6/16/2014
CPF – All the right reasons to keep your money safe and sound
The withdrawal age needs to be raised and more money needs to be kept in the minimum sums of RA and Medisave Accounts. Without raising the withdrawal age, without raising the minimum sums, the lives of the CPF members will be adversely affected, maybe cannot retire, no money for medical bills.
Let’s revisit the right reasonings for these good policy changes.
1. People are going to live longer. Many people will live till 80, 90 or older. So they must have more money in their retirement savings. Any statistic to show how many will live to 80 and above and how many will not live to 60 or 65?
2. Inflation will destroy the value of their savings. So the amount to be saved must be regularly adjusted and pegged to inflation rate. This reasoning very good. If inflation every year goes up by 10%, the amount to be kept in the minimum sum must go up accordingly. Nevermind if the salary is inflation adjusted.
3. The people need $120k in their retirement account, excluding their Medisave Account, can’t remember which year this $120k was based on, to be able to live a comfortable retirement life. I dunno how they got this amount, I only eat porridge and pickled vegetables. And I don’t go holidays, I don’t go to theatres, I don’t go to foodcourts or restaurants, I just stay at home and do nothing by the time I hit 70, if I am that lucky. I think I don’t need so much money to live on.
4. This one very important, some will squander their retirement money away on women, wine and songs, and the casinos. I think this one not applicable to me. I am vegetarian and living like a monk.
5. People after 55 years are incapable of looking after their own money, irresponsible and will either spend and spend, or will be cheated of their money. Really?
6. If these people squandered their savings, no one will be there to help them. Don’t expect the Govt to be there, don’t expect their children or family to provide the financial support. I believe my children and grandchildren will abandon me on the streets. And I can depend on my blogger friends to buy me kopi.
7. Putting the money in the CPF is the safest place on earth. Money will not run away. I got no money to live now, where got money to put in the CPF?
8. Interest rate also very high. Higher than inflation?
9. And it is all done for your own good. What good can it be if cannot touch the money?
What do you think? I have added some comments based on my own situation and needs. Not sure how applicable are these right reasonings to you people.
Kopi Level - Green
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17 comments:
RB, even spend on mei mei also not much lar. A guy over 65 may be need to use mei mei services at most once a week. Current price range from 50 to 100 on foreign mei mei. If go every week it will last 38 years assuming not earning interest on 200 k minimum sum. That mean can last till 93. Even mei mei of today will be 50 by then. So u tell me lar govt needs to worry or not.
The only one is casino where it can wipe u off in minutes. So I suggest close the casino and expand the mei mei gdp contribution as the vice city of the world. Can easily turn the casino into mei mei services.
Can even engage matilar that motherfucker who is an expert in this area to be the consultant to execute the change over plan. Tio Bo?
RB:"I think this one not applicable to me. I am vegetarian and living like a monk. "
................
Many of my friend say that too but actually they just dun want to admit that blue and white pill dun work on them anymore.
If I reach age 55,a mei mei may cost 100,want me to wait till 65,mei mei may cost me 200 ,some more that time maybe if need pill and pill dun work ,you know the actual loss incurred? These are losses that you dun understand.I got no GDP target but oso got my own target to meet.Life is not how much money,properties or cpf I left behind.Its how many mei mei I hug in my life.Why restrict me.
Agongkia, don't fool around with those blue pills.
@RB:
>> Policy point 1--9
Yes, all excellent reasons. I support 100%!
>> don't fool around with those blue pills.
You should listen to RB. This time, he's not talking cock.
If the blue pill dun work no more, that could mean the testosterone levels are LOW, very low. This is dangerous. Or there could be a resistance the pills because they've been used too often. Or there's diabetes coming on. Or your heart/ blood vessels are fucked, and you are going to have an attack or stroke...akan datang.
No need CPF to hug mei mei or do whatever lah.
It's only 50 to 100 what. Sure must have some cash what. If don't even have that peanut cash, all the more necessary not to release CPF to hug mei mei. Make them continue to work to get cash. Or else they don't deserve to hug mei mei.
No cash, blog like RB lah. Sure got some kopi cash every week what. Just blog and enough cash to hug mei mei every week.
Statistics is not always correct, she where u like to pull out?
