Singaporean worried he has no money for retirement after pay
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C'mon, it LNY already...those who earned, be satisfy and happy, those who lost or missed the chance, you still got a roof on top of you, money can earn ya, life is only once, be happy too. And for those who dun move, sell or buy anything, just enjoy your life at your void deck or nearby kopitiam and watch the happy days goes by happily, talk less and drink more kopi siew tai ya
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Originally posted by mancha:
Come on, you want to buy low, sell high and make money isn't it.
Ok,that reasonable, but if all Singaporean can low, who is going to buy high for you to make money?
Do you really want the HDB to revert back to the "posted price" era? Where the flat price is strictly controlled.
Is there a government that gives its citizens free homes, and allow them to sell at market price? Malaysia? Would it be a good system?
There's nothing wrong will letting the lease owner resell the leftover lease to other willing buyers.
Unfortunately, the Singapore resale market has defied economic logic.
HDB was never supposed to be an "asset".
But since everyone was making a huge fortune back then, the authorities simply let the circus go unchecked.
But can they do something about it now to rein in the problem ? Most certainly.
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Singaporean worried he has no money for retirement after paying for over-priced HDB flats
A Singaporean by the name of Kang Choon Tian has written a letter to the Straits Times Forum today expressing the concerns, worries and fears of many Singaporeans on the sky-rocketing prices of HDB flats – that they may not have any money left in their CPF when the grow old.
Mr Kang revealed that he took a loan of $80,000 some 20 years back and the interest came up to $70,000 after he had finished paying for his flat.
He is concerned that many Singaporeans may end up with little in their CPF accounts at current prices of HDB flats:
First, the title doesn't even fit this article. Mr. Kang is concerned about other Singaporeans; he himself paid much less than the current market price.
Second, unless you are born with a silver spoon (or gold), financial planning should be started as soon as possible. Why only worry after buying the property? Or who in the right mind would buy something they can't afford? Serves those right who over exert their financial muscle.
Third, as baby hunter said, Singaporeans can always downgrade to a smaller flat and pocket the difference for their retirement. The maths doesn't really work out in favour at all for Mr Kang's argument. Suppose property prices continue rising, the downgrade would put more money into their pockets actually.
Four, work hard, work smart, save more and invest well when young. There are so many ways to get additional income sources. Cry and complain that no one helps you when you do not even attempt to start building a retirement nest early enough? What for? You want anything, you work for it, not stretch your hand and demand it.
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Originally posted by eagle:
First, the title doesn't even fit this article. Mr. Kang is concerned about other Singaporeans; he himself paid much less than the current market price.
Second, unless you are born with a silver spoon (or gold), financial planning should be started as soon as possible. Why only worry after buying the property? Or who in the right mind would buy something they can't afford? Serves those right who over exert their financial muscle.
Third, as baby hunter said, Singaporeans can always downgrade to a smaller flat and pocket the difference for their retirement. The maths doesn't really work out in favour at all for Mr Kang's argument. Suppose property prices continue rising, the downgrade would put more money into their pockets actually.
Four, work hard, work smart, save more and invest well when young. There are so many ways to get additional income sources. Cry and complain that no one helps you when you do not even attempt to start building a retirement nest early enough? What for? You want anything, you work for it, not stretch your hand and demand it.
I agree that people should simply live within their means.
However, HDB policies don't allow people to do so for direct HDB.
Known as INCOME CEILING ( not applicable to Resale).
Even if you just want get a small flat, to "live within your means" and have a bigger saving, you arn't allowed to.
Is that a problem created by the HDB policy or Singaporeans ?
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Originally posted by jojobeach:
I agree that people should simply live within their means.
However, HDB policies don't allow people to do so for direct HDB.
Known as INCOME CEILING ( not applicable to Resale).
Even if you just want get a small flat, to "live within your means" and have a bigger saving, you arn't allowed to.
Is that a problem created by the HDB policy or Singaporeans ?
