2/04/2008

Trust the govt with your money

Trust the govt with your money This is what Eng Heng was saying when he talked about the modified Lifelong Income Scheme. Do I want to trust anyone with my money? When I started to contribute to the CPF scheme, the contractual agreement, not just a principle, was that I would get to withdraw all my money at age 55. Did I get to get all my money back? My second disappointment was when it was announced that $30k of my money must be kept in the Medisave, only to be used on hospitalisation or serious illnesses. So $30k taken from me and I may not see it or touch it in my life. My third disappointment, when it was legislated that a huge sum of money, more than $100k, will have to be helded back as minimum sum. This too was not in the original scheme of the CPF. Now it is proposed that I have to buy Longevity Insurance to give me money after 85 which my god said I don't need it. Ok, maybe it would not affect me now with the Longlife Insurance as this will only affect those under 50 today. How could there be trust when I don't even have any right or say to my money. If I have a choice, I will take out every cent in the CPF immediately. For I do not know what schemes will appear tomorrow that will keep my money away from me.

11 comments:

Anonymous said...

red bean, maybe you can tell us how old you are? It is good to hear from someone older as I think many of us ranged from 25 to 35

redbean said...

ok, ok. just say that my children are as old as you lot: )

Anonymous said...

Redbean, you've been around long enough to know that the PAP government cannot be trusted. But you should also know that there's really nothing much we can do about it at our age.

Anonymous said...

Right, there is really nothing much we can do about it at ANY age.

redbean said...

have you seen how an apple ripens? it was green, turned pinkish, becomes red, becomes very juicy and good to eat. then the core started to rot from the inside. before you know it, the good apple became a bad apple to return to dust.

this is the tao, the way of nature. all things will come to an end. good things or bad things.

Anonymous said...

Just wait for it to rot from the core and it will end. Right? Buddhism says, nothing in this world is permanent.

Onlooker said...

Guess thats why most self employed choose not contribute to the Funds.They were right and It is their money after all. Why put the money in other people pockets they will not hand out welfare(except maybe before elections).

redbean said...

funny, as the top talents get more talented and smarter, the people down below get duller.

everyone seems to be very happy with the lifelong payout scheme and all the money held back by medisave, minimum sum etc.

family man said...

I am 40+ years old. It is the salaried /middle income group that is stuck with CPF. I respected the goals of CPF in the beginning. Now like you, I am appalled that the Govt, in 'taking care' of us, disallow us the freedom to use the money, while they use our CPF to go on a buying spree of banks, properties, hedge funds. While these fund managers in GIC / Temasek are drawing huge salaries from the GIC funds, GIC getting 9 percent or more returns, our CPF is stuck, and if there is a Societe General losses of billions, we are none the wiser.
Yes, I would prefer to take out every cent if I could. Is migration the only route?

redbean said...

looks like it. unless there is a change of govt and a change of policies.

i am still in a state of shock, that people can plan my life with my money and i can't do anything about it.

Anonymous said...

So what should ALL of us DO?!