Spot on! All these schemes are to protect the govt's resources, so they can tap on the monies (like CPF life Pool Interests) of those who die earlier than expected to fund those who live longer than expected. Standard and Escalating Plans will help provide a bigger pool of funds for this purpose. Similar objectives with the other shield schemes too.
I still like the FRS at CPFlife Standard plan, not escalating plan ( delay a portion of payouts). You may chew food now, does not mean you can chew food after a stroke, meaning had to be on adult milk feeds via tube feeding through nose later. If still working after 65, maybe one can delay payouts till near 70. Around 70, if you have room/shopstall rentals and other passive dividend incomes, the younger of the elderly couple can perhaps choose the Enhanced scheme. Because at late stage of life, it is like anyday will be called to heaven. Anyway, nowadays how much is a person’s payout, each will know. There is a difference btw a non- working housewife/casual contract job hopper and a salaried worker who had worked from 25yo till 65 yo!
Even if govt build community homes/hospitals, there are lack of nursing asistant staff all over the world. If only you motivate your maids and daughters and daughter in laws to nurse the elderlies in your own homes, should be the best. I think, got reasonable money to pay but just nobody wants this type of ‘cleaner’s job’ job!
actually you missed a very important point in whacking escalating. notice that the payout is 20% down from standard. and the payout is increased by 2%. it will maybe 9 years for the escalating to catch up in terms of payout. by that time you are about 75. should you feel happy? no. this is bacause that tough the payour has caught up, standard gave a higher payout for the past 9 year.s. including interest, you would take many more years to catch up with the real amount. this is how the 90 years you have mentioned is derived.
The wage gap is so big btw university grad workers and non university grad workers in SG, not giving or adjusting the salary pay scales even working till 60 like myself working in service support roles only. I do not support ‘adjusting others’ salaries and benefits upwards’ but increase self passive incomes whilst having a basic ‘u pay me what level, u get what level’, have spare energy to learn to get passive rental/dividend incomes.
| PUB: 60 |
| Home: 100 |
| Hp: 50 |
| Internet: 50 |
| Transport. $60 |
| Health: 100 |
| Resto: 120 |
| Food: 300 cook Yourself |
| Misc: 100 |
Good thinking! For me, HP only less 0.50 prepaid sim (start to get used it first), fibre 40, PUB/OEM more.For myself, I think like this currently for monthly basic budget of a single 65 year old at current dollars:
PUB: 60 Home: 100 Hp: 50 Internet: 50 Transport. $60 Health: 100 Resto: 120 Food: 300 cook Yourself Misc: 100
That’s only $940. Let’s put another $260 for unforeseen stuff. So, $1200 per month seems enough for a basic life. So if can get $1500 per month from CPF LIFE, the extra $300 can be reinvested to offset future inflation or need for maid etc.
if u are a couple with 2 streams of CPF LIFE, u can spend less and save more for the day when only one person is left.
Naturally, it is wiser to have more streams of income. So that we can have a better retirement. But FRS is adequate, if managed wisely.
I purposely left out the detail maths discussion, for you to pop in
I do not need to pay at all, just 1.40 to extend life for another 3 mths with singtel. I only need mobile for OTP banking and anything OTP. Home line is free and mobile data is free too but limited, I use free wifi
Ya, tis is on a prepaid singtel line, but must remember to tap *398 to extend 3 months, deductible from base amount which to top up also. When old, will forget to top ups and line number will be closed! End up I got a $10 Giga sim only, paid by credit card giro. Recent got a $6.90 monthly Zero1 sim only also paid by giro too. Both by Singtel, free incoming calls can tag to home , etc , workplace wifi, good and cheap.But still need home fibre bb.
Estimate so simple? No property tax, cost repair and maintenance of property? No insurance and transport? Over 10 years no replacement of furniture, electrical appliances and equipments and no ad-hoc expenses like angbao, gifts and celebratory expenses. What about personal care and medical expenses etc. My blood pressure device need replacement and my digital weighing machine just gave up on me
Pledging enough for some people for BRS, most long service iron-rice bowl boomers can afford up to ERS if working till 68. Most of their adult kiddos do not want to live together with elderlies, prefer elderlies to cash out and live in short lease 2 rm flexi btos or nowadays ‘community homes’ short of expensive nursing homes if cannot manage tenants.
ya but based on the replies on this thread you would think its not enough.. like that majority of singaporeans cannot retire already.
Well, how about looking at the data? Here are the basic facts (per MOM statistics): The labor force participation rate among Singaporeans age 65+ was 13.8% in 2006. It was 28.5% in 2020 (most recent year I can find), and that was UP from 2019 (contrary to what you might expect in a partial pandemic year).
