New CPF LIFE Estimator

[zoneguard]

https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEstimator/LifeEstimator
Now to choose between the 3 plans, you need to figure out the answer to these questions:
Choose how you will adjust your retirement lifestyle when things become more expensive in the future.

1. I want to maintain my current lifestyle and do not want to buy less.
2. I can adjust my lifestyle and buy less.
3. I can adjust my lifestyle further and buy even lesser with progressively lower payouts later on.

You have to provide a birth year that met the criteria of 55 and above. Bequest value is gone. Only payout value is seen. The chart by year is gone.

Adjusting the start of payout is possible.

To me, many of these changes are regressive. Only the change of start of payout is an improvement. I prefer the old version.

 

[tangent314]

It's definitely designed to make people consider inflation more seriously and place less emphasis on bequests (which isn't even mentioned!). Whether this is a good thing is debatable, but I personally like it.

It's a lot more usable for most CPF members this way, but people that want to analyze things will be unhappy about this change.

 

[dork32]

. Whether this is a good thing is debatable, but I personally like it.

very good and fair statement

 

[dork32]

https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEstimator/LifeEstimator
Now to choose between the 3 plans, you need to figure out the answer to these questions:
Choose how you will adjust your retirement lifestyle when things become more expensive in the future.

1. I want to maintain my current lifestyle and do not want to buy less.
2. I can adjust my lifestyle and buy less.
3. I can adjust my lifestyle further and buy even lesser with progressively lower payouts later on.

You have to provide a birth year that met the criteria of 55 and above. Bequest value is gone. Only payout value is seen. The chart by year is gone.

Adjusting the start of payout is possible.

To me, many of these changes are regressive. Only the change of start of payout is an improvement. I prefer the old version.

i agree that the new system is very lousy.

 

[zoneguard]

It's definitely designed to make people consider inflation more seriously and place less emphasis on bequests (which isn't even mentioned!). Whether this is a good thing is debatable, but I personally like it.

It's a lot more usable for most CPF members this way, but people that want to analyze things will be unhappy about this change.

When the complete picture of the scheme is not presented and CPF members have to choose between 3 plans and can only compare on the sole basis of the payout, the outcome will be most will choose a certain plan.

To me, this is plain wrong. This question itself:
"I can adjust my lifestyle further and buy even lesser with progressively lower payouts later on."
At face value, who will choose this option?

 

[reddevil0728]

When the complete picture of the scheme is not presented and CPF members have to choose between 3 plans and can only compare on the sole basis of the payout, the outcome will be most will choose a certain plan.

To me, this is plain wrong. This question itself:
"I can adjust my lifestyle further and buy even lesser with progressively lower payouts later on."
At face value, who will choose this option?

i think CPF doing this is to target those ignorant people. not those ppl who will dig

 

[Value.Matrix]

i think CPF doing this is to target those ignorant people. not those ppl who will dig

So CPF trying to con people? Half truths is worse than a lie. Its is much more difficult to spot a half truth.

 

[reddevil0728]

So CPF trying to con people? Half truths is worse than a lie. Its is much more difficult to spot a half truth.

i wouldn't put it that way. is more like sometimes people don't have a perspective, so they just shape it the way they (CPF) think it makes sense?

 

[kickass22]

I think they are trying to cater to the different types of CPF life customers. The current version is trying to cater to those who don't plan or not financially savvy. However, in trying to accommodate these folks, they seem to have forgotten those who actually plan and are more financially savvy and need the more specific details that the previous estimator provided.

They should actually improve the estimator to support for both target audience.

Is there a way to feedback to CPF?

 

[kickass22]

The way they have designed the CPF Life estimator is very misleading. The question they ask and the end result do not match.

They do not allow the individual to cater to their specific circumstances. The spending pattern of people are so diverse based on circumstances. Some might need money at the start of retirement and others might need at the middle or end.

To provide a estimator that does not help estimate is kinda bad.

They have definitely regressed in their design.

