CPF Account Value Thread 2023

[Multiversal]

Not unless your RA is formed which so far is 192K. This 192K take to form RA. Then only remaining you can take out first from SA then OA. 192K is last year this year should increase. Maybe 200K. Those reaching 55 later can go count how much needed based on past increase quantum. Their is a few K increase not a few hundred increase. I am not surprised later it reaches 250K or maybe 300K. All the best to young readers in this forum

If young readers are going to be earning the same salaries as boomers, I also worry for them.

Fact of the matter is that one, prices of everything rose over the yars, two, salaries rose over the years, but if you want three to be a fixed RA for the rest of time, good luck to the young ones lor. Really goot luck.

Last time, 80 cents can buy mee pok. Then it was $2....$3 and now? $4. Some places even $4.50 (not talking about air con food courts where it costs even more than that).

All bets are on, in the year 2050, the purchasing power of $192K will not be the same as today's. But it would be a sad day, if you are earning $3000 a month for doing a particular job, and the salary is still $3000 in the year 2050. But all bets are on, it will not be.

 

[OngHuatHuat]

If young readers are going to be earning the same salaries as boomers, I also worry for them.

Fact of the matter is that one, prices of everything rose over the yars, two, salaries rose over the years, but if you want three to be a fixed RA for the rest of time, good luck to the young ones lor. Really goot luck.

Last time, 80 cents can buy mee pok. Then it was $2....$3 and now? $4. Some places even $4.50 (not talking about air con food courts where it costs even more than that).

All bets are on, in the year 2050, the purchasing power of $192K will not be the same as today's. But it would be a sad day, if you are earning $3000 a month for doing a particular job, and the salary is still $3000 in the year 2050. But all bets are on, it will not be.

It was 1.5- 2 dollars for a bowl of mee pok back in 1990s? Correct me if I am wrong. I was in primary school back then. When was it 80 cents?

I remember mineral water cost 20 cents in 1990s, now it is 80 cents to 1 dollar in grocery shops.

 

[Multiversal]

It is a big pool where all same era ppl put their RA. Those short life ppl monies will help to subsidize those long life ppl. Cpf life scheme is a scheme which reward long life ppl. So if you predict you short life you get the shorter end of the stick a stupid scheme IMHO

I think there is a bequeath where your beneficiaries, usually your spose and chewren, will take the unpaid balance....

The government pools all the money of a generation...yes you are right, but they don't pluck from the short life chap to pay the one with a longer life. They have to invest the money and grow it, not just lock it up.

 

[OngHuatHuat]

Can only wait and hope that T-bill or FDs goes to 5% and above to take advantage of your SA.

Just let it roll, no choice. I took benefit of the tax rebate, now have to swallow the bitter fact that my funds will be locked up for another 20-30 years.

 

[Multiversal]

It was 1.5- 2 dollars for a bowl of mee pok back in 1990s? Correct me if I am wrong. I was in primary school back then. When was it 80 cents?

I remember mineral water cost 20 cents in 1990s, now it is 80 cents to 1 dollar in grocery shops.

80 cents was in the 1970s and early 1980s

30 cents was in the 1960s

2 cents was in the 1910s.

 

[maumu]

1910s got mineral water liao? I thought mineral water is considered 'atas' need to use scientific tech to distill the water into "mineral water"

anyway, just hope that our currency can continue to hold strong and not end up like our neighbour... inflation is no joke.

 

[dork32]

1910s got mineral water liao? I thought mineral water is considered 'atas' need to use scientific tech to distill the water into "mineral water"

anyway, just hope that our currency can continue to hold strong and not end up like our neighbour... inflation is no joke.

scientifically, water produce by distillation contains no mineral

 

[OngHuatHuat]

80 cents was in the 1970s and early 1980s

30 cents was in the 1960s

2 cents was in the 1910s.

No wonder.

1910s got mineral water liao? I thought mineral water is considered 'atas' need to use scientific tech to distill the water into "mineral water"

anyway, just hope that our currency can continue to hold strong and not end up like our neighbour... inflation is no joke.

He refers to Mee Pok price

 

[tmkedmw]

1910s got mineral water liao? I thought mineral water is considered 'atas' need to use scientific tech to distill the water into "mineral water"

anyway, just hope that our currency can continue to hold strong and not end up like our neighbour... inflation is no joke.

16th century got mineral water though bottling only started in late 19th century in Europe.
Given that we were a British colony, not unexpected....

