'The ST article also advised Singaporeans to refund the money that one might have withdrawn from CPF for home loan. ST wrote, “You should now set targets to give your OA a regular boost by refunding the money that you withdrew for your home loan.”
It advised people to go to myCPF website and “Make a housing refund with cash”. This is so that one “can have a high level of savings in your CPF again, as if you have never used a dollar to pay for your home loan”.
ST said this is the “secret” to how people can achieve about $700,000 in their OA when they are in their early 50s, by “dutifully contributed to their CPF since they were young”.
“If you can achieve this, you will stand a chance to have $1 million or more in your OA when you are in your 60s,” concluded ST.
There are 394,710 CPF members with over $500,000 such as the featured CPF member with 1.6 million in her CPF account. The CPF member’s age group (65-70) has 25,599 other similar members.'
I am so encouraged by the above posted in TOC, that I want to set a target of having $2m in my CPF savings when I am 80. I am going to withdraw whatever cash I have in my bank and repay the interest accrued from my CPF loans for housing.
I think I will become one of the richest 80 year olds in Singapore. I hope that I could live to 100 to enjoy my savings. I also hope that I would not suffer from dementia and forgot what I have in the CPF.
My greatest consolation is that I would have enough savings to have a maid to push me around the parks every evening to watch the sunset, if my eyes are still able to see.
What a nice advice, and
what a nice feeling to have so much money at 80. Maybe I should continue
to save until I am 100 years old. Never too late to save.
Please don't call me stupidity has no cure. I like good advice that is well meaning and for my own good.
To be able to achieve this goal, I will now commence on a diet of eating bread and margarine and not to go for holidays. Only then can I smile every time I received my monthly statement from CPF....so much money, so rich. Siok, siok, siao, oops, sorry, siok.
PS. This is the
greatest advice I have ever had in my life. And I could, in an indirect
way, contribute to our nation's investment in India that could blossom
into billions and billions of profits and help to make many people very
rich with big, big pay and big, big bonuses. But please don't ask me
what the fxxx I want to do with $2m at 80.
36 comments:
I am now 76 years old and I have two young children.
My CPF is left with $21,000 in the Medisave Account by compulsion.
All my medical expenses are covered my my pension agreement with the government. That means I do not need to pay for any medical expenses if I fall sick. I only need to pay for the ever-increasing bed charges if hospitalised.
However, the cunning Minister of Health has compel me to pay for compulsory medical insurance which I do not need.
Not only that. He also compel me to pay for my son's and daughter's medical insurance, which do not need because they are also covered in my pension agreement with the government. Everything is done by force, against my free will.
Even though I have been paying the medical insurance, I still have to keep a minimum sum in my compulsory Medisave account to "cover my medical expenses".
This double whammy upon my financial situation, when I have no more income and unable to find a decent job at my age, is a crooked, cruel and sadistic action deliberately inflicted upin a hapless old man. It is unthinkable, horrendous and inhuman.
With such an experience with the CPF, I will never put in even one single cent into the CPF.
CPF to me stands for Compel People by Force.
Now would anyone doubt what LIm Swee Swee claimed that he felt very rich looking at his CPF statement every year. He must be one of those already having millions in his CPF account years ago.
Whatever, despite his millions, did he still continue to pinch toothpicks from Din Tai Fung restaurant after his meal? I think old habits die hard.
He not only pinch toothpicks. He also pinch toilet paper from his office and public toilets to bring home so that his family need not buy toilet papers.
Celebrities elsewhere today like to reveal who they are humping and how many pregnancies they carried and how many number of births they are giving. As if it only happens to them and no one else can achieve that.
Some Red Dot celebrities like to reveal stealing toothpicks and toilet papers. How proud they are of their achievements to make all that public.
Singapore was returned to the Malays in 1963, as part of Malaysia.
Singapore was given independence in 1965, by the Malays in Malaysia. This is an entirely new chapter, not stolen or colonised from Malaysia.
In fact, Malaysia stole or was given North Borneo and Sarawak by the British. The people of North Borneo and Sarawak have a case to be independent.
For an ordinary person to pinch toothpicks from restaurants and toilet papers from public toilets is already not acceptable.
For a Minister paid by the $millions to pinch toothpicks and toilet papers is not only cheap, crude and unethical but also disgusting, despicable and very shameful.
Let's be fair to him on this toothpick saga. It was all a bad joke, exaggerated. He did asked for the toothpicks, not that he stole or took them without permission.