I think there must a limit to everything, let the poor lives within their means, as a able or rich person, or so called higher income people, you should not be involve with the poor in getting a smaller flat, it meant for poor people, if this is allowable, i think the poor would have to live on the street. -
Originally posted by angel7030:
I think there must a limit to everything, let the poor lives within their means, as a able or rich person, or so called higher income people, you should not be involve with the poor in getting a smaller flat, it meant for poor people, if this is allowable, i think the poor would have to live on the street.Units can always be blocked/reserved/give priority for lower income families.
But the policy should not exclude higher income earners who wants to lease a smaller flat.
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Originally posted by jojobeach:
Units can always be blocked for lower income families.
But the policy should not exclude higher income earners who wants to lease a smaller flat.
It is the lower income that is short of houses and making hell lots of noises. In HDB, there are 2 lines for Q, the lower income and the middle income only. All other higher income should go to the show room, that is the way we diversify our class and also allow each individual to have buy house. If all can buy house at the lowest level, that lower income line will be a long Q, not fair the the poorer one. Why u need a small house?? can come my house in joo chiat, i can rent my upstair room to you, penthouse. -
It's like going to a restaurant, you want to eat fried rice, but the restaurant owner say you have to eat shark's fin and bird's nest because you have an infinte visa card.
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Originally posted by βÎτά:
It's like going to a restaurant, you want to eat fried rice, but the restaurant owner say you have to eat shark's fin and bird's nest because you have an infinte visa card.
how about a cup of water?
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Originally posted by eagle:
First, the title doesn't even fit this article. Mr. Kang is concerned about other Singaporeans; he himself paid much less than the current market price.
Second, unless you are born with a silver spoon (or gold), financial planning should be started as soon as possible. Why only worry after buying the property? Or who in the right mind would buy something they can't afford? Serves those right who over exert their financial muscle.
Third, as baby hunter said, Singaporeans can always downgrade to a smaller flat and pocket the difference for their retirement. The maths doesn't really work out in favour at all for Mr Kang's argument. Suppose property prices continue rising, the downgrade would put more money into their pockets actually.
Four, work hard, work smart, save more and invest well when young. There are so many ways to get additional income sources. Cry and complain that no one helps you when you do not even attempt to start building a retirement nest early enough? What for? You want anything, you work for it, not stretch your hand and demand it.
hai....seem like u r the only one who can get my point.....our gov must behave like superman...plan for our birth rate, plan for our employment, plan for housing, even hv to plan & ensure we must hv enough money for retirement....we can jus sit there wait for the fruit to drop....as many of singaporean are expacted!!!!
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Originally posted by angel7030:
It is the lower income that is short of houses and making hell lots of noises. In HDB, there are 2 lines for Q, the lower income and the middle income only. All other higher income should go to the show room, that is the way we diversify our class and also allow each individual to have buy house. If all can buy house at the lowest level, that lower income line will be a long Q, not fair the the poorer one. Why u need a small house?? can come my house in joo chiat, i can rent my upstair room to you, penthouse.I'm not sayin the poor not be given "priority".. to smaller/cheaper flats. However, we're talking about the AVERAGE people.. those that falls at the mids of the bell curve.
Why a higher income want a smaller house ? It's called resource allocation.. yes?
Looking at the HDB website.. a 2 bedroom has a income ceiling of $2000.
3 bedroom non-mature estates $3000.
3 brm in mature or 4rm or bigger $8000
So if the household earns more than $3000 (combined income).. these family will be forced to purchase a unit tat costs more.
LIke that how to live within their means ?
Kinda contradicting ain't it ? Do we really have to jump through hoops just to "live within our means ?"
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Originally posted by jojobeach:
I agree that people should simply live within their means.
However, HDB policies don't allow people to do so for direct HDB.
Known as INCOME CEILING ( not applicable to Resale).
Even if you just want get a small flat, to "live within your means" and have a bigger saving, you arn't allowed to.
Is that a problem created by the HDB policy or Singaporeans ?
imagine if there's no income ceiling, wont you think those rich & pte property owner will go for the new flat??? common sense will tell u they will, cos is cheaper!!!!
by then, ppl like me which is nt rich, what is the chances for me to get a new flat???
