Comments on: CPF Life – does it really address retirement needs?

By: wsohpl

wsohpl — Sun, 08 Nov 2009 13:20:48 +0000

No body dare said this all because Temasek Holdings losing BILLIONs, now they need the CPF LIFE to tighten your money for investment and also created the 2 subsidaries company Singtel and Starhub over our little entertainment like FOOTBALL to make us pay more, as you can see that now we had to pay Singtel the same amount, but Starhub said they only will reduce 50% of their so call extra channel, that mean Temasek will actually make around 3 to 4 millions extra, if still 300000 subscribers continue the both subscriptions.

By: Peanuts

Peanuts — Sat, 07 Nov 2009 13:59:26 +0000

I’m 62 and they offer me CPF options of either $10,000/- to get $50/- for life or $20,000/- to get $100/-for life. Now, if I were to opt. for the $10,000/- CPF LIFE then I will get $50/- x 12 = $600/- per yr. ……..so putting them aside, I realise that upon my demise or death, I will have a CASH PAID FUNERAL (CPF)
so what is the big deal?

As I’m living , $50/- per mth is barely sufficient for my transpportation need and that goes to SMRT for sure? now what about food? when they say there is no free lunch!

By: wsohpl

wsohpl — Mon, 19 Oct 2009 10:30:44 +0000

All of the sudden that CPF want the annuity plan back, you know why? Because Tamasek had lost BILLIONs and I think they are actually using our CPF money to invest, now lose money, so how to get it backup, of course from our CPF money, that is why they give higher interest rate. and I can tell that no much lower income group can live till 80 and CPF only losse out if you live beyond 90.

By: Question Marks

Question Marks — Sat, 17 Oct 2009 13:40:36 +0000

Having much negative responses for the scheme, just a question to ask.
If you were given all your asset in your CPF what good will you make of it?

By: George

George — Mon, 21 Sep 2009 08:13:44 +0000

Is this another way to take our money? After 50 years in power, having failed to provide for the aged and economically disadvantaged citizens, loosing large sum of our country money, our health system designed only for those who are rich, the poor sadly is not part of the equation. PAP is a political party for the rich only and if one is poor, sorry die early is the cheap option. If one get old, JB is waiting and more evil schems are the pipeline waiting to surprise us. Money and more money is the motto. We could all worked until we drop dead that seem to be PAP policy. But if one is part of the PAP system, then one had a charmed life. It is a country designed for the rich and elites, the rest of us are just workers. We could put up with it or we could do something about it.

By: wsohpl

wsohpl — Mon, 07 Sep 2009 05:45:18 +0000

I find the scheme suck, is there statistic to show how many people live beyond 85 in the lower income group? when they are sick just take panadol, chinese herb, so doubt they can live that long.

By: Kew Kah Fatt

Kew Kah Fatt — Wed, 27 Feb 2008 02:06:20 +0000

CPF Life will not solve all retirement problems.
The reason is simple. There is alway a percentage of citizens that will live below average at poverty. Right now those earning below S$1,200 are in this category. I don’t know how many there are.
With inflation, the level of income will rise. In 1968 it was about S$200.
Also these people have to pay CPF contribution and medisave. To them it is bread and butter issue. Annuilty to these people is useless.
The only help the government can do is abolish their contribution making those earning above S$1,500 that have to contribute to CPF.
In society, you cannot get rid of these poor people, unless you go communist.

By: Millionaire Ministers

Millionaire Ministers — Tue, 26 Feb 2008 16:23:53 +0000

It doesn’t take a mathematician to conclude ‘money is not enough’ for more than half the population – give and take depending on spending pattern/inflation/necessary costs imposed etc . So you can do your accounting and work at the numbers all you want, insufficient means insufficient for those you can’t cut it. The system is devouring and unforgiving. It has to be for it to work. All talk of compassion and inclusiveness is rubbish. Never believe it because the price of human compassion has no glory, fame and most importantly…personal fortune!

In a consumption centric society, you end up being an economic cannibal feeding on your weaker fellowmen for your hollow successes.

There is no humanity in such a system! The objective is to hit the millionaire jackpot the quickest. Skew the system if you have to be rich as long as you are not the one ending up at the bottom of the heap.

A heap of waste, debilitation, rot, humiliation, sins and death.

And get this.. it is all your fault, never theirs – or shared responsibility to be fair!

By: migrate_asap

migrate_asap — Tue, 26 Feb 2008 11:53:34 +0000

PAP’s Golden Rule for forcing down unpopular policies:

“If you can’t convince them, just CONFUSE the hell out of them.”

By: agc123

agc123 — Tue, 26 Feb 2008 08:21:28 +0000

It sound like more people are asset rich but cash poor based on CPF board statistic. The result is less money in CPF account. For those who unable to meet the MS, they will have event lower interest gain and who is helping them ?

By: Gary Teoh

Gary Teoh — Tue, 26 Feb 2008 06:37:54 +0000

It seems that the government is afraid to take care of those above 85 who are still alive and running out of cash, under PA scheme.This CPF Life is a flawed scheme,because not many of us have so much minimum sum,and the sum keep increasing yearly, we have to work like slave to achieve this sum and in addition,it is not easy to find jobs as one ages.

By: Lai CF

Lai CF — Tue, 26 Feb 2008 05:03:25 +0000

It is actually a supplement to what you need for your retirement.
And it fulfils PAP Government promise that “no SIngpaorean will starve”.

Indirectly, it is a form of Social Welfare monthly cheque to pensioners to live on with basic substenance.

Remember, minimum sum is S$120,000 in 2008 money; and will become S$134,000 in 2013.

By that time, your average CPF Life monthly cheque will be S$1,200 to S1,300 pm,..basing on twice of that S$67,000 Minimum Sum.

By: sarek_home

sarek_home — Tue, 26 Feb 2008 03:49:10 +0000

The CPF Life is designed to solve the problem that Minimum Sum will run out of money at age 85. But, we have to ask ourself what is the point of solving this problem? What is the real value of that $600 after adjusting to inflation? What good is that tiny changes going to benefit me when I am 85?

Why is the government doing something that is going to do no good at all when I am 85?

By: Currently Spared

Currently Spared — Tue, 26 Feb 2008 03:27:46 +0000

I think the point here is that a lot of details are not clear. The scheme seems complicated to me, not to mention that I am rather trained in mathematics and analysis. Those who are in most need are those who cannot do this tough math, so it is the government’s responsibility to roll out a good plan for them. I believe this simply means that the plan out now should be good since it is being rolled out. Else, someone in the civil service who drafted it should take responsibility for its poorness, just like someone should be fired for the gross wrong estimate of .6 bn deficit when it is a 3+ bn surplus.

By: familyman

familyman — Tue, 26 Feb 2008 03:01:52 +0000

Everybody should be give the choice to opt out of this scheme. If the scheme is no good, the govt should make it better so that people are convinced it is of any good and choose to opt in.. For example, many people are not taking up the WIS scheme because tying up your monay with CPF is a sure lose prospect for many who are cash tied. They are struggling with day to day living, and worried about CPF delaying their drawdown date further from 55 to 62 to 65 to 90.