CPF board raises its minimum sum to $155k

[chestnut]

If they don't have children to stay with and cannot afford the MS by then, do they not have to downgrade and sell to get the MS and the payout?

rent out a room or 2....

sell and move to JB...

take JB as an extension of Singapore...

If the farmer's crop does not yield, he needs to hunt for animals.... or he can keep chickens for eggs.... or he can go fishing.... Look for options that suit the individual... Does he expect the government to help him??? If 10% farmers are in dire straits, should government help??? If 80% of farmers in dire straits, should government help???

Should government invest in better agriculture methods and impart to the farmers???

What should government do???

[mummy]

Minimum sum is a good scheme. it makes individual responsible for their own retirement. Do you want to end up gov funding retirements for all retirees? This means more tax!

It is good but why the inflation used is not core inflation which is low? Someone mentioned inflation rate of 6% + in 2009 to explain the sudden hike from 5k increase to 11k increase. Why should they take into account housing and car induced inflation for retirees?

[mummy]

rent out a room or 2....

sell and move to JB...

take JB as an extension of Singapore...

If the farmer's crop does not yield, he needs to hunt for animals.... or he can keep chickens for eggs.... or he can go fishing.... Look for options that suit the individual... Does he expect the government to help him??? If 10% farmers are in dire straits, should government help??? If 80% of farmers in dire straits, should government help???

Should government invest in better agriculture methods and impart to the farmers???

What should government do???

Government should help all its citizens not just a percentage that ensures they get voted in. Then they are just power hungry...

[mummy]

If u have sufficient in the SA acct then the OA can call be use for 2nd prop. i.e. 145K in SA.

How old are you? Remember the MS will increase with CPF Life and Medisave also increase with Medishield Life and drawdown age and retirement age is being pushed back more and more. I think at this rate, by my time MS will be several hundred thousand!!

[chestnut]

Government should help all its citizens not just a percentage that ensures they get voted in. Then they are just power hungry...

Which countries' political party will not say sweet nothing to buy votes???

you wish is idealistic.... it is not realistic... it does not exist??? They need to get voted in first...

Look at communistic country, do you think everyone is equal???? Did chairman mao ride in a car???? did he do physical work like the rest??? equal rites?? but people also get arrested??? why???

Make the most of life, no one but yourself will help you... sad to tgell you this??? See you studied hard to become a doctor - your own effort or someone else??? did some of your friends not make it????

Sad but true.. and the truth hurts like crazy !!!!

[amk]

... I think at this rate, by my time MS will be several hundred thousand!!

why are you so fixated about increasing size of minimum sum ?? you know this amount is meant for your annuity (CPF Life), this would have otherwise been a tax that you simply paid, and have no claim upon.

and for 150k you get an annuity paying 1200 a month, this is a very fair deal. You dun believe, go out and ask for a quote for your self. Also dun forget the underwriter is the gov, real 0 credit risk. AIA, Prudential ? they almost failed in 2009.

You have to remember the purpose of this minimum sum. It's not meant for you to take out and splurge. Gov is indeed babysitting the population. By the time you retire, this sum indeed goes to several hundred k, it also means the monthly payout will be higher, which will be most likely due to inflation.

[mummy]

why are you so fixated about increasing size of minimum sum ?? you know this amount is meant for your annuity (CPF Life), this would have otherwise been a tax that you simply paid, and have no claim upon.

and for 150k you get an annuity paying 1200 a month, this is a very fair deal. You dun believe, go out and ask for a quote for your self. Also dun forget the underwriter is the gov, real 0 credit risk. AIA, Prudential ? they almost failed in 2009.

You have to remember the purpose of this minimum sum. It's not meant for you to take out and splurge. Gov is indeed babysitting the population. By the time you retire, this sum indeed goes to several hundred k, it also means the monthly payout will be higher, which will be most likely due to inflation.

But is the payout guaranteed? I would not mind so much if it were...

[amk]

But is the payout guaranteed? I would not mind so much if it were...

it is "guaranteed" , insurance companies style. In fact, better than insurance companies, as the gov is the underwriter, who even has political reasons to deliver. (prime example: why CPF is paying 2.5% whereas no bank can pay >1% today)

[mummy]

it is "guaranteed" , insurance companies style. In fact, better than insurance companies, as the gov is the underwriter, who even has political reasons to deliver. (prime example: why CPF is paying 2.5% whereas no bank can pay >1% today)

Ok...have pm Sim Ann about my concerns but she seldom reads her facebook...hopefully it gets addressed if not have to get her no.

The inflation should be core inflation which is about 2% and not the inflation counting housing and cars since retirees do not need that...