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Yes.
Very soon you will see LKY, LHL, Wee Cho Yaw and the Kwek family as your neighbours in 3 room HDB estates.
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Originally posted by baby hunter:
hai....seem like u r the only one who can get my point.....our gov must behave like superman...plan for our birth rate, plan for our employment, plan for housing, even hv to plan & ensure we must hv enough money for retirement....we can jus sit there wait for the fruit to drop....as many of singaporean are expacted!!!!
Yet the government don't help people who cannot find jobs by giving a welfare packge other than tell them to go for upgrading
Why leh? Crutch mentality will develop mah.
But hor, they think you should have crutch mentality for birth rate and retirement planning....
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Originally posted by jojobeach:
I agree that people should simply live within their means.
However, HDB policies don't allow people to do so for direct HDB.
Known as INCOME CEILING ( not applicable to Resale).
Even if you just want get a small flat, to "live within your means" and have a bigger saving, you arn't allowed to.
Is that a problem created by the HDB policy orSingaporeans ?
If that's the case, then no need to worry about these people's CPF balances mah....
If they are businessmen, already no CPF. If they are high income salaried workers, cannot buy HDB, CPF sure fat fat...
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Originally posted by eagle:
If that's the case, then no need to worry about these people's CPF balances mah....
If they are businessmen, already no CPF. If they are high income salaried workers, cannot buy HDB, CPF sure fat fat...
Businessmen also depends on what type leh.
Is a hawker a business man ? Is a taxi driver a businessman ?
All self employed are considered businessmen leh.
High income salaried, so what ? Another asset rich cash poor group of people.
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Originally posted by jojobeach:
Businessmen also depends on what type leh.
Is a hawker a business man ? Is a taxi driver a businessman ?
All self employed are considered businessmen leh.
High income salaried, so what ? Another asset rich cash poor group of people.
That's a different story altogether, and which is already covered in points two and four above.
Wasn't I pointing at the sentence:
"He is concerned that many Singaporeans may end up with little in their CPF accounts at current prices of HDB flats"
Happy New Year.
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Originally posted by eagle:
First, the title doesn't even fit this article. Mr. Kang is concerned about other Singaporeans; he himself paid much less than the current market price.
Second, unless you are born with a silver spoon (or gold), financial planning should be started as soon as possible. Why only worry after buying the property? Or who in the right mind would buy something they can't afford? Serves those right who over exert their financial muscle.
Third, as baby hunter said, Singaporeans can always downgrade to a smaller flat and pocket the difference for their retirement. The maths doesn't really work out in favour at all for Mr Kang's argument. Suppose property prices continue rising, the downgrade would put more money into their pockets actually.
Four, work hard, work smart, save more and invest well when young. There are so many ways to get additional income sources. Cry and complain that no one helps you when you do not even attempt to start building a retirement nest early enough? What for? You want anything, you work for it, not stretch your hand and demand it.
i would like to agree with you on this but you must take into account the employment factor and salary factor here.
it is true to the above mentioned but like what the TS also mentioned, what happens when theres an economic downturn and suddenly you are cut off from your job? worst still with the PR competition getting more intense, can one gurantee that he/she will be earning the same amount like their last pay if they are reemployed?? truth is, it is yes to a very small number of people, some might earn maybe 2k or 3k to keep their house alive suddenly find that they are forced to take a job with half the amount, you cannot blame this on the lack of forsight since no one can really fully accurately predict what will happen to them in 3-10 years time since the time aand situation is constantly changing,same applies to the stockmarket, since it is also changing everyday,either going up or down.
theres a old quote that said" knowing the truth is not difficult but reacting to it is."
as for baby hunter, he's view is a sceneario where it is 1 sided based on the assumption that it all goes well, what happens if something happens inbetween that changes all of that after that event? this was not factored in and this is also what i am trying to point out as this would lead us back to the same sceneario where the TS has his worries about.
