With all the new tweaks, no one, rich or poor will have a chance to withdraw anything at 55 anymore, or for that matter, even at 65.

For the rich, it is just a tax, for the poor, I cannot imagine. Anyway, it is only a matter of time before everything unfolds, and by then , it really doesn’t matter.

Yes, this is the point I am trying to make when we have other dependants, and yet you have policy makers calling us to continue providing for elders, and have more kids out of empty/ fast depleting pockets. We are in agreement.

Sure, the “items” listed are just to highlight the point that whatever payout must be realistic to the standard of our living. Chicken rice can be substituted with whatever mui kum.

On kids and elderly, I think such schemes assume for 1 person only. With dependant(s) latched on, a retiree will soon be driving to his/her grave….

I would have gone along with your thought process in this and the earlier thread. In the first place. Though I think different parties will differ in terms of what cost elements to include, the end point is the same : list down what $x can buy. then with every increase/ decrease in any of the elements, e.g. electricity, food, republish the entire calculation. Then be sure to include scenarios on whether there is additional costs with kids and elders, instead of only assuming individual variable expenditures or capital expenditures.

There is a lot of comparison with insurance companies — which is better, etc. But do we really know if the insurance coys are really giving a shit deal in the first place, and any deal better than shit would appear great?

The best to convince everyone is to have a breakdown of what, say $500 payout will buy for the person, i.e. how well it will sustain an individual on a typical daily basis. That will show if the calculated amount conforms with our cost of living. Off hand, it doesn’t seems to enable a retiree to great life — except, eat, sleep, watch EPL and die.

if it is your own money, you do not need other people to tell you how you should focus. negative ?

why not you give me all your salary, and i distribute you back sgd900/- per month and tell you (from some statistics) that sgd30/- per day is more than enough for any average person covering 3 meals, utilities and ‘affordable basic housing’ – and being not so talented, i will tell you that I will only do it for those with earning power of more than sgd900/- per month.

Mr Tan Kin Lian thinks CPF Life is good for the people. You may want to read the original posting titled “Positive views about CPF Life” on his blog.
http://tankinlian.blogspot.com/.

Since the CPF Life is compulsory from 2013 for all who reaches 55, the best thing we can do is to understand both sides of the story to help us make informed decisions.

I believe this talk will be good as we can hear from professionals and ask questions.

why does the CPF only introduce such changes now, especially after massive losses of Temasek Holdings and GIC?

can anyone honestly touch their heart and say CPF can give him a real retirement?

what is retirement?
“How much do you want? Do you want three meals in a hawker centre, food court or restaurant?” PAP Vivian Balakrishnan

since the new generation is going to spend their entire life time servicing an over-priced HDB flat mortgage loan of at least 35 years and most wont reach minimum sum, should CPF be renamed HDBF instead?

but then again, wonder if they still have our cpf $$$ in their golden vault or already just an empty vault liao, the question’s yet no one can really know.

Our real money is gone already, now is just money on paper.

Stop pushing the buck to our children!

At $590 (USD420) per month, it sounds sucks, considering we are so called first-world country!

Assuming ZERO inflation, HDB fully paid by then, no dependents, perfect health, etc…:
* 2 plates of chicken rice everyday = $3 x 2 x 30 = $$180
* 2 pieces of toasts daily (breakfast) = $1.50 x 30 = $45
* daily cup of kopi = $0.8 x 30 = $24
* EPL subscription = $20-30(?)
* Electricity, water, conservancy fee, blah, blah, = $100-150(?)
* Property tax + TV license = $200-400 /yr = $25 per month
* Telephone line = $10 (no handphone, pager, etc)
* Meet MP (weekly by public transport) = $8-12
* Basic household necessities (toothpaste, toilet paper, soap, etc.) = $30-50
* Pray, pray no sickness, increase in GST, etc. = $0
* etc, etc….

In short, what is there to listen to? Our retirees will be at starvation level after contributing 40++ years to nation building. So, don’t waste your $10.

Ask instead why the common Singaporean can’t have a nice bird nest like our highly paid ministers when THEY retire.

That doesn’t sound right, does it?

They meant what they said!
They are NOT competing with the private sector.
It is a monopoly!

So what! 哼 !!

Thought they said last time they won’t compete with the private sector but how come for this we got no say in deciding how to use our own CPF money?

I wonder if its because they are scared to reveal what’s left in the kitty…..