[hopeful]

....
and for 150k you get an annuity paying 1200 a month, this is a very fair deal. You dun believe, go out and ask for a quote for your self. Also dun forget the underwriter is the gov, real 0 credit risk. AIA, Prudential ? they almost failed in 2009.
.....

dont scare people until like that

SGS / SGSS of course 0 credit risk since it is denominated in S$.
UST also 0 credit risk since it is denominated in US$.
however, one fed / treasurer once said something to the effect, "the UST will always be redeemed, except i dont know what the value of dollar in the future"

if due to inflation, minimum sum is hundreds of thousands in the future lets say 2030, what value of would $1200 in 2030 for the current folks retiring in 2014. would the payout in 2030 be increased to match the the purchasing power in 2014?

2.5% versus FD by banks.
both are bad choices, although one is worse than the other. both doesnt beat inflation.

is cpf "force" to buy only SGS, SGSS bonds?
why can't cpf invest directly? for additional safety, ask HC and friends manage the fund

[minority]

How old are you? Remember the MS will increase with CPF Life and Medisave also increase with Medishield Life and drawdown age and retirement age is being pushed back more and more. I think at this rate, by my time MS will be several hundred thousand!!

why would I worry? if my property continue to stay stable and increase with inflation 50% is covered with that and is inflation hedged.

u worry too much. to me the CFP is a security tax I am paying. its a shared risk with the other singaporeans.

Its a policy do you think without that CPF policy the employer would have paid their portion to us as income?

Also then it would mean i have pay direct taxation at high % . whats the point paying so high tax that other people who don't work will benefit from me slogging?. I rater not.

[onglai]

if after 30-40 years of working life, u only have 75k to invest, u better leave it in cpf....

[stl67]

if after 30-40 years of working life, u only have 75k to invest, u better leave it in cpf....

so simple logic but so very true...

[mummy]

if after 30-40 years of working life, u only have 75k to invest, u better leave it in cpf....

Agree with that...

[mummy]

why would I worry? if my property continue to stay stable and increase with inflation 50% is covered with that and is inflation hedged.

u worry too much. to me the CFP is a security tax I am paying. its a shared risk with the other singaporeans.

Its a policy do you think without that CPF policy the employer would have paid their portion to us as income?

Also then it would mean i have pay direct taxation at high % . whats the point paying so high tax that other people who don't work will benefit from me slogging?. I rater not.

If half the MS is from your property, the payout will not be 1200 right? If it still is then very good deal...can someone clarify?

[Arcachon]

So far have not use money from CPF to buy private property also don't know how much I have inside, only need to find out when needed else better don't go and waste time remember what you have inside, maybe mine is too little (44k) to remember. Ask my wife to transfer some to her account she also not interested.

[amk]

dont scare people until like that

SGS / SGSS of course 0 credit risk since it is denominated in S$.
UST also 0 credit risk since it is denominated in US$.
however, one fed / treasurer once said something to the effect, "the UST will always be redeemed, except i dont know what the value of dollar in the future"

you didn't get the drift.
AIA , Prudential, Tokio Marine etc can all fail as commercial entities, well before you talk about S$ or US$ fails (which is sovereign risk).

In 2009, AIG already failed if not because of US bailout. Just imagine if there were no bailout, all your AIG/AIA insurance policies will be worth what ?
Similarly in 2009, Prudential almost failed. It has to borrow money loan shark style, paying 10%. (btw I took the risk and joined as the lender.)

Now we are facing gov as counterparty, that is the highest guarantee you can ever get. This is the only annuity worth getting, from government.

Of course if SG as a country fails, everything fails too, including CPF Life. That is why we must ensure SG does not fail. The current CPF system relieves the gov of most of the retirement welfare spending by design. This effectively makes this government very "difficult" to balloon its future liabilities, and that matters. A gov having no debt immediately gets its currency recognized as worth something. For now, all this government should do and must do, is to ensure our economy can still remain relevant for the next 100yrs, and find ways to remain relevant. This is the most important thing our gov should do. Not how to spend money to buy this and that welfare to make people happy.

[smallant]

Recall in Parliament, some MP ask.. this cpf life is not guaranteed hor... payout per mth also can change hor... so what so gd if govt cannot guarantee and giving us poor returns ? If only our cpf can keep up with their increase in min sum each yr cuting inflation of 5-6%. Then should pay us better rates rite?

[teddybear]

What can you expect when GST is raised to help the poor?
Seems like GST is no longer useful to help the poor and hence we have min wages for the workers now! Seem like copying the Western countries all along the way from GST to min wages etc And then saying the Western countries ways are wrong?
May be time to remove GST since it can't help the poor and yet causing super high inflation now in Singapore which actually directly hit the poor the hardest?

I do help the poor by regular donations and sometimes after a hard day's work, give S$10 to a tissue peddlar.

What is wrong with discussion about something that concerns everyone. The rich should be taxed more and the poor less is that wrong? Or r all who surf this forum rich so allergic to such talk? Sg is too capitalistic a society and everyone just worships and chase after money. America was like that and it has fallen in power now, Sg should learn from their mistakes and not be overly capitalistic and more socialistic.

Why can't the government waive GST for basic necessities like rice, oil and milk powder? Do you know in Phillippines, a can of milk powder costs S$15 according to my helper while in Sg it is S$65 and even Malaysia S$40. If I am feeling the pinch from basic necessities , I cannot imagine how much more so the lower income.

