New Cpf Life Calculation

[henrylbh]

Perhaps you are feeling unhappy as you dont think you have as much to leave behind for your descendants and you dont want to be taxed for it. Same concern I may face.

I think for a start a bequest below $10,000,000 not to be taxed seems fair. End of the day I believe what we want is for the ultra-rich to contribute more to the society rather than give it to their descendants to waste away. Not forgetting the ultra rich are very geographically mobile and they can bring the money out of Singapore easily.

Just look at useless 2nd generations like Kim Lim...

Though I am for estate duty, exemption of 10m is a little low.

 

[henrylbh]

Most importantly, because it's a terrific source of revenue -- a much better source that what otherwise have to be higher taxes on living, working people. Dead people don't consume much.

Also, dynastic wealth is against the public interest for several reasons.

Before it was abolished, estate duty was never a terrific source of revenue. The purpose of estate duty was not so much as to raise revenue.

 

[henrylbh]

Anyway, it is not so relevant for me.

Who cares about personal matters. I only interested in general comments that are relevant to or affecting most and not individuals.

 

[OngHuatHuat]

Ern that was supposed to be a random remark. I don't think it deserves a reply.

Who cares about personal matters. I only interested in general comments that are relevant to or affecting most and not individuals.

 

[elnewbie]

If you have $5m in assets, even 1% is $50k.

Why should you be against? Estate duty should not affect the ordinary rich.

 

[BBCWatcher]

Before it was abolished, estate duty was never a terrific source of revenue.

terrific
adjective
1. extraordinarily great or intense:
terrific speed.
2. extremely good; wonderful:
a terrific vacation.
3. causing terror; terrifying.

 

[w1rbelw1nd]

The best amount I guess is just slightly below what we are going to leave behind I guess. Seems like you are doing quite well, my friend. Hopefully you huat more with your investment so peasants like myself can " thank you for your contribution in nation building" .

It's a happy problem to have anyway, right?

Though I am for estate duty, exemption of 10m is a little low.

 

[BBCWatcher]

(The old system was biased against real property/biased in favor of financial assets.)

I have this part backwards. Either way, I don't favor preferential exemption thresholds for certain asset classes. Pick one number, and count everything toward that number.

Though I am for estate duty, exemption of 10m is a little low.

The previous exemption was $9 million for property and $600K for other assets. A single $10 million exemption, indexed for inflation, would be more generous but would also be comparable to the previous exemption threshold.

The U.S. exemption is US$5.49 million (2017 dollars), for perspective. Japan's is much lower. S$10 million would be quite generous by global standards.

 

[henrylbh]

If you have $5m in assets, even 1% is $50k.

Why you think it works that way?

 

[dork32]

You and dork.

Anyway, it is not so relevant for me. For me, I just estimate the interest rate during the payout period, if acceptable, I will put. That's all.

since when did i ever say i want higher interest rates from garmen

 

[dork32]

i am quite happy with the interest rates. i am just not happy with the way that we are forced into cpf life.

you really dont know what we are talking about

 

[Mecisteus]

i am quite happy with the interest rates. i am just not happy with the way that we are forced into cpf life.

dork ah dork. Despite what BBCWatcher had explained about how CPF Life is supposed to be an all inclusive insurance protection for the citizens as a whole, you still can cannot accept it?

 

[dork32]

dork ah dork. Despite what BBCWatcher had explained about how CPF Life is supposed to be an all inclusive insurance protection for the citizens as a whole, you still can cannot accept it?

whether i like it or not, i have to accept it. i will try minimize its impact as much as possible.

but it is bbc style that tells everyone it is the best thing available, then he himself is trying to avoid it that makes me pissed

 

[BBCWatcher]

but it is bbc style that tells everyone it is the best thing available, then he himself is trying to avoid it that makes me pissed

You keep making baseless assertions. No, I'm not "trying to avoid" CPF LIFE. Quite the opposite! What I am trying to determine is how much CPF LIFE, beyond minimum requirements, to add to my existing, banked lifetime (joint/survivor) annuity. Probably FRS level, and perhaps more, but I haven't decided yet. (I don't have to decide until as late as age 70, and that's my plan.)

I'll ask again: do you have any other lifetime annuities besides CPF LIFE? Do you even have BRS level CPF LIFE nailed down yet, for that matter?

Good grief, this isn't complicated! "I already have 68 kilos of chocolate. I love chocolate. Chocolate is wonderful. CPF chocolate is among the best in the world (and certainly the best available in Singapore). I recommend chocolate. I'll buy some more chocolate. I might or might not buy as much additional chocolate as someone who doesn't already have any chocolate."

 

[BBCWatcher]

Despite what BBCWatcher had explained about how CPF Life is supposed to be an all inclusive insurance protection for the citizens as a whole....

I never claimed that either. I claimed the opposite. CPF LIFE has significant holes. To start, it does not provide any benefits to those who have no CPF contributions.

 

[dork32]

CPF LIFE has significant holes. To start, it does not provide any benefits to those who have no CPF contributions.

that is the way. look at it from all angles. nothing is perfect, even the best in its class.

 

[dork32]

I'll ask again: do you have any other lifetime annuities besides CPF LIFE? Do you even have BRS level CPF LIFE nailed down yet, for that matter?

my three cpf account add together got close to 400k. my sa is way above frs. you are not the only one in this world that can make it.

 

[dork32]

Good grief, this isn't complicated! "I already have 68 kilos of chocolate. I love chocolate. Chocolate is wonderful. CPF chocolate is among the best in the world (and certainly the best available in Singapore). I recommend chocolate. I'll buy some more chocolate. I might or might not buy as much additional chocolate as someone who doesn't already have any chocolate."

good grief, you are comparing chocolates with money. there is a limit on how much chocolate you can eat. of course i will not buy chocolate if i have that much. but it is money we are talking about. money does not have an upper boundary. even if i have 68 million, you give me some more, i will take. even the riches people on earth is still continuing to accumulate wealth.

in linear programming, you always take the corner point solution to optimize.

 

[BBCWatcher]

my three cpf account add together got close to 400k. my sa is way above frs. you are not the only one in this world that can make it.

Hilarious.

OK, so the answer to my question is no, you do not have any lifetime guaranteed annuities besides what the government will require you to have in CPF LIFE.

Thank goodness the government requires some CPF LIFE annuity, if you have CPF funds above a certain level.

 

[dork32]

Hilarious.

OK, so the answer to my question is no, you do not have any lifetime guaranteed annuities besides what the government will require you to have in CPF LIFE.

Thank goodness the government requires some CPF LIFE annuity, if you have CPF funds above a certain level.

hilarious must everyone have a lifetime annuity? my dad does not have it, my grand dad does not have it. my uncles and aunties does not have it. all of them are well to do and did not end up as destitute as predicted.