CPF after 55

[sohguanh]

there are more than one person that agrees with me that interest in the pool in not my money unless i live long enuf.

I think the gist of CPF Life is please stay alive as long as possible but what if many people of the same cohort as you also stay alive how? Hahaha

 

[dork32]

vsvs, dont worry. the partner plan only exist in bbc's lala world and not in sinky land. he has been trying to push for this since policeman wear shorts.

but seriously, the partner plan is not too bad an idea. but as what andrew mentioned. there is no free lunch. every advantage comes with a cost. the payout in the partners plan is lower than 2x single plan.

again it is up to the individual to decide whether this cost is worth it.

as usual has bbc mentioned this disadvantage? no. bbc will blow up advantages and totally ignore the disadvantages.

 

[Value.Matrix]

I think the gist of CPF Life is please stay alive as long as possible but what if many people of the same cohort as you also stay alive how? Hahaha

Why worry. The 20% taken by the government for basic plan would still nett a positive to the pool for future. Even if you live past 85, the interest is streamed to you monthly until 90++ where I must get the money from others as each individual pool is used.

The common pool will have interest accrued as long as enough do not live past 85.

Simple maths tells me I will have enough as long as enough people die young enough for my pool to grow big enough to support the people who lived longer.

There are many ways to skin a cat.

 

[dork32]

I think the gist of CPF Life is please stay alive as long as possible but what if many people of the same cohort as you also stay alive how? Hahaha

you are right, what if... what if.... risk adverse people do not like too many what ifs

this is why i prefer the cpf basic plan. take 65 years old as the starting point.
if i die before 88 my returns is slightly less than 4%
if i die after 88, my returns, though less than standard, will increase above 4%

on standard plan
if i die before 80, the return is 0%
the return rises quickly and overtake that of basic at age 88.

 

[vsvs24]

vsvs, dont worry. the partner plan only exist in bbc's lala world and not in sinky land. he has been trying to push for this since policeman wear shorts.

but seriously, the partner plan is not too bad an idea. but as what andrew mentioned. there is no free lunch. every advantage comes with a cost. the payout in the partners plan is lower than 2x single plan.

again it is up to the individual to decide whether this cost is worth it.

as usual has bbc mentioned this disadvantage? no. bbc will blow up advantages and totally ignore the disadvantages.

Not worried lah

 

[vsvs24]

you are right, what if... what if.... risk adverse people do not like too many what ifs

this is why i prefer the cpf basic plan. take 65 years old as the starting point.
if i die before 88 my returns is slightly less than 4%
if i die after 88, my returns, though less than standard, will increase above 4%

on standard plan
if i die before 80, the return is 0%
the return rises quickly and overtake that of basic at age 88.

For me, my objective is always liquidity and being able to spend my money before I die and when I need it, not to maximise returns.

So I probably will choose standard plan to get more payout when I am alive. Rather than I get less payout and more money goes to my beneficiaries after I die.

 

[Okenba]

Problem is this is not a choice. Its a bundle package where you are to buy it together with other packages. So with a forced decision, some would rather buy their own insurance or even live off without insurance.

Term insurance, some you can opt out.

So we just do what we feel is fairer to ourselves.

And if some did decide to do so, the rest pay more.
So while CPFlife is not a choice, the amount we put in and the plan we decide on gives us some measure of choice. So we work with that loh.
CPF itself is not a choice. 4%pa also not a choice. Some good, some less good.
What is good for some, is less good for others. No one has everything just perfectly aligned for them. shrug.

yes you are not mandated to buy any insurance. Even then the insurance payout is gauaranteed.

CPFLife T&C is changing with possible lowering of payout as more people lives longer.

my dad has an annuity. It is fixed payout

I'm quite sure your dad's fixed payout annuity won't be able to match CPF life.

 

[sohguanh]

Simple maths tells me I will have enough as long as enough people die young enough for my pool to grow big enough to support the people who lived longer.

