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For discussion - Will most singaporeans be able to achieve FRS?

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Old 10-09-2019, 07:34 PM   #31
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The rich don't need CPF Life.

Those who really need it detest it.

This is quite good and i believe u can do it since u seem to be doing better in life than most.

I did a calculation too, top up 176k for a new born baby in the sa. Without any other income, the baby will be 1.5mil rich ..😂😂
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Old 10-09-2019, 08:36 PM   #32
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The rich don't need CPF Life.

Those who really need it detest it.
I not rich and I don't need CPF Life

I am happy with CPF but not CPF Life.
romeo88 and Squaredot like this.
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Old 10-09-2019, 08:50 PM   #33
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Now FRS is 176,000. 20 years later, SA would be $317,000 if annual increment is 3%, to meet prevailing FRS.
Right, but it’s at least fairly likely the BRS/FRS/ERS increases won’t be as much as 3% per year for 20+ years (the government has explained they’re only in “catch up mode” right now), wages are subject to inflation and career progression effects, and most people work longer than 20 years. Also, this forecast assumes zero bonuses (evidently not even a “13th month”), zero cash top ups for tax relief, zero government top ups, zero extra employer contributions to MediSave, and zero OA to SA transfers for higher interest.
TS asked whether with the numbers he gave and having an constant income of $3500 for the next 20 years will able to meet FRS.

I did not answer him on whether can or cannot meet FRS. I merely said that FRS could be 317,000 in 20 years based on 3% pa. It could be more or it could be less. God knows. Min sum/FRS has increased at a compounded rate of no less than 5% over 30 years from inception in 1987 to 2016.

Your imaginations and assumptions simply do not fit his question/doubt, especially dumb with top up to meet FRS and government top ups when he is asking based on working contribution without annual bonus/increment, even though that may not be realistic.
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Old 11-09-2019, 07:27 AM   #34
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. Some will say the payout is too low, but that's perfectly fair - why should someone earning 3k/month get a payout that's similar to someone else earning 6k/month?
another rubbish, obviously dun understand how CPF Life works, not even the basics

Everyone starts on an equal footing so long they have savings with RA at FRS, if u have more savings then topup it to ERS. If u dun want FRS, the do BRS. It is a personal choice!

To add on, u also choose which plan u want: Basic, Standard or EscalatingPlan, that also determines the payout level!

Last edited by maple96; 11-09-2019 at 08:07 AM..
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Old 11-09-2019, 08:01 AM   #35
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The low end says
he is happy with CPF Life & not CPF.

I not rich and I don't need CPF Life

I am happy with CPF but not CPF Life.

Last edited by Merg91; 11-09-2019 at 08:21 AM..
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Old 11-09-2019, 08:49 AM   #36
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The low end says
he is happy with CPF Life & not CPF.
What talking you

More likely they not happy with both. They want back every cent of their money.
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Old 11-09-2019, 08:55 AM   #37
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Why not?
No need to contribute CPF at all but only want a,t 65 onwards, get to collect up to $2k+ every month till death.

Like you, choose the drumstick but no to the other parts.

What talking you

More likely they not happy with both. They want back every cent of their money.
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Old 11-09-2019, 11:56 AM   #38
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another rubbish, obviously dun understand how CPF Life works, not even the basics

Everyone starts on an equal footing so long they have savings with RA at FRS, if u have more savings then topup it to ERS. If u dun want FRS, the do BRS. It is a personal choice!

To add on, u also choose which plan u want: Basic, Standard or EscalatingPlan, that also determines the payout level!
Obviously everyone who hits FRS and chooses the same plan gets the same payout. I'm pointing out that someone earning 3k/month is less likely to hit FRS compared to someone earning 6k/month.

That's the problem, people can't hit FRS yet expect to get a big payout similar to others who worked harder to hit FRS.
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Old 11-09-2019, 11:59 AM   #39
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What talking you

More likely they not happy with both. They want back every cent of their money.
I think they can get back every cent of their money if they renounce citizenship and move out of Singapore and West Malaysia and become problem of some other country.

I guess Singaporean should be happy if this happens. Very likely these people will be problems if they remain in SG.

Last edited by fr33d0m; 11-09-2019 at 12:02 PM..
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Old 11-09-2019, 12:01 PM   #40
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The rich don't need CPF Life.

Those who really need it detest it.
soory we have a god here that says everyone needs cpf life or something similar.

Even bill gates needs it. and bill gates may become a destitute if he does not cpf life.

Last edited by dork32; 11-09-2019 at 12:05 PM..
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Old 11-09-2019, 12:04 PM   #41
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soory we have a god here that every needs cpf life or something similar.

Even bill gates needs it. and bill gates may become a destitute if he does not cpf life.
Bill Gates needs it because the government needs him sharing the responsibility to the rest of Singaporean. The rich has to join not because of destitution but responsibility to the rest.
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Old 11-09-2019, 12:08 PM   #42
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Bill Gates needs it because the government needs him sharing the responsibility to the rest of Singaporean. The rich has to join not because of destitution but responsibility to the rest.
i agree with you.

you should be telling this to god, not me.
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Old 11-09-2019, 12:13 PM   #43
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I did not answer him on whether can or cannot meet FRS. I merely said that FRS could be 317,000 in 20 years based on 3% pa. It could be more or it could be less. God knows. Min sum/FRS has increased at a compounded rate of no less than 5% over 30 years from inception in 1987 to 2016.
yes frs is increasing, but so is our starting salary. if they increase in tandem, our kids can still hit frs.

the other problem is the max contribution. at the moment it is based on 6k * 15 months a year, or 37k a year. if they do not increase this number in the future, our kids may not be able to hit the frs.
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Old 11-09-2019, 03:00 PM   #44
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yes frs is increasing, but so is our starting salary. if they increase in tandem, our kids can still hit frs.

the other problem is the max contribution. at the moment it is based on 6k * 15 months a year, or 37k a year. if they do not increase this number in the future, our kids may not be able to hit the frs.
It's actually 6k x 17 months a year - 12 months OW and 5 months AW.

I don't think govt's intention is to let you hit FRS purely on salary contributions. They want you to do OA-SA transfers or SA topups. It also took many years before the ceiling was revised. 5k in 2004, then back to 6k 11 years later. It could take another 10 years to increase to 7k.
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Old 11-09-2019, 04:25 PM   #45
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Bill Gates needs it because the government needs him sharing the responsibility to the rest of Singaporean. The rich has to join not because of destitution but responsibility to the rest.
But generally the rich would benefit from the poor in the pool cause they live longer at the expense of the poor.
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