[mummy]

What can you expect when GST is raised to help the poor?
Seems like GST is no longer useful to help the poor and hence we have min wages for the workers now! Seem like copying the Western countries all along the way from GST to min wages etc And then saying the Western countries ways are wrong?
May be time to remove GST since it can't help the poor and yet causing super high inflation now in Singapore which actually directly hit the poor the hardest?

They should remove GST for basic necessities like rice, oil, flour, milk,petrol etc like Malaysia. Why should these be taxed?

[teddybear]

The joke I heard is that as long as you are breathing in Singapore and regardless of whether you are 1 day old or 100 years old, you need to pay GST taxes so that the rich and high income people can cut income taxes from 30% to 20%...

The biggest joke of all in Singapore is that you better die than need long term medication and care (unless you are rich) that is why there is GST on medicine and medical care when these are exempt in other countries!

They should remove GST for basic necessities like rice, oil, flour, milk,petrol etc like Malaysia. Why should these be taxed?

[mummy]

The joke I heard is that as long as you are breathing in Singapore and regardless of whether you are 1 day old or 100 years old, you need to pay GST taxes so that the rich and high income people can cut income taxes from 30% to 20%...

The biggest joke of all in Singapore is that you better die than need long term medication and care (unless you are rich) that is why there is GST on medicine and medical care when these are exempt in other countries!

Agree with you...that is why if I get cancer next time and it is advanced, I would rather die and go Heaven earlier than burden my family if money no enough...

Why should there be GST on basic healthcare...we should open our eyes and compare with other countries....we should not be unquestioning sheep lead by our noses to God knows where...

[Sandiwara]

actually i am pro-pap , paiseh to disappoint you.
but that doesnt mean i am a 100% unquestioning follower.

you have already read my issues with PAP

wtf, a regulator head joining the industry he is regulating, in this case Far east.
Marc Boey - The group director of land sales and administration at URA plays an important policymaking role for the Singapore property sector and reports directly to URA's chief executive officer.
the shit is legal (since no CPIB), but it still stinks.

Some time when human have too much power for too long, slowly they start to think that They are not human anymore. Than They start to behave not like human anymore. Since God not human so God can become the player and God also become the Judge. When that start to happen then that is the sign that some one already cross the line.

[Sandiwara]

I am sure our neighbours are also waiting for us to open books to they can learn from us or attack us too.

What make you think like that. Please do not play high moral to yourself and then the rest of neighbors country is demon country.

[minority]

What can you expect when GST is raised to help the poor?
Seems like GST is no longer useful to help the poor and hence we have min wages for the workers now! Seem like copying the Western countries all along the way from GST to min wages etc And then saying the Western countries ways are wrong?
May be time to remove GST since it can't help the poor and yet causing super high inflation now in Singapore which actually directly hit the poor the hardest?

WAHHH AHHA HHAH HAHH GST BS AGAIN?? u like a record player.!

[minority]

They should remove GST for basic necessities like rice, oil, flour, milk,petrol etc like Malaysia. Why should these be taxed?

sure impose 45% tax on u ok? include ur overseas assests too. make it american style.

[minority]

The joke I heard is that as long as you are breathing in Singapore and regardless of whether you are 1 day old or 100 years old, you need to pay GST taxes so that the rich and high income people can cut income taxes from 30% to 20%...

The biggest joke of all in Singapore is that you better die than need long term medication and care (unless you are rich) that is why there is GST on medicine and medical care when these are exempt in other countries!

u are the biggest joke lah. everyday GST, GST GST. dream of a island without tax . where things are free and no people.. opps.. there is!!!! a island without anything but u on it?

[minority]

They should remove GST for basic necessities like rice, oil, flour, milk,petrol etc like Malaysia. Why should these be taxed?

oppss Malaysia have GST coming too... If we are like malaysia should be also have the same CRIME RATES like malaysia too?

FACT SINGAPORE IS NOT MALAYSIA.

[mummy]

oppss Malaysia have GST coming too... If we are like malaysia should be also have the same CRIME RATES like malaysia too?

FACT SINGAPORE IS NOT MALAYSIA.

Yes coming but basic necessities will be gst exempt.
Sgp r going over the causeway to buy all kinds of things to save costs until they have to disallow bringing certain things over like even burgers. Apparently, if caught have to eat it up or throw it away but cannot bring back...

[chestnut]

i made enough now to last 3 generations, thank you.

Your above statement intrigue me to do some searching and this was what I found.... There are a lot more... Too lazy to read and post....


http://globaleconomicanalysis.blogsp...nerations.html

http://mindfuels.net/wealth-requires-effort/

http://randomthoughtsandguns.blogspo...thing-but.html

The issue is the 3rd gen whereby the 1st gen is not around to teach the 3rd gen... Maybe you can do video and pass to your 3rd gen...

For me, I only take care of the 2nd gen enough liao