You can't withdraw shit from your CPF
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Originally posted by charlize:
Anyway, if a scenario occurs whereby a huge majority of the people in the scheme somehow lived till 100 years old in the future, they will change the scheme again or hold more money back.
It's a win win situation for them because no money will ever come from their pockets.
I did a caculation on their website.
Apparently when you have $100,000 at age 55, at age 62 when they start the payout, you will only have $117,000, if based on 3.5% interest rates that CPF gives, the value at age 62 would be around $127,000. I chose the plan with no bequest.
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Originally posted by Rock^Star:
mtalking about food, maybe nex time got laksa with wasabi? haha!
Maybe just maybe, because LKY flies his chef to Japan to buy fresh sashimi.
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Originally posted by charlize:
Anyway, if a scenario occurs whereby a huge majority of the people in the scheme somehow lived till 100 years old in the future, they will change the scheme again or hold more money back.
It's a win win situation for them because no money will ever come from their pockets.
it is highly unlikely for so many people to live beyond 85. yes, the life expectancy of people have rise with the advance of technology and healthcare, but there's a limit to how long people can prolong their life.
in the past, those elderlies born before the 50s, they mostly live in kampong and led simple lives. no msg, no pollutants etc. with better healthcare, it is reasonable for them to live till their 80s.
but for our generation, growing up on fast food, coke, msg, chemical pollutants etc, we are already seeing some old-age diseases in our youths, ie. arthritis, hypertension, high blood pressure, obesity, diabetes, diseases which were once associated with only the elderly. with this in mind, do you think we will live longer than our parents' generation? unlikely.
thus, it is highly probable that the government will stand to profit from the cpf life scheme with more people dying before collecting payouts. since the amount of money pledged will not go to the beneficiaries, the money will go to the government instead.
so instead of acting as a guardian of our savings, the government has transited into an organisation eyeing the hard-earned savings of our citizens.
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Originally posted by deepak.c:
I did a caculation on their website.
Apparently when you have $100,000 at age 55, at age 62 when they start the payout, you will only have $117,000, if based on 3.5% interest rates that CPF gives, the value at age 62 would be around $127,000. I chose the plan with no bequest.
are you confident that you will live that long to profit from the scheme?
an unexpected heart attack will leave your beneficiaries without a cent from ur cpf.
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Originally posted by deathmaster:
it is highly unlikely for so many people to live beyond 85. yes, the life expectancy of people have rise with the advance of technology and healthcare, but there's a limit to how long people can prolong their life.
in the past, those elderlies born before the 50s, they mostly live in kampong and led simple lives. no msg, no pollutants etc. with better healthcare, it is reasonable for them to live till their 80s.
but for our generation, growing up on fast food, coke, msg, chemical pollutants etc, we are already seeing some old-age diseases in our youths, ie. arthritis, hypertension, high blood pressure, obesity, diabetes, diseases which were once associated with only the elderly. with this in mind, do you think we will live longer than our parents' generation? unlikely.
thus, it is highly probable that the government will stand to profit from the cpf life scheme with more people dying before collecting payouts. since the amount of money pledged will not go to the beneficiaries, the money will go to the government instead.
so instead of acting as a guardian of our savings, the government has transited into an organisation eyeing the hard-earned savings of our citizens.
Life expectancy here is expected to shorten due to the claustrophobic condition.
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Originally posted by deathmaster:
it is highly unlikely for so many people to live beyond 85. yes, the life expectancy of people have rise with the advance of technology and healthcare, but there's a limit to how long people can prolong their life.
in the past, those elderlies born before the 50s, they mostly live in kampong and led simple lives. no msg, no pollutants etc. with better healthcare, it is reasonable for them to live till their 80s.
but for our generation, growing up on fast food, coke, msg, chemical pollutants etc, we are already seeing some old-age diseases in our youths, ie. arthritis, hypertension, high blood pressure, obesity, diabetes, diseases which were once associated with only the elderly. with this in mind, do you think we will live longer than our parents' generation? unlikely.
thus, it is highly probable that the government will stand to profit from the cpf life scheme with more people dying before collecting payouts. since the amount of money pledged will not go to the beneficiaries, the money will go to the government instead.
so instead of acting as a guardian of our savings, the government has transited into an organisation eyeing the hard-earned savings of our citizens.
Actually, my point was not so much about people living to 100 but that the government will try ways and means to hold back Singaporeans' CPF money.
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Originally posted by charlize:
Actually, my point was not so much about people living to 100 but that the government will try ways and means to hold back Singaporeans' CPF money.
That assumption is another reason why the life expectancy is shortening here.
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Originally posted by deathmaster:
are you confident that you will live that long to profit from the scheme?
an unexpected heart attack will leave your beneficiaries without a cent from ur cpf.
I chose it just to do the calculation, easier to calculate just pure cashflows.
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Originally posted by deepak.c:
I did a caculation on their website.
Apparently when you have $100,000 at age 55, at age 62 when they start the payout, you will only have $117,000, if based on 3.5% interest rates that CPF gives, the value at age 62 would be around $127,000. I chose the plan with no bequest.
I believe the max payout option has a clause that they will pay you nothing if you die before 62.
Meaning all your CPF money goes back into the pool - assuming 100k, that's lot of CPF money you forego just like that. I am seriously curious as to how many people want to bet their CPF money by taking this option.
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Originally posted by charlize:
I believe the max payout option has a clause that they will pay you nothing if you die before 62.
Meaning all your CPF money goes back into the pool - assuming 100k, that's lot of CPF money you forego just like that. I am seriously curious as to how many people want to bet their CPF money by taking this option.
those who pick that option die die cannot die. hahaha
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yea...by taking the most income, if u suay suay die before u even get a payout , it means gov take everything.
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Originally posted by bladez87:
yea...by taking the most income, if u suay suay die before u even get a payout , it means gov take everything.
That's why I am curious as to who wants to gamble on their CPF money by taking this option.
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So, if someone migrated and changed citizenship, will the Singapore Government give you back all your CPF money or it will "tax" you abit?
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Originally posted by kalez:
the point is the loan is interest on interest. like loan sharkthe 4% per aunum that CPF giving is peanuts only... so we might be not be able to withdraw 21K when we hit 55
Good point... thanks. -
Originally posted by deathmaster:
it is highly unlikely for so many people to live beyond 85. yes, the life expectancy of people have rise with the advance of technology and healthcare, but there's a limit to how long people can prolong their life.
in the past, those elderlies born before the 50s, they mostly live in kampong and led simple lives. no msg, no pollutants etc. with better healthcare, it is reasonable for them to live till their 80s.
but for our generation, growing up on fast food, coke, msg, chemical pollutants etc, we are already seeing some old-age diseases in our youths, ie. arthritis, hypertension, high blood pressure, obesity, diabetes, diseases which were once associated with only the elderly. with this in mind, do you think we will live longer than our parents' generation? unlikely.
thus, it is highly probable that the government will stand to profit from the cpf life scheme with more people dying before collecting payouts. since the amount of money pledged will not go to the beneficiaries, the money will go to the government instead.
so instead of acting as a guardian of our savings, the government has transited into an organisation eyeing the hard-earned savings of our citizens.
True...
The PAP minister's heart must get eaten by dogs,thats why they will come up with the plans to scam their own countrymen n women hard-earned savings in the CPF.
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how to calculate CPF Life pay me how much every month if i so choose it?