful for the monthly shakedown that’s necessary for my retirement. But you’ve got to be a little more flexible when it comes to financial emergencies that cannot wait. Yours sincerely, A Messenger of Singaporean Frustrations P.S. Umm…. yeah, if you could let me use my funds to cover the hospital bill for childbirth (c’mon, we’re doing you a favor by creating more taxpayers) and for elderly friendly renovations to take care of my ageing grandparents without sending them to a home, that would be great. link: http://sg.finance.yahoo.com/news/dear-cpf-back-money-160000444.html Look like the person who wrote this has not reach the retirement age or 55yrs to withdraw his CPF. Thats why very important to save for raining days.... Like what most people felt the CPF scheme is useless now. Its purpose of service housing loans and retirement had long expired. After paying for the housing loans most people wont have any left for retirement. The increase in housing price had left many Singaporean not able to retire at the right age and many were ask to continue working after the age of 65 years old. How pathetic it is to work pass 65 years old after all the contribution we had made. Its time to seriously consider giving up our citizenship. Seriously Singaporeans were living like dogs under the manipulation of the government even their hard earn money like raising the minumum sum and draw down age. Link to post Share on other sites More sharing options...
The_Bear Turbocharged February 25, 2015 Share February 25, 2015 Just treat CPF as income tax that you can somehow spend and you will be more positive. 1 Link to post Share on other sites More sharing options...
Goldbug 6th Gear February 25, 2015 Share February 25, 2015 still considering ...... i probably might if you opt for eternity payout, it will be less than $1200, probably only $1000. wah you ardent PAP supporter still need to consider? Link to post Share on other sites More sharing options...
Latio2005A Turbocharged February 25, 2015 Share February 25, 2015 It is $1,700 to $1,900 a month, and not $1,200 a month, if you put about $240,000 in RA at 55. Yes, I have asked around and some friends are indeed going to put the maximum sum at 55. Of course, there are others who will only put the minimum sum. Different people have different views, so let them exercise their choices. For me, I am not concerned about dying young. I can't control when I die and when I die, I can't take the money with me. I am more concerned that I become a burden to my loved ones by living too long and I don't have enough funds to support me when I grow very old. That's just me lah. Good for you. I am also planning to put the max amt in the RA. If i live longer, i earn. If i kena recalled and ORDed earlier, just take it as a national service to the country. In life, not everytime we must win. This is a shift from my younger days thinking. Just for a peace of mind draeing $1300 a mth till i ord. Link to post Share on other sites More sharing options...
Jman888 Moderator February 25, 2015 Share February 25, 2015 wah you ardent PAP supporter still need to consider? i say depends mah, some time i listen to my wife, some time i listen to my insurance agent one. Link to post Share on other sites More sharing options...
FourZero Hypersonic February 25, 2015 Share February 25, 2015 Good for you. I am also planning to put the max amt in the RA. If i live longer, i earn. If i kena recalled and ORDed earlier, just take it as a national service to the country. In life, not everytime we must win. This is a shift from my younger days thinking. Just for a peace of mind draeing $1300 a mth till i ord. Max S$240K is S$1700 a month................more to enjoy.............I also like this. n totally agree on "In life, not everytime we must win" ↡ Advertisement 1 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
This is why u dont lend car or money to ur friends
This is why u dont lend car or money to ur friends
$1b in cash and assets seized and frozen; 30 foreigners probed for money laundering and forgery
$1b in cash and assets seized and frozen; 30 foreigners probed for money laundering and forgery
Mother of all scams thread
Mother of all scams thread
Feedback
Feedback
Singaporean are unhappy and poor
Singaporean are unhappy and poor
Is Scoliosis Treatable
Is Scoliosis Treatable
Money does buy happiness but only up to $670k
Money does buy happiness but only up to $670k
Give aways
Give aways