New CPF LIFE Estimator

[soneat]

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.

I am merely pointing out the fact that the rates behind OSMR account, and therefore CPF life are not guaranteed and subjected to periodic reviews.

CPF Life and CPF supporters like to view the rates as fixed and guaranteed.

 

[reddevil0728]

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.

think is a deliberate change.

 

[zoneguard]

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.

CPF LIFE has 3 plans so the right thing to do is present facts of all 3 plans and let people choose. Different people different strokes so let's not judge the individual choice.

Simple truth - bequest is part of all 3 plans and not mentioned in the new design.

 

[fr33d0m]

CPF LIFE has 3 plans so the right thing to do is present facts of all 3 plans and let people choose. Different people different strokes so let's not judge the individual choice.

Simple truth - bequest is part of all 3 plans and not mentioned in the new design.

does the booklet not tell you about all the features CPF LIFE?

CPF LIFE estimator tells most Singapore what they need know by simple choice. For more information, they can read their booklet.

 

[reddevil0728]

does the booklet not tell you about all the features CPF LIFE?

CPF LIFE estimator tells most Singapore what they need know by simple choice. For more information, they can read their booklet.

there will always be people who wants to analyse stuff and not just take what's being told.

 

[fr33d0m]

there will always be people who wants to analyse stuff and not just take what's being told.

CPF is always happy to answer your question. Just call, email them

 

[reddevil0728]

CPF is always happy to answer your question. Just call, email them

when you have a calculator it is easier to have many different scenarios to come up with a picture during non working hours as and when you want it.

 

[fr33d0m]

when you have a calculator it is easier to have many different scenarios to come up with a picture during non working hours as and when you want it.

The estimator is for general public. Is it a general public concern about the bequest of CPF LIFE Plans?

Plus, it is just estimator. It does not have to be accurate. Without bequest, it is easier for CPF LIFE to change bequest feature as it sees fit.

 

[reddevil0728]

The estimator is for general public. Is it a general public concern about the bequest of CPF LIFE Plans?

that's why i say this...

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.

 

[LoUsyGamER]

Just realised that cpf payout for standard will keep dropping from this estimator.

 

[fr33d0m]

Just realised that cpf payout for standard will keep dropping from this estimator.

What do you mean?

please share screenshot

 

[LoUsyGamER]

What do you mean?

please share screenshot

Oh this.

Maybe payout mechanism is as such. Not really into cpf so learnt something new.

 

[fr33d0m]

Oh this.

Maybe payout mechanism is as such. Not really into cpf so learnt something new.

The first line clearly says “Basic Plan”….

 

[LoUsyGamER]

The first line clearly says “Basic Plan”….

Oh. Thought basic is standard. OK. I tested all other options. Thanks.

 

[andyhtc]

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?

Some with serious health conditions or who know their family medical/lifespan history may opt for this as they know they may not live a long life. There are also many who want to empty their CPF to enjoy life first or give to their mistress.

 

[andyhtc]

The new estimator focuses more on inflation and getting people to top up to overcome the higher future cost of living.

My take is the two key costs in retirement, namely food and medical treatment, are going up very fast and the government wants the people to prepare for that.

 

[zoneguard]

Some with serious health conditions or who know their family medical/lifespan history may opt for this as they know they may not live a long life.

Higher bequest for this plan is no longer visible with the revamped estimator. At face value, there is no obvious benefit to choose this plan with lower payout.

 

[a4973]

Though the bequest information are no longer visible but as long as the fundamentals of the 3 plans remain the same, there will still be bequests right? Thanks

 

[Value.Matrix]

Though the bequest information are no longer visible but as long as the fundamentals of the 3 plans remain the same, there will still be bequests right? Thanks

The fundamentals are not the same in terms of total wealth though. Basic Plan is very different to Standard and Escalating in terms of total wealth leftover.

There is now lack of information to decide what is the best for different context and scemario.

 

[Value.Matrix]

Higher bequest for this plan is no longer visible with the revamped estimator. At face value, there is no obvious benefit to choose this plan with lower payout.

Yes. I now have less information to make an informed decision.

As i mentioned before, a half truth is way more difficult to detect than a complete lie.