In fact the manager gave him a whole box to bring home.
Nobody is saying he stole or took without permission. To steal or to take without permission is a crime.
For a public servant to accept a free gift (even a box of toothpicks or a cigarette lighter) is corruption unless reported to and recorded in the government's gifts registry of every ministry and statutory board.
He did ask but not for one or two pieces, but half a box. How many people go to a restaurant and ask for half a box of toothpicks probably every visit?
In any case, why do customers have to ask if they need one or two pieces. The fact that he claims he was given a whole box is just to soften the 'cheapskate' image he brought upon himself.
And in fact the restaurant later admitted that they had to put more boxes of toothpicks in order to enable other customers the have usage because of what they called 'thievery of those toothpicks'. 'Thievery' is the word they used.
The toothpicks in a restaurant and the toilet papers in public toilets are there for everyone to use. You need not ask permission. But don't take extra to bring home. Even if you can't help it and take extra to bring home, it is still not a crime. You are not stealing. But it is not nice to do such a thing. It means that you do not have civic consciousness. For a millionaire Minister to do that, it is way too much - no words can describe enough of such a weird behaviour.
RB, you worked in MINDEF before. You should know this.
Yep. I declared everything I received. Most of the casual gifts are token gifts, not expensive stuff. Better to declare everything to be safe.
The question is: Did the cheap skate millionaire Minister declare to his ministry's gifts registry?
Good advice for Singaporeans. I see Uncle Redbean smiling when he gets his monthly statement from CPF. Wah, S$2 million is a very pleasing number. Very rich.
Probably he did not. He would have considered it too trivial an item to report.
If he was such a righteous person, he would not have asked for half a box of toothpicks in the first place.
Just look at his hair. He does not even comb his hair. He can easily afford to buy a comb and hair cream/spray. His hair drops down all the time and he simply let it be. No application of hair cream or hair spray to hold his hair. Poor upbringing and grooming? Or, it's really a matter personal discipline?
It's a disgrace to PAP and to the one who made him Minister. Also a disgrace to the government and all Singaporeans.
Why is the CPF Board encouraging people to put in money now? There must be a severe shortage of funds. Either the funds "borrowed" by GIC, MAS and Temasek have been sunk or lost, or the Government spending on COVID-19 needs to borrow more money from the CPF, instead of other lenders, which are bound to incur higher interest rates.
At 80, cannot walk, cannot stand, cannot eat, cannot shit, cannot do this, cannot do that, cannot hear, cannot see....
What is the point of $2m? To be kept alive by hooking to a machine?
Better to put my money in China bank. At least can get RMB. Also the paper they use for RMB is stronger than Singapore dollar paper. It doesn't tear so easily. (I not comparing with the plastic note we have in Singapore, but the paper one)
Uncle Redbean, my advice to you is to follow the suggestion by the Govt and invest your spare cash in your CPF. High interest and safe. Only drawback is you cannot get it back when you need it, but when you are 80 or 90 or even 100, you can smile every time you get your CPF statement, just like that idiot who said he feels happy every time he sees his statement. Uncle Redbean you are so lucky.
Chin Beng - 80 is the new 60. Where got cannot stand, cannot shit? I ever seen 80 year old at KTV. Wah, with $2m, can really enjoy.
Sorry, type wrongly. Should be Chin Leng not Chin Beng.
RB,
It is so obvious that the government is now very desperate for money (cash).
The CPF begging for the public to put in more money by the $millions is the latest signal that the government is very desperate for money.
There are so many causes that the coffers have been depleted.
And there are also many indicators that GIC and Temasek Holdings are losing money big time.
The sudden reports on GIC and Temasek making money over the last 20 years is a clear indication that the two entities have lost money big time recently. The long-term reports aim to put people at ease so that they will not focus on the losses they have been making recently.
Put your money in China or Vietnam. Their economies are the strongest in the world at present. And they have good potentials to be even better.
CPF could really be desperate in need of fund injection.
Contributions are obviously dwindling with job losses in every sector. Wage supplements can only be looked upon as mere temporary life support, but if long term prospects are looking gloomy, some businesses would rather close shop, leading to job losses.
On the other hand, withdrawals for housing, retirees initial drawdown, monthly payouts to those retired are fixed and non variable, whether the economy is good or bad. The strain is there.
And I read somewhere that GIC or Temasek is making big investments and needed money, big money.
Be on high alert when people are asking to borrow money or show a special interest in your money.
You have been warned.
