CPF System

[Maeda_Toshiie]

It should be sufficient if you hit the max retirement sum currently at $161,000.

The problem is always with medical not with the retirement system.

Consider inflation in your calculations.

 

[maruikun]

You probably wont starve to death but you certainly won't be retiring comfortably as you would like.

Retiring comfortably is subjective. Someone who leads a simple life now may not leads a extravagant life when retired. Yes inflation plays a big role but we do know it is all about expectation of our retirement life.

It is ironic that most parents can't even retire now and still have to take care of their children's kids. I have seen this trend from my own family, hear from my friends and colleagues. Sometimes I wonder if we are planning for retirement life or we are planning for caretaker's life.

 

[01asdf]

If you're content with dace fish with salted beans, sure. It's meant to provide a bare bones basic standard of living, not really something comfortable/comparable with pre retirement.

 

[Darkzi0n]

Retiring comfortably is subjective. Someone who leads a simple life now may not leads a extravagant life when retired. Yes inflation plays a big role but we do know it is all about expectation of our retirement life.

It is ironic that most parents can't even retire now and still have to take care of their children's kids. I have seen this trend from my own family, hear from my friends and colleagues. Sometimes I wonder if we are planning for retirement life or we are planning for caretaker's life.

but most grandparents wants to take care of their grandkids isn't it? Atleast thTs the case for most grandparents I came across

 

[akwl88]

Cpf shld be a part of ur retirement plan, not the ONLY.

 

[havetheveryfun]

if ppl cant even save enough in CPF through 37% forced savings from their salary for retirement, what makes you think they will have the extra money to sign up for whatever retirement/endowment plans agents think will help them to retire better ?

 

[dork32]

but most grandparents wants to take care of their grandkids isn't it? Atleast thTs the case for most grandparents I came across

most grandparents just want to play to grandkids. They want the maids to take care of the kids.

 

[maruikun]

but most grandparents wants to take care of their grandkids isn't it? Atleast thTs the case for most grandparents I came across

I have chatted with 2 female colleagues. One of them told me if she can choose again, she will not rather have kids. The other mentioned she has told her children (currently in their tertiary education) that she will not want to look after their kids when she retired.

Perhaps this is the mindset of our current generation. Kids are fun to play but difficult to look after. Alot of time, effort and energy are required for care taking when the kids are young. And no I don't agree grandparents want to take care of their grandkids. We do know that parents certainly can't bear to reject their children's request for help.

 

[SBC]

Retiring comfortably is subjective. Someone who leads a simple life now may not leads a extravagant life when retired. Yes inflation plays a big role but we do know it is all about expectation of our retirement life.

It is ironic that most parents can't even retire now and still have to take care of their children's kids. I have seen this trend from my own family, hear from my friends and colleagues. Sometimes I wonder if we are planning for retirement life or we are planning for caretaker's life.

With high standard of living, both parents will need to work for reasonable income. Grandparents are helping to look after the young ones.

Zhen hu does not see this as an issue.

 

[elnewbie]

The govt isn't going to default. Before that happens, the sun would have already exploded into a supernova.

Why I know this ? Just look at how creative our govt is in sucking money, ERP, COE, taxes, mall rentals, Fairprice, etc.

in before agent eternalxiii still defending his fat comms for zbl

heng moi nvr depend solely on CPF for retirement and only as a cornerstone

moi advice to eternalxiii gor gor: chiu not happy with cpf, chiu can no need receive cpf. pls donate all your cpf moolah to those who need it

cheers

 

[RoLanTo]

CPF overall not bad.. aiming to hit min sum within 5-10years if possible

 

[akwl88]

Two insurance industry veterans took the stand yesterday in a case taken by an Indonesian couple against insurer AIA, over a fake US$5.06 million (S$7 million) policy sold to them by a rogue AIA agent.

Mr Ong Han Ling and his wife Enny Ariandini Pramana, both 77, commenced the legal suit in 2012 against AIA and an AIA-related firm, Motion Insurance Agency.

They sued the firms for negligence and breach of duty of care when handling their insurance matters, as well as asserting AIA's vicarious liability for former agent Sally Low's fraudulent acts. She was jailed in May this year for eight years.

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Yesterday, former NTUC Income chief executive Tan Kin Lian was called as an industry expert by Mr Ong's lawyers KhattarWong. Mr Mun Cheong Fai, ex-executive director at Tokio Marine Life Insurance Singapore, was AIA's expert.

The Ongs, who are Singapore permanent residents, are seeking damages of between $4.2 million and $7.2 million. They claim that AIA and Motion breached a duty of care owed to them - thereby causing them loss. These duties included providing a sound internal system to detect and prevent fraud.

In his evidence yesterday, Mr Tan alleged that AIA's procedures were "not robust enough" to catch the fraud that Low had perpetuated.

He told the court he was very surprised the cash Mr Ong sent to AIA was far more than the policy premiums, meaning he was entitled to a big refund. That should have raised alarm bells with AIA, but didn't.

