Most Sgporeans have less than minimum CPF sum on retirement
-
Most Singaporeans have less than minimum sum in CPF on retirement – HSBC survey
According to the Future on Retirement survey done by HSBC bank, most Singaporeans will have less than the current minimum sum of $131,000 in savings including their monies in their CPF accounts on retirement:
[Source: HSBC]
CPF board recently announced the raising of the minimum sum (MS) to a shocking $131,000 to prevent Singaporeans from withdrawing their hard-earned savings for their twilight years. The new MS will apply to unfortunate Singaporeans who turn 55 from July 1 2011 to June 30 2012.
Upon reaching 55 years of age, the ordinary and special accounts of CPF holders will be merged to form a retirement account (RA). Singaporeans are required to have a MS of $131,000 (now) in their RA before they can withdraw their ‘excess’ savings not exceeding $5,000 at 55 years of age without which they can only withdraw them in the form of monthly payouts starting at 65 years old.
If they pass away prematurely, their life-long savings in the RA will be passed on to their spouse, children or nominees. Otherwise, they will be ‘eaten up’ by the PAP regime under the Intestate Succession Act. This means that the PAP regime will always hold a certain percentage of Singaporeans’ savings in the CPF coffers.
Based on the HSBC survey, the average Singaporean have only $120,000 in savings for retirements and this amount include non-CPF savings and investments. The result is not surprising as the CPF savings of most Singaporeans are tied up with mortgages to finance their over-priced HDB flats.
It is little wonder that though Singaporeans have one of the highest saving rates in the world, few have enough savings for retirement with many having to work for as long as they can till they drop dead and die, as exhorted by PAP supreme leader Lee Kuan Yew who is still ’serving’ Singapore as a MP at 88 years of age.
-
Yes, they (PAP) do it again. Thank you to the 60.14% voters. Thanks for contributing to "better" life and encouragement to PAP to do what they like to our hard earned CPF money.
-
Actually, this is not something new, some of us know it from long time ago that most don't have enough.
It is a good idea to have own savings for retirement if people can have the "luxury" to save.
-
just make sure you nominate someone now (in case of sudden death)!!
-
Originally posted by shanfan:
Yes, they (PAP) do it again. Thank you to the 60.14% voters. Thanks for contributing to "better" life and encouragement to PAP to do what they like to our hard earned CPF money.
We didnt vote for PAP,they forge the election.Just like what Burma militia did in their country.But then again,only pigs n those who have something to hide will do this kind of thing.
-
Times are bad.
-
Hello stupid singaporeans, the CPF minimum sum is stipulated by laws which enable them to raise and lower as per deem, but somehow it raises and never lower. Moreover, the mini sum is calculated in a way that most singaporeans will not be able to withdraw at that age, it was raise to such amount base on the risk and assesment of govt investment portfolio being the primary liability and people longetivity saving as secondary. UNDERSTAND!
-
-
All the retirement savings went to paying for the HDB.
-
Now the strategy is:
Make people worry so much about living in the present so that they won't even have time to worry about CPF and retirement next time.
Shh.
-
Our government locked up our hard earned money.
-
Not only your money, even your decendent money, with govt housing costing 880,000 dollars, you pay until die also can finish, then your decendent take over lor..this is so called, PAP manifesto of future planing
-
Originally posted by angel7030:
Not only your money, even your decendent money, with govt housing costing 880,000 dollars, you pay until die also can finish, then your decendent take over lor..this is so called, PAP manifesto of future planing
You so smart, can see thru their plans.
-
thats the main idea.
to make sure all the savings get reduced to nothing or not enough by spending on a $500,000 apartment or more.
-
Seriously, at the rate the minimum sum is going higher and higher, how many people will have $200,000 minimum sum 10, 20, 30, 40 years from today?
Might as well decree that nobody is allowed to take out their cpf money any more.
-
if u dun get quick n good results in yer lifetime..............u will get fired by anyone including yerself.
Author: