2/10/2015

CPF – I want to defer my withdrawal to age 90


One of the major recommendations by the CPF Review Committee is to encourage withdrawal of CPF savings to age 70. The assumption is that people live longer and many will live past 85. This is a fair recommendation, not sure about the assumption. If one has 15 more years to live, it is logical and reasonable to hold back CPF withdrawals till age 70 or even more. There is also the assumption that one would be hopping around like a young man/woman and needing all the more to fool around, to enjoy life to the fullest. Those senior seniors would be swinging around instead of sitting in a wheelchair and eating only porridge and nothing else.
 

To cut the matter short, I would like to delay my withdrawal to age 90, if only someone with the authority and ability to tell me that I will still be living at 100. Anyone out there can to this, can tell with 100% or 99% certainty that I can live that long?
 

I am quite certain that 30% would probably die at 60, another 30% by 70 and by 80 probably 90% would have gone to the maker. So, what is the point of delaying your withdrawal to 70 or 90 when many would have kicked the bucket by 70?
Yes, tell me that I can live to 100 and I will have to consider keeping my CPF money till 90 before withdrawing. Fair?
 

As for the statistical truth of more people living to 85 and older, this is a general statement. Maybe the govt can help to fine tune the probabilities. There is no point having a few hundred thousand in your CPF savings when you are dead at 60, 65 or 70. There is no point even if you live for another 5 years with a few hundred thousand in your CPF. There is no point to have a few hundred thousand when you are 80 or 90 when all you can do is to sit in a wheelchair and stare at the walls, and unable to do anything.
 

So, a fine tuning agency to help the people to determine how long more they will live past 70 would be useful. At least it can narrow down the odds medically. And the oldies can seek a second opinion with the spiritual source or fortune tellers to confirm their life expectancies. With these two data, the probabilities would be higher and more meaningful to leave the money in the CPF and to be able to enjoy the lifetime savings.
 

Pity would be those who struggled and saved for a lifetime but not able to spend a single cent of their savings. Who is a better god to bet whether a person would live past 70 or would die before that? Perhaps another insurance scheme would come in handy for people to withdraw their money at 55 and place a bet that they would live longer and covered by this over 70 years insurance. At least the seniors could spend their money in their 60s, and if things turn out so bad that they would have another 20 years to go, the insurance could provide for the remaining years in bed or in wheelchair. The sum need not be too high, no need a few hundred thousand except for those who refuse to die and want to live forever.
 

Good suggestion or not? Can tell me how long would I live?

Who is more merciful? To let you spend your money while you are still alive or to help you save your money and make you dead rich?

12 comments:

Anonymous said...

Continue to vote PAPig.
And I will be the richest man in the cemetery when I die.

Be all that I can be.
Vote PAPig in SG 50.
Because the old fart is still not dead yet.

Anonymous said...

"Yes, tell me that I can live to 100 and I will have to consider keeping my CPF money till 90 before withdrawing."
RB

No need to tell you that you can live to 100 lah.

Just tell you that the Sinkie opposition is not ready to be govt is good enough already. Because 60% will never vote for an opposition which is not ready to be govt.

And with that, you MUST keep your CPF money till 90 before withdrawing, if that is what PAP, as voted in by 60%, want.

Anonymous said...


anonymous 8.45am pls note....

Worry Not! Worry Not!

The richest can consider
placing their urns in the
best and most expensive spots
in the 6-star columbarium in Sengkang.

Cheers.

agongkia said...

Sorry to repeat.
l prefer to have all CPF cheongkong by raising MS in exchange for free healthcare for life.
Want to enjoy or hug mei meis, continue to work.
Many can work till 100 years old.

Anonymous said...

@ agongkia

How about "raising MS and NO free healthcare for life."
In exchange we give you nothing.

Anonymous said...

PAP Joke
------------
Q: What is PAP's definition of life imprisonment?
A: CPF Minimum Sum


Anonymous said...

RB, when are you going to compile your writings into a book? I want to buy a few copies to share with my friends leh.

Virgo 49 said...

My friend's spouse died at age 42. My niece at age 62 just passed on. Got CPF whatever amount after lest minimum sum but unable to withdraw any signal cent from CPF life as yet.

can live till 90 meh???

LKY can!!

Anonymous said...

Someone better grab the rights to publish RB's writings. It would be a great hit during the GE.

b said...

CPF is a great con scheme devised by a very con-petent gov.

Amortal said...

Very simple. We need to know the intention behind this thinking of keeping the people's money for as long as possible.

Previously, when CPF was first introduced, the intention was very clear and the age 55 for the TOTAL WITHDRAWAL of our hard-earned blood and sweat compulsory savings (forced upon us, willingly or unwillingly, by the PAP Leadership using the Party Whip in Parliament to garner complete agreement by all PAP MPs, who instead of representing their constituents' interests, represented the PAP's Leadership own agenda)was also very clear and adhered to durng LKY's Premiership and ESM Goh's Premiership.

Now, it seems to me and most of my generation of uncles and aunties, everything about the CPF is so complicated, uncertain and beyond ordinary commoners' comprehension. In short, it is in a real MESS!

With the present PM Lee who also wears the hat of Chairman of GIC, and his dear wife Ho Ching being the CEO and Executive Director of Temasek Holdings, there is clearly a serious conflict of interests.

It is common knowledge that both the GIC and Temasek Holdings have been and/or are using our hard-earned blood and sweat CPF Savings, either directly or indirectly, whether admittedly acknowledged or not, we the commoners cum contributing members of the CPF Funds cannot help but feel puzzled why at this particular juncture in the history of Singapore, our CPF Savings cannot be fully returned to us at the age of 55???

Using the excuse that people can now live longer is a very weak and lame reason to support the adamant and stubborn refusal to allow us to have total withdrawal at the age of 55, as originally intended, announced, formalized, implemented and executed during the Premierships of the previous two Honorable Prime Ministers.

We cannot help but think that the REAL REASON(s) behind this refusal to abide by the earlier undertaking is/are something else. It would be interesting and perhaps shocking if it/they is/are made known to all of us!

The questions we should keep asking until the truth avail are:

1. Which organization(s)is/are using our CPF Savings?
2. Who are responsible for safe-guarding and nurturing our CPF Savings?
4. Who is responsible to return our CPF Savings to us?
5. Who decides to prolong the keeping of our CPF Savings and what is the real reason(s) behind this decision?
6. Why is there no consensus being sought from the owners/members of these CPF Savings?
7. Is it right for Parliament to pass any laws or regulations to withhold the hard-earned blood and sweat compulsory savings for more than 30 to 40 years, and deprived of the owners of these savings from using them any way they like it?
8. Can we the commoners come out a law or regulation to deprive the Millionaire Ministers from using their obscene out-of-this-world income taken from the coffers contributed by tax-payers?
If we cannot do so, then how can they deprive and restrict all of us from using our own Savings???
9. Is there something wrong with the so-called "investments" by GIC and Temasek Holdings over the past 20 years?
10. Why is there no accountability and transparency regarding the use of our CPF Savings?
11. Why can't the CPF Board form its own Arms and Legs of Investments to maximize profitable returns for its contributing members, instead of taking the easy and lazy way out by transferring our hard-earned blood and sweat savings to some other organizations to do its work and shoulder its direct responsibility?

Anonymous said...

There is natural justice. There must be natural justice. It is only a matter of time when the verdict will be passed and the sentence as well.

No one can escape natural justice. If not this world would be ruled by Satan and his little devils and demons.