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Originally posted by Annilator47:
i would like to agree with you on this but you must take into account the employment factor and salary factor here.
it is true to the above mentioned but like what the TS also mentioned, what happens when theres an economic downturn and suddenly you are cut off from your job? worst still with the PR competition getting more intense, can one gurantee that he/she will be earning the same amount like their last pay if they are reemployed?? truth is, it is yes to a very small number of people, some might earn maybe 2k or 3k to keep their house alive suddenly find that they are forced to take a job with half the amount, you cannot blame this on the lack of forsight since no one can really fully accurately predict what will happen to them in 3-10 years time since the time aand situation is constantly changing,same applies to the stockmarket, since it is also changing everyday,either going up or down.
theres a old quote that said" knowing the truth is not difficult but reacting to it is."
as for baby hunter, he's view is a sceneario where it is 1 sided based on the assumption that it all goes well, what happens if something happens inbetween that changes all of that after that event? this was not factored in and this is also what i am trying to point out.
Hi, your point is extremely valid, which is what led me to write point number 4 ;)
The key to protecting oneself nowadays is the fabled multiple sources of income. As for me, I have 2 main sources of active income, 1 small small source of income which I'm attempting to grow slowly, and 1 more which I'm trying to find time to create. All these exclude dividend income. My main aim is to protect myself from what you said.
The future cannot be predicted, but it can be worked towards. And it's important to make hay while the sun shines, and conserve the hay for usage when the sun stops shining :)
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Originally posted by eagle:
Hi, your point is extremely valid, which is what led me to write point number 4 ;)
The key to protecting oneself nowadays is the fabled multiple sources of income. As for me, I have 2 main sources of active income, 1 small small source of income which I'm attempting to grow slowly, and 1 more which I'm trying to find time to create. All these exclude dividend income. My main aim is to protect myself from what you said.
The future cannot be predicted, but it can be worked towards. And it's important to make hay while the sun shines, and conserve the hay for usage when the sun stops shining :)
While what you are doing now is ideal for a single guy.
It is unsustainable for a married person with children.
Our society is paying a huge price for the artificially induced high cost of living.
Donch tell me. ye gonna just keep your 2 timing job for the double income till you reach retirement age ? How much time ye gonna spend with your family ? There's really only 24 hours a day , no ?
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Originally posted by jojobeach:
While what you are doing now is ideal for a single guy.
It is unsustainable for a married person with children.
Our society is paying a huge price for the artificially induced high cost of living.
Donch tell me. ye gonna just keep your 2 timing job for the double income till you reach retirement age ? How much time ye gonna spend with your family ? There's really only 24 hours a day , no ?
Change subject again... zzz....
Sorry hor, 2nd job is mostly do at home one. I can still spend time with them.
And I don't need to do that till retirement age hor...I have my plans.
And everyone has 24 hours a day; it's how you spend them. The only time I reduced was coming to sgforums.
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Originally posted by eagle:
Change subject again... zzz....
Sorry hor, 2nd job is mostly do at home one. I can still spend time with them.
And I don't need to do that till retirement age hor...I have my plans.
And everyone has 24 hours a day; it's how you spend them. The only time I reduced was coming to sgforums.
Can come Sgforum when retired.
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Originally posted by eagle:
Change subject again... zzz....
Sorry hor, 2nd job is mostly do at home one. I can still spend time with them.
And I don't need to do that till retirement age hor...I have my plans.
And everyone has 24 hours a day; it's how you spend them. The only time I reduced was coming to sgforums.
LOL. you really believe you can do your "home work" without neglecting your family ah. hehehehehe.....
Later your wife be pulling your ears for not spending quality time with ye family OK ? Good.
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Originally posted by Chew Bakar:
Can come Sgforum when retired.
Good idea
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Originally posted by jojobeach:
LOL. you really believe you can do your "home work" without neglecting your family ah. hehehehehe.....
Later your wife be pulling your ears for not spending quality time with ye family OK ? Good.
You really think 2 hours a day for the extra work is a lot when it can match full time income? I still think many people work longer hours than me on a typical work day.