People got money, real money, not cooked money in the books, they would not be asking money from you.
This is the clearest proof you need.
SSO July 28, 2021 6:20 pm
Yes! Please put ur hard earned $$$$ in China
Wipeout: China stocks in US suffer biggest 2-day loss since 2008
Beijing’s crackdown on its tech and education sectors has erased $769bn in value from US-listed Chinese stocks over the course of just five months.
why buy China when you have HK!
Hong Kong stocks battered again by China crackdown
Hong Kong shares plunged more than 5 per cent on Tuesday (Jul 27), extending the previous day's hefty losses on worries about a regulatory crackdown by China impacting a range of industries including private education and technology.
The Hang Seng Index tumbled more than 5 per cent at one point before ending down 4.22 per cent, or 1,105.89 points, at 25,086.43 - having lost a similar amount on Monday. It has now given up almost 10 per cent in three trading days.
Mainland markets fared only a little better. The benchmark Shanghai Composite Index sank 2.49 per cent, or 86.26 points, to 3,381.18, while the Shenzhen Composite Index on China's second exchange shed 3.33 per cent, or 80.38 points, to 2,331.43.
Wah lan eh. This video real or not? Youtube got all kinds of stupid videos. How you know which one real and which is fake. I once saw David Beckham kick the ball into a barrel while blindfolded. Later I found out it is fake.
Really good investors like Warren Buffet look at the fundamentals and long-term prospects to assess where to put their money in. They don't look at the daily or weekly fluctuations in the stock markets. Those who focused on daily and weekly stocks movements are gamblers, not investors.
Anyway, stocks and shares are only one aspect of investing. There are many types of investments.
Best long-term investments are in real estates, bullions, metals, energy and currencies.
Today, almost every country's economy is in the downfall, except China and Vietnam. Their fundamentals are good,
excellent. The countries are flourishing despite the Pandemic.
Take a trip to the two countries and see for yourself. Don't depend on news reports generated by western propaganda machines.
SSO I agree with your first part, but you must know Warren Buffet only put one little finger in China. Most of his money is in the US, invest with US company. That is the facts, bro.
This pandemic change everything for everyone. Nothing we see now is from fundamentals. Every country also suay suay. The economy we see now is partly government policy, partly luck and partly how the private sector economy. You go to Vietnam or China and see economic activity doesn't mean the fundamentals is strong. You must also know how to read the signs.
During Dotard's time, the US economy look very active strong (like China & Vietnam) and he look like he going to win the election, right? Seems like the fundamentals is strong, right? Yah but then Covid hit and Dotard cock up and then everything collapse. Fundamentals is the same, but US economy still collapse anyway. You must know how to read the signs.
Where you read the signs from?
HO Ching Facebook on Monday:
"KTV cluster was not the reason for reimposing p2(ha) circuit breaker restrictions.
It was the JFP cluster with the likelihood of shooting into the community via hawker centres and markets.
Actually, with vaccination now available, we can re-open not just KTV but also the geylang night life, with vaccination and testing as key measures, alongside other safety measures like air sterilising and cleaning."
Now we know who is actually running the country.
I cannot wait until 80 years old. I want to have at least $2 million in my bank savings accounts by the time I retire at 45 years old.
In addition, I should have paid off my loans for my two condos, two cars, 1 x 500cc motorcycle and a small yacht, which I have just purchased recently.
I have also to cater for my children's education in their Education Savings Accounts which I have opened for them separately. Each would have at least $300,000 minimum when I reached 45.
US economy is on life support. Money printing, by the trillions, is propping up a fake recovery. Do not read and believe what they say.
All Governments will never say things that will derail their economy. That will reflect on their standing and subject them to scrutiny by their opponents. Even if slightly bad, they say is still strong. If it is real bad they say the fundamentals are still strong and everything is still on track, etc etc. And they have all the resources to sell their snake oil.
"Actually, with vaccination now available, we can re-open not just KTV but also the geylang night life, with vaccination and testing as key measures, alongside other safety measures like air sterilising and cleaning."
I hope so. More than one year, all of us already sacrifice for the country. If we can work, we also should be able to enjoy safely. If you wash hands, use air cleaner (HEPA kind), and already vaccinated, and make sure the girls are only local or else tested daily, then there is no reason why KTV cannot open. Maybe also put a limit to the number of girls and keep record like army book in/book out.
One overly powerful woman has been controlling and interfering in the running of the country. This is the main reason why there have been so many cockups in this country over the 15 years looong administration.
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