 

[reddevil0728]

I think they are trying to cater to the different types of CPF life customers. The current version is trying to cater to those who don't plan or not financially savvy. However, in trying to accommodate these folks, they seem to have forgotten those who actually plan and are more financially savvy and need the more specific details that the previous estimator provided.

They should actually improve the estimator to support for both target audience.

Is there a way to feedback to CPF?

email?

 

[kickass22]

email?

There is a link in the estimator requesting feedback. I send my feedback. However, the feedback system is pretty intrusive asking for your NRIC number etc..

 

[reddevil0728]

There is a link in the estimator requesting feedback. I send my feedback. However, the feedback system is pretty intrusive asking for your NRIC number etc..

see if can key in a dummy 1

 

[dork32]

So CPF trying to con people? Half truths is worse than a lie. Its is much more difficult to spot a half truth.

this is wat cpf have been doing over the years

 

[soneat]

this is wat cpf have been doing over the years

=)

It's just like the OA 2.5%, SMRA 4%, with +2% for the first S$60k.

I believe most people (95%) thinks CPF is damn good....provides such high rates. This is as good as AAA rated bond....etc etc etc.. and therefore CPF Life etc is the best form of annuity.....

However, they forgot 2 facts:
i) the official rate is 10 year SGS i/r + 1%. By right this is only 2.04% for SMRA last quarter but govt provides a floor rate of 4% - this floor rate is subjected to review.
ii) the official rate can be reviewed as well.

I am not saying CPF policies are not good. =)
I am just saying we need to know and understand the details =)

 

[reddevil0728]

=)

It's just like the OA 2.5%, SMRA 4%, with +2% for the first S$60k.

I believe most people (95%) thinks CPF is damn good....provides such high rates. This is as good as AAA rated bond....etc etc etc.. and therefore CPF Life etc is the best form of annuity.....

However, they forgot 2 facts:
i) the official rate is 10 year SGS i/r + 1%. By right this is only 2.04% for SMRA last quarter but govt provides a floor rate of 4% - this floor rate is subjected to review.
ii) the official rate can be reviewed as well.

I am not saying CPF policies are not good. =)
I am just saying we need to know and understand the details =)

I think they are picking their battles.

they sure know that there are people who will dig, but they also know that the group that doesn’t care is the bigger majority.

so if they want to pick a battle, the choice is obvious.

 

[fr33d0m]

To me, this is plain wrong. This question itself:
"I can adjust my lifestyle further and buy even lesser with progressively lower payouts later on."
At face value, who will choose this option?

This is much better than, "I want to leave as much as possible as bequest".

CPF life is about retirement, not bequest.

 

[zoneguard]

CPF life is about retirement, not bequest.

An individual's life span isn't exactly up to one's control - but if the time comes, it is natural we all want to provide for our loved ones / beneficiaries in the best way possible and having all the information at hand to make an informed decision is important.

Now the means to make an informed decision has been obfuscated away in this design regression.

 

[BlueRobin]

=)

It's just like the OA 2.5%, SMRA 4%, with +2% for the first S$60k.

I believe most people (95%) thinks CPF is damn good....provides such high rates. This is as good as AAA rated bond....etc etc etc.. and therefore CPF Life etc is the best form of annuity.....

CPF Life is the best annuity currently available in Singapore, if you know of another one that is better, would love that you share.

IMO, they should allow access to the old calculator by providing a link that goes something like "detailed breakdown" for people who are interested to go through the details. That would probably satisfy most people.

 

[fr33d0m]

An individual's life span isn't exactly up to one's control - but if the time comes, it is natural we all want to provide for our loved ones / beneficiaries in the best way possible and having all the information at hand to make an informed decision is important.

Now the means to make an informed decision has been obfuscated away in this design regression.

CPF should, in no way, encourage people to make decision detrimental to themselves, in the benefit of others.

Read the booklet provided by CPF, not CPF LIFE estimator for payout estimate.

CPF certainly does not lie when it says "I can adjust my lifestyle further and buy even lesser with progressively lower payouts later on.". That's a simple truth in CPF LIFE basic plan.