He said: "I find it amazing that in the light of all these transactions where remittances (for the fake AIA Thank You policy) are matched to certain (unauthorised) policies leaving large sums to be refunded, that AIA did not telephone Mr Ong to verify what his intentions were. Why would Mr Ong pay US$5 million in several tranches to be used in this way?"

In fact, one refund cheque was for a whopping $616,991 and was not encashed for more than a year, before it was used as second-year premiums for three policies.

Mr Tan noted that Low also appeared to have been given free rein in managing these funds, allegedly giving instructions to AIA to issue the unauthorised policies.

"My operating premise is: you should not trust any agent totally blindly. And you do need, when circumstances are unusual, to verify."

Mr Mun, in his evidence, said it was not the first time that AIA had received large sums of money from customers, and that the firm was following an industry norm - for insurers to communicate with their customers through intermediaries.

He said that AIA's controls "have been properly exercised" and added that a firm's "gatekeeping" is not really at the receiving end but at the paying-out end.

The trial continues today.

http://www.straitstimes.com/busines...rce=Facebook&xtor=CS1-10#link_time=1479861131

 

[sharp1]

It is possible to get 10k interest yearly from CPF if you hit minimum sum and more.

1. Transfer OA to SA (max it) slowly
2. Pay monthly HDB loan via cash or Internet banking
3. Dun pay HDB loan lump sum as the amount is decreasing while your CPF amount is increasing

Note : Need to have good saving habit or lower spending to have ready cash to keep doing 2

As an example if HDB loan is $500/month x 12 = $6k/year x 10 = $60k in 10 years ... so if you pay using CPF Ordinary, it means :
- after 10 years, you should have $60k cash
- after 5 years, you should have $30k cash

 

[OngHuatHuat]

Need 235000 sgd CPF, not easy.

9400 + 600 = 10000

It is possible to get 10k interest yearly from CPF if you hit minimum sum and more.

1. Transfer OA to SA (max it) slowly
2. Pay monthly HDB loan via cash or Internet banking
3. Dun pay HDB loan lump sum as the amount is decreasing while your CPF amount is increasing

Note : Need to have good saving habit or lower spending to have ready cash to keep doing 2

As an example if HDB loan is $500/month x 12 = $6k/year x 10 = $60k in 10 years ... so if you pay using CPF Ordinary, it means :
- after 10 years, you should have $60k cash
- after 5 years, you should have $30k cash

 

[henrylbh]

My interest is about 17k and if I include interest earned on amount transferred to my father's RA, total interest is about 21k for this year.

 

[OngHuatHuat]

I think this year I will only get around 6.7 k.

My interest is about 17k and if I include interest earned on amount transferred to my father's RA, total interest is about 21k for this year.

 

[shareholder]

The cpf is best when used in complement with stocks investments, it guarantees a base of 2.5% and with stocks generating about 8-9%, the sg resident is able to get about 7% in the long term. With the recent introduction of enhanced retirement sum, everyone can retire happily provided they are willing to learn how to invest. Personal experience can attest to this, enhanced retirement sum can be achieved before 40 yrs old! Great system, Everyone Huat Together!

 

[eternalxiii]

As usual, akwl88 relies on red-herrings and generalization of the whole industry based on a few black sheep

That is of course apparent, since he is unable to refute any specific point I have raised thus far.

To the other poster above, the government will only default the day SG sinks into the sea

Anyway, I never said they would default. They just have to be a bit more creative in coming up with new schemes. Left pocket out, right pocket in; give one chicken leg, take back one thigh. You get the idea.

 

[akwl88]

As usual, akwl88 relies on red-herrings and generalization of the whole industry based on a few black sheep

That is of course apparent, since he is unable to refute any specific point I have raised thus far.

To the other poster above, the government will only default the day SG sinks into the sea

Anyway, I never said they would default. They just have to be a bit more creative in coming up with new schemes. Left pocket out, right pocket in; give one chicken leg, take back one thigh. You get the idea.

ownself approve ownself

 

[FP_IFA]

I have chatted with 2 female colleagues. One of them told me if she can choose again, she will not rather have kids. The other mentioned she has told her children (currently in their tertiary education) that she will not want to look after their kids when she retired.

Perhaps this is the mindset of our current generation. Kids are fun to play but difficult to look after. Alot of time, effort and energy are required for care taking when the kids are young. And no I don't agree grandparents want to take care of their grandkids. We do know that parents certainly can't bear to reject their children's request for help.

We are called the sandwich generation. We have to take care of our parents and children and the burden is immerse. Just look at the insurance cost alone, you would wish your parents had bought their insurance themselves rather than you buying for them now and still have to buy for your own family.

But if we look farther, you would see the future generation is likely to be even worse. People are living longer and unless you have more than 1 child, your child is also going to be even more sandwiched than you. This is the terrible effect of aging population and it is affecting every single developed countries.