There are many ways to skin a cat.

That is the gist I mention about what if not enough ppl die young all same as you live super long life? Then this game need some tweaking by govt most likely lower monthly payout and possible change 65->70->75->80 any time they feel shiok

 

[Value.Matrix]

For me, my objective is always liquidity and being able to spend my money before I die and when I need it, not to maximise returns.

So I probably will choose standard plan to get more payout when I am alive. Rather than I get less payout and more money goes to my beneficiaries after I die.

Fantastic. You know what you want and why. So with the information you make a better decision for yourself. This is what is important. Not the pros and cons which may not apply to you.

For many who wants the bequest for their children, they would choose basic.

 

[item2sell]

And if some did decide to do so, the rest pay more.
So while CPFlife is not a choice, the amount we put in and the plan we decide on gives us some measure of choice. So we work with that loh.
CPF itself is not a choice. 4%pa also not a choice. Some good, some less good.
What is good for some, is less good for others. No one has everything just perfectly aligned for them. shrug.


I'm quite sure your dad's fixed payout annuity won't be able to match CPF life.

he has been collecting for the past 15years.

has anyone collected from cpflife yet?

 

[item2sell]

That is the gist I mention about what if not enough ppl die young all same as you live super long life? Then this game need some tweaking by govt most likely lower monthly payout and possible change 65->70->75->80 any time they feel shiok

put yourself in gov shoes.
Assuming basic give 500
Standard give 1000

when your cohort lives longer. And the money needs to be shared by more.

which payout is more likely
1. Basic drop by 20%
standard drop by 20%

2. Basic drop by 20%
standard drop by 30%

 

[sohguanh]

put yourself in gov shoes.
Assuming basic give 500
Standard give 1000

when your cohort lives longer. And the money needs to be shared by more.

which payout is more likely
1. Basic drop by 20%
standard drop by 20%

2. Basic drop by 20%
standard drop by 30%

Unlike our Northern neighbor, our govt is a super clever and scheming lot. In this grand scheme govt basically no need (or if need bare minimum) to pump in monies from govt coffers. They just need to manage the big pool of monies efficiently. So if cohort lives longer as govt what I do is to reduce the monthly payout and extend the starting age from 65 to even higher. If no one oppose can set to age 90 then start who dare disagree?

 

[fr33d0m]

this is not fake news. the interest does not enter your personal account. it goes to the common pool.

If it makes you feel any better, the interest goes to you, but not to your estate. Since dead man does not spend money, it goes further to the pool.

 

[Okenba]

he has been collecting for the past 15years.

has anyone collected from cpflife yet?

Are you joking?
Do you really think no one has collected from cPF life yet?
Which fantasy world are you living in?

 

[item2sell]

Are you joking?
Do you really think no one has collected from cPF life yet?
Which fantasy world are you living in?

I ask you. You didn’t answer. You collected ?

 

[Okenba]

I ask you. You didn’t answer. You collected ?

My dad collected. Now can you answer my question?

 

[item2sell]

My dad collected. Now can you answer my question?

Really. How Long ago he got his payout already? Is it within Expected range

 

[Okenba]

Really. How Long ago he got his payout already? Is it within Expected range

He's happy with it. What about my question? Which fantasy world are you living in?
Siao. You think no one collected and Singapore still so peaceful?

 

[item2sell]

He's happy with it. What about my question? Which fantasy world are you living in?
Siao. You think no one collected and Singapore still so peaceful?

I haven’t known anyone collected. How much your dad getting

 

[Okenba]

I haven’t known anyone collected. How much your dad getting

Because they are not the right age or because CPF don't let them collect?
If they are not the right age...
Duh. If course cannot collect lah? Like that also make you think no one collect? You think the whole world revolves around your personal experience ah?

If CPF don't let them collect, pls stir more. I'm sure there are many oppies waiting to support your "friends" as they bring their story to the media or the courts.