CPF: Have You Saved Enough? Think Again...
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I alrdy paid back to govt thru road tax. Ok lah, we must thank them u know? Normally they don't give one. (I quote my dad and older colleagues)Originally posted by elindra:Progress package? I don't know why some Singaporeans actually hunger for it.
It's really taking your money, give it to you for a while and you return it to them in the same month to pay the bills
It's a very good election ploy, i must say. Very good. -
Progress package? Everyone know wat is this for.
CPF Saving enough? that's for medical bill only- incl medi sav, govt plan.
Personal saving is wat many ppl don't have, many dun cal and plan for their retirement. That's the most worry point for govt.
Govt dun plan for our comfort after retire yrs, they more interested on national survivial.
Today news- Sinpaporean No.3 riches in pacific??? HK no1 china no2
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At the rate which costs of living are increasing, no matter how much an average earner saves, it will still be a squeeze in their old age years. It's just like running towards a finishing line that is also moving away from you as you run towards it... hence, you can never truly reach the finishing line.
The way in which our gov is implementing their money making policies has to be stopped, otherwise NO ONE can have a decent end of life here.
Otherwise, everybody should move out of Singapore in order to retire or live out their lives meaningfully.
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Progress package not even enough to cover the loss in CPF.Originally posted by Rock^Star:True u got a point. My progress package is gone then! ARGH Make u eat sharks fin, punch ur stomach, u vomit and then retrieve the fins. -
I am pretty sure most people are aware of the current problems with CPF funds / lack of retirement savings ... many have started to doubt PAP's sugar-coated promises especially as the income gap widens.
People can no longer be complacent and rely on the govt for help, simply because this govt has grown disconnected with its citizens. Now the question is how, and how much, can we can do as individuals to change this ugly fate. I wonder if reality will be a loud enough wake-up call to the population. -
Ok, henceforth:Originally posted by spinsugar:I am pretty sure most people are aware of the current problems with CPF funds / lack of retirement savings ... many have started to doubt PAP's sugar-coated promises especially as the income gap widens.
People can no longer be complacent and rely on the govt for help, simply because this govt has grown disconnected with its citizens. Now the question is how, and how much, can we can do as individuals to change this ugly fate. I wonder if reality will be a loud enough wake-up call to the population.
TWO things stands in the way of CHANGE that we want -
1) FEAR of the gov
2) Widespread APATHY of people
If obstacle 1 can be at least deminished, then a step ahead will have been taken towrds liberation. -
How to take care of ourselves? Every government policy is aimed at making citizens poorer. Every years, living expenses keeps going up and up.Originally posted by spinsugar:I am pretty sure most people are aware of the current problems with CPF funds / lack of retirement savings ... many have started to doubt PAP's sugar-coated promises especially as the income gap widens.
People can no longer be complacent and rely on the govt for help, simply because this govt has grown disconnected with its citizens. Now the question is how, and how much, can we can do as individuals to change this ugly fate. I wonder if reality will be a loud enough wake-up call to the population.
Taking the discussion from another thread about the couple earns more than $8k together and cannot build flat directly from HDB (okay, not the right thread but just using as example); if the only option is to buy resale at around 300-500k. How much can we save? Worst of all, after 30 years of paying everything in our CPF towards the loan, we are left with a near worthless HDB because it's only 99 years lease hold.
Read today's STForum about another couple earning $3k? Same problem. Cannot save even if they want to. -
Basically, they want us to make as much as possible, and spend equally much, and contribute more as we earn towards CPF.Originally posted by anonymouscoward:How to take care of ourselves? Every government policy is aimed at making citizens poorer. Every years, living expenses keeps going up and up.
Taking the discussion from another thread about the couple earns more than $8k together and cannot build flat directly from HDB (okay, not the right thread but just using as example); if the only option is to buy resale at around 300-500k. How much can we save? Worst of all, after 30 years of paying everything in our CPF towards the loan, we are left with a near worthless HDB because it's only 99 years lease hold.
Read today's STForum about another couple earning $3k? Same problem. Cannot save even if they want to.
Which basically all goes to them. -
I'm just very resentful that I'm not allowed to buy a new HDB flat. I'd sleep a lot better at night if I were paying for one instead of a more expensive resale flat or private property (I went the private property route because the difference in price wasn't that great)Originally posted by ShutterBug:Basically, they want us to make as much as possible, and spend equally much, and contribute more as we earn towards CPF.
Which basically all goes to them. -
well that is singapore
There a lot of questions raise on the utilisation of CPF fund in different stages of our life. But i think those beneficial to the progress of SG will be carry out such as
1) special account for investment - good way for the average citizen (i mean non-professional) to contribute to the development of the high complex financial market. And the overall international status. But how can this account help us in our old age ???? if we lost it on fund manager fees or devalued options
2) Medical care - what is this account good for, better medical care, more economical healthcare service or promoting bioscience R&D or providing business funds for such manufacturing ?
I mum was in the final stage of her cancer, and need a new drug to see if there is any minute chance of recovering. But we have to pay cash for it !!! Why, in sufficient fund in her CPF medical save account (she is not working). She also cannot use my dad CPF (who has sufficient for more then the treatments needed) as my dad past the age of 55. That is the law !!!
Per treatment is $2500 and she will need 5 courses for it. So the family has to fock out 12k cash just for her treatment. She only completed 3 before she stop due to the expenses .....
3) CPF for Education - can only used for local institutes not oversea ?? Well it's your money and the gov tell you that you cannot spend it on your's kids education if he/she cannot get into a local institutions. do you think this is logical ?
4) There are many others yet to be listed
On top of this, if i am working hard for the past 40 years and has a substaintial sum of CPF. One day something unfortunate happened upon me, can my kids or love ones benefit from my CPF ??
