SRS - any penalty?

[andyhtc]

Off the top of my head, I can think of a couple reasons why that is.

First, social security is funded by the current workforce which has always been larger than the retired workforce — hence larger benefits can be afforded by the system (although demographics are now changing and trouble is on the horizon if no changes are made).

Second, CPF LIFE is not pure longevity insurance (because of the bequest feature), and that reduces the payment amounts for everyone as a result.

I wonder how much larger the payments could be if they did away with the bequest? That is probably a hard question to answer. But before they do that, they need to resolve the glaring lack of a joint/survivor option for married couples.

If the bequest feature is gone, I won't be willing to put so much money into my CPF.

 

[celtosaxon]

If the bequest feature is gone, I won't be willing to put so much money into my CPF.

What if you outlive the bequest?

 

[Value.Matrix]

What if you outlive the bequest?

Most would think its a happy problem. And Asian countries are "relying on kids" more as a backup plan, so spending more is not their concern. Of course this mindset is slowly changing.

 

[fr33d0m]

(Sigh.) In this case the government’s and the members’ interests are well aligned. The members get (the option of) longevity protection for their spouses/partners. The government gets fewer destitute elderly Singaporeans. Everyone wins. Nobody loses.

There are so many win-wins you could advise to your government. Let me know how they take it. LOL.

not mentioning that few in Singapore want it.

 

[BBCWatcher]

not mentioning that few in Singapore want it.

Oh? Have you taken a public opinion survey to find out how many Singaporean couples want their household retirement annuity income to drop by 50+% when the first spouse/partner passes?

 

[sohguanh]

Most would think its a happy problem. And Asian countries are "relying on kids" more as a backup plan, so spending more is not their concern. Of course this mindset is slowly changing.

"Relying on kids" is the curse which befall upon elders of recent times. Why Spore created a Parents Maintenance Act to protect parents is a good e.g Our Northern neighbor refuse to follow with equivalent Act and see the social issues their elders facing there. In fact "rely on kids" become even more stronger than ever since there are no law to protect the parents so they need to rely on the "rely on kids" strategy which to me is no longer feasible in current constantly changing climate.

I have secretly check up on this Act also and there are process to follow before you really enter into this. Basically once this is activated there are no "relationship" to talk about. One need to think deeply but at least there is this option which was not available last time. I prefer to have this option though good move by govt.

 

[bearkia]

Most would think its a happy problem. And Asian countries are "relying on kids" more as a backup plan, so spending more is not their concern. Of course this mindset is slowly changing.

When one lives beyond 85, likely the kids are also retiring. How to rely

 

[sohguanh]

When one lives beyond 85, likely the kids are also retiring. How to rely

There are some who become parents late so those can rely. As for those you mention yes tricky question indeed. Depend on individual if you automatic will not want to burden your already retired kids and choose a way to live your life not so long. How to do that I leave it to individual interpretation. To me to live to 85-90 is more than enough seen enough of this world can go in peace

 

[maumu]

I pretty much don't wish to live that long and be a burden to others. and I hope society does not continue with this 'relying on children for retirement/old age' sh*t kind of mindset.

the younger generation already has enough problems of their own amidst the high cost of living.

 

[sohguanh]

I pretty much don't wish to live that long and be a burden to others. and I hope society does not continue with this 'relying on children for retirement/old age' sh*t kind of mindset.

the younger generation already has enough problems of their own amidst the high cost of living.

Agree so when kids cannot earn monies still schooling, parents no need spend too much monies on them since when they grow up and earn monies not going to support parents. Why do a rugi business when they grow up not to feed you?

Society should not continue this "giving children the best in their schooling years" sh*t kind of mindset

 

[maumu]

Agree so when kids cannot earn monies still schooling, parents no need spend too much monies on them since when they grow up and earn monies not going to support parents. Why do a rugi business when they grow up not to feed you?

Society should not continue this "giving children the best in their schooling years" sh*t kind of mindset

if you want to make a "business" out of your offsprings... you should stop reproducing.

it's people with your kind of mindset that breeds toxic families and relationships.

 

[sohguanh]

if you want to make a "business" out of your offsprings... you should stop reproducing.

it's people with your kind of mindset that breeds toxic families and relationships.

Sometimes it is about responsibility not true desire to reproduce have you thought of all scenario for all parents?

We parents are blessed Spore got Parents Maintenance Act for protection not happy see each other in court

 

[dork32]

Agree so when kids cannot earn monies still schooling, parents no need spend too much monies on them since when they grow up and earn monies not going to support parents. Why do a rugi business when they grow up not to feed you?

Society should not continue this "giving children the best in their schooling years" sh*t kind of mindset

we are all going to die someday. there are hopes and dreams that can never be fulfulled.

in our kids, we continue to live. in our kids, our dreams lives on.