 

[dork32]

, but they don't pluck from the short life chap to pay the one with a longer life. They have to invest the money and grow it, not just lock it up.

if you understand how cpf life works, you will make such a statement

 

[henrylbh]

It was 1.5- 2 dollars for a bowl of mee pok back in 1990s? Correct me if I am wrong. I was in primary school back then. When was it 80 cents?

I remember mineral water cost 20 cents in 1990s, now it is 80 cents to 1 dollar in grocery shops.

My school tuck shop was selling mee goreng with egg at 30c. Now? $4.50 for same quantity but no shiok. Across my school, hawker stall sold the best mee rebus in Sg for 30c also.

Nowadays want cheap, just go JB and eat till your heart content, if one willing to bear with the never ending jam. I had a plate of common char kway teow for RM5 with visibly lot of prawns in kota tinggi town and common fried mee goreng for unbelievable price of RM3 (about 4 years back) in a small town in gelang pateh. I was there looking for the best pau but could not find. And since border open, prices have risen abit.

 

[Multiversal]

No wonder.

He refers to Mee Pok price

If you ask your older relatives...parents or uncles, aunts....they will consperm that in the 1960s, mee pok was still 30 cents, and then it became 80 cents after one decade.

So this is not the first time Singapore sexperienced a high inflation. Using today's money to measure it, we may think, chey! what is 30 cents? What's 80 cents? But for the PGs and MGs, it was a doubling of food prices. There was a time when people earned only 50 dollars a month. Back in the early 1980s, people still earned about $250 a month after they ORD (or ROD as it was called then)

I am quite sure wages will rise, so I do not worry for the young ones. But I don't think it will rise so soon and so fast, given that 2023 is a difficult year with China now going through a difficult period facing a still ongoing trade war............the US is like a tiger which is biting its prey and not letting go, it is trying to choke Huawei and China's 5G.....and at the same time, fighting a war with an invisible enemy, a covid virus.

There is a saying, when the Chinese sneeze, we will see waters tossing about as if there is a tsunami. Such is the extent of the impact that will affect us, if anything happens to China.

 

[Multiversal]

if you understand how cpf life works, you will make such a statement

I do understand how it works. It is an insurance scheme not an investment scheme.

 

[henrylbh]

I think there is a bequeath where your beneficiaries, usually your spose and chewren, will take the unpaid balance....

The government pools all the money of a generation...yes you are right, but they don't pluck from the short life chap to pay the one with a longer life. They have to invest the money and grow it, not just lock it up.

CPF does not invest. Most of CPF monies are in SSGS that pay rates about what CPF pays us.

CPF has been around since 1955 and it served us well generally. Now with CPFL, we are pushed into a bet for the overall good.

 

[Multiversal]

CPF does not invest. Most of CPF monies are in SSGS that pay rates about what CPF pays us.

CPF has been around since 1955 and it served us well generally. Now with CPFL, we are pushed into a bet for the overall good.

That's an investment.

 

[henrylbh]

If you ask your older relatives...parents or uncles, aunts....they will consperm that in the 1960s, mee pok was still 30 cents, and then it became 80 cents after one decade.

They never say that the flats they paid 10k to 20k have risen to stratosphere, more than enough for all the increase in prices of food. Sadly it's not easy to realise their assets unless they can rent from HDB for mere $50 to $100 per month. For a 2-room flat, my senior fren, who is single, pays rent that is half the price of my car monthly season parking Dunno whether it's right for me to keep telling her to buy a flat of her own many years back. She got unlocked cash enough to spend on her remaining life.

 

[RedsYWNA]

CPF does not invest. Most of CPF monies are in SSGS that pay rates about what CPF pays us.

CPF has been around since 1955 and it served us well generally. Now with CPFL, we are pushed into a bet for the overall good.

CPF invest in SSGS, which the govt then pass the proceeds to GIC for overseas investment?

Is my understanding correct?

 

[henrylbh]

That's an investment.

So our CPF is also an investment

 

[henrylbh]

CPF invest in SSGS, which the govt then pass the proceeds to GIC for overseas investment?

Is my understanding correct?

Goes without saying, the gov got to make monies and guarantee to pay billions as CPF interest to CPF members and also contribute billions into our annual budget.

 

[reddevil0728]

So our CPF is also an investment

it's technically true

CPF invest in SSGS, which the govt then pass the proceeds to GIC for overseas investment?

Is my understanding correct?

Goes without saying, the gov got to make monies and guarantee to pay billions as CPF interest to CPF members and also contribute billions into our annual budget.

money is fungible after all