Will Tan Jee Say and Tan Cheng Bock became the PM:
With the continue dropping support of the ruling party, due to the internet, CPF, immigrants and high cost of living and various issues?
The ruling party vote continue to drop, dropping to the lowest level to 60pc, if not for the 30 sec late disqualification of the opposition the vote could be 57pc, due to massive penetration of mobile internet, as previously people can only get their news from state control medias?
Oppositions is gaining ground rapidly a swing in 10 percent of the votes of all the cont., like Punggol East BE could see many GRC and SMC went to the oppositions?
Many highly qualify and successful career individuals are joining the opposition by the days, unlike last time the quality not so good?
TJS a relatively new comer, just started to compete and lead a team in Holland Bukit GRC which getting among the best percentage in the western side GRC where Singapore have the most new immigrants, which support usually around average 65pc, one of the toughest GRC, with multi billions One North, biopolis funding to transform Singapore into a major chemical and drug clusters of the world and western side had many new foreign immigrants?
HB GRC, TJS and team got 40pc. In his second outing he break even and got 25pc support out of Singapore best 4 candidate for the EP?
Recently he formed a Singapore First Party, with manifestos to address Singapore various problems of overdependent on foreigners, wages gaps, cost of livings, birthrate, standard of living and other issues etc?
He had vast experience as a assistant to former PM and a fund manager in the pte practice?
Tan Cheng Bock is a head of a successful listed company and had the possibly the highest average 5 MP outings of over 80 percents support of the ruling party, could he join the opposition and one day became the PM?
Could TCB join the opposition, after if the EP is scrap and become the PM as both are qualify as Elected President?
Both are qualified to be the Elected President holding the keys to SIngapore vast reserves?
Malaysia give back people savings at EPF at 55, they don't have the give go to bintan problems and old age problems, why Singapore so special?
To give 3 percent return they got to find investments of 5 percent return then can breakeven?
If they invest people money myself gave back who those who can invest and get back returns, rather then take all the risk of other people money, if they lost how, every year people delay in getting their cpf the higher is their risk?
The cpf need to find investments that give them 5 pc returns as they need to return 3 percent to others and cost?
anon 1238.
Dun be a daft lah.Who say hug mei mei must need money?Why pay?
I hug them and even get paid for that.
So the reason of not releasing cpf at age 55 got nothing to do with me.
And Matilah,cure your diabetes with lady.......I mean lady finger.
Cut into 4 pieces ,mix with water and drink the next day.
No need medicine.I taught those Ah Pek that and get those brown pill from PRC.Can feel as young as 18 years old.
Life is short,dun wait till 55 and regret like my friend angtow.
Your retirement money is very safe with the Govt so long you do not vote PAP out of Govt. It is new money paying old money - contributions from new members are used to those retiring members.
See what happened when British withdrew from Singapore and paid hugh compensation to the Naval Base workers. The Government managed the fund clevely so that the affected workers did not squander the monies away on toadies.
It is still 60% versus 40% but 60% for the opposition and 40% for the PAP. Don't be history and keep harping about history. Things are changing real fast.
Keep thr CPFs of those that blue pills work on them no more. They are lucky nature has stopped their natural needs. They only need to fill yheir stomachs. Those unlucky sex fiends, shld lock up their CPF, otherwise they will waste all the money on mei mei or go Ho Chi Minh and Hainan.
All in all, CPF shld be released to members to fill their stomachs and not to quench their vices.
CPF Board is doing the right thing to control the withdrawal, better if it can tighten it further.
Since people do not retire anymore and have to work till they drop dead, the cpf notion does not apply anymore and thus more reasons to release the monies back to the people.
As the people work till they dropped, they have salaries to live on. All the more, the money in the CPF shld be kept by the Board for safety and rainy days. At least the Board can pay to those You owe money, be it hospital bill, property installment, tax etc. No need to send debt collector or lawyer letter.
And no need to evict You from yr house or ward.
It is a better way to manage your CPF for yr own good.
CPF is a retirement fund not rainy days fund. Why need the retirement fund when no one can retire?
True or not?
If you vote PAP, you will not be able to "smell" your CPF money ever again.
Got no balls to vote Opposition?
Then kiss your CPF money goodbye.
True or not?
You tell me lah.
CPF Board is the Safest Place for your money and it also gives high interest to You.
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