So CPF is insufficient to us in old age (inflation, medical care and general price rises are growing faster then CPF interest rate) we do not have any option on how can our love ones spend OUR HARD EARN MONEY.... -
Originally posted by justcooler:
I think the government shouldn't even open up the retirement fund for investment. It's a bad decision and many have lost their savings. It's a stop-gap decision and a bad one; knowing most citizen (who doesn't have investment knowledge) will be taking out their money because they weren't able to earlier.
[b]well that is singapore
1) special account for investment - good way for the average citizen (i mean non-professional) to contribute to the development of the high complex financial market. And the overall international status. But how can this account help us in our old age ???? if we lost it on fund manager fees or devalued options
Since our dear government has been using our money for overseas investment (although they don't admit it). Why not make it official and give citizens a choice to invest in Singapore Inc. That way, Temasek will be really held accountable for their investment and CPF will have to pay a higher interest rate.
The root of the problem is medical cost. Besides insurance, I really don't see other alternatives.
2) Medical care - what is this account good for, better medical care, more economical healthcare service or promoting bioscience R&D or providing business funds for such manufacturing ?
Fully agree. The policy for education is crap and they govt should overhaul it.
3) CPF for Education - can only used for local institutes not oversea ?? Well it's your money and the gov tell you that you cannot spend it on your's kids education if he/she cannot get into a local institutions. do you think this is logical ?
Govt will take their share of with inheritance tax first. The rest depends on your CPF nomination
On top of this, if i am working hard for the past 40 years and has a substaintial sum of CPF. One day something unfortunate happened upon me, can my kids or love ones benefit from my CPF ?? -
Originally posted by anonymouscoward:How to take care of ourselves? Every government policy is aimed at making citizens poorer. Every years, living expenses keeps going up and up.
Taking the discussion from another thread about the couple earns more than $8k together and cannot build flat directly from HDB (okay, not the right thread but just using as example); if the only option is to buy resale at around 300-500k. How much can we save? Worst of all, after 30 years of paying everything in our CPF towards the loan, we are left with a near worthless HDB because it's only 99 years lease hold.
Read today's STForum about another couple earning $3k? Same problem. Cannot save even if they want to.
I don't really have an answer for everybody, except that each individual must somehow wake up and realise they cannot do it alone. The govt only reacts to issues when there is a public outcry. So well, if we think they're not doing it right, we gotta all speak out at once.. not get pushed around, grumble under our breaths but not speak up because we fear being singled out and persecuted. Fact is, there are still too few individuals who are willing to publicly voice strong disatisfaction, and even less who will join them in agreement. I don't know.. maybe we're just not unhappy enough?
Personally, the idea of the govt hanging onto a significant % of my hard-earned income does not sit well with me. It's my money, my life, I should know best how to appropriate my own funds to better my life. Plus I find it ridiculous to slog and pay half my life away for a flat that is eventually not even mine, and still not be able to w/d my cpf as a lump sum when I retire.
I plan to get a full CPF withdrawal and start a (real) life anew overseas with my fiance and my family.. Maybe one day, when Singapore allows dual citizenship and opens its doors to me, I might call it my home again. However at present, I feel too undervalued and taken advantage of as a citizen.
What Singapore offers its commonfolk is still shockingly substandard, really, for all the mighty million dollar salaries our ministers command. Once again, its up to the people to realise this and say "this is unacceptable" in unison. -
Indeed you have made a fine point here; WE must all make ourselves & our disagreements, HEARD.Originally posted by spinsugar:
I don't really have an answer for everybody, except that each individual must somehow wake up and realise they cannot do it alone. The govt only reacts to issues when there is a public outcry. So well, if we think they're not doing it right, we gotta all speak out at once.. not get pushed around, grumble under our breaths but not speak up because we fear being singled out and persecuted. Fact is, there are still too few individuals who are willing to publicly voice strong disatisfaction, and even less who will join them in agreement. I don't know.. maybe we're just not unhappy enough?
Personally, the idea of the govt hanging onto a significant % of my hard-earned income does not sit well with me. It's my money, my life, I should know best how to appropriate my own funds to better my life. Plus I find it ridiculous to slog and pay half my life away for a flat that is eventually not even mine, and still not be able to w/d my cpf as a lump sum when I retire.
I plan to get a full CPF withdrawal and start a (real) life anew overseas with my fiance and my family.. Maybe one day, when Singapore allows dual citizenship and opens its doors to me, I might call it my home again. However at present, I feel too undervalued and taken advantage of as a citizen.
What Singapore offers its commonfolk is still shockingly substandard, really, for all the mighty million dollar salaries our ministers command. Once again, its up to the people to realise this and say "this is unacceptable" in unison.
Since our PM has renamed the Feedback Unit to REACH, we should do well to all post our views and sentiments with regards CPF at the website. Whether or not our views are heeded, we continue to bombard them with our negative sentiments towards current policies governing CPF, and other policies as well, to hopefully effect at least some degree of adjustments or amendments, to allow individuals their reserved avenue of self-salvation or preservation.
Our gov's policy in this matter, is very obviously self-serving. If they DO NOT want to take care of its people in their old age, at least allow people to take care of themselves with their own money now, so that they can still be healthy enough to work when they are old. (!!) -
Lets get one fact right. CPF is gahmen's money not yours. With this money, they make billions of profit that goes into their pocket. Then they announce you are getting a fat tip. Crap.
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U should correct the "their pocket and they" to "the family's fortune' and 'he anounce'Originally posted by highway69:Lets get one fact right. CPF is gahmen's money not yours. With this money, they make billions of profit that goes into their pocket. Then they announce you are getting a fat tip. Crap.