Government may make buying annuity compulsory
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Welcome to the forum.Originally posted by Optrader:Just a note: to maximise your returns , let the money sit in cpf till abt 62 before buying an annuity / perpetuity .
Just a friendly word of advice - pls don't ever encourage anyone to buy an annuity.
You will earn much lesser returns than if you park it in the CPF. However, if one likes the concept of 'not wanting to die broke', then it's their prerogative. Just that it doesn't make any investment sense.
I have done my calculations before and do heed my word. -
Problem is, a minority do not know how to "control" their usage of money, and hence end up broke in the old age.Originally posted by ulquiorra87:All i see in this article is just another money sucking scheme and a stronger work you to death law coming up
Jeeez cant the govt. even let people decide what to do with their money? Its money they earn the government has no right to make it compulsory
Welcome to Singapore!
In schools, a few black sheeps can cause the principals to limit certain activities or push out stiffer punishments. This system has been extended to governing of Singapore.
Making it compulsory is a joke. An opt-out (govt's favourite nowadays) would be more welcomed.
It's not about investment sense here. It's about "security".Originally posted by Rock^Star:Welcome to the forum.
Just a friendly word of advice - pls don't ever encourage anyone to buy an annuity.
You will earn much lesser returns than if you park it in the CPF. However, if one likes the concept of 'not wanting to die broke', then it's their prerogative. Just that it doesn't make any investment sense.
I have done my calculations before and do heed my word. -
this i fully agree upon reading m9 n HI recently.....Originally posted by Rock^Star:You must be jesting....go ask any financial planner, do your sums and you will know what I mean.
I used to be a financial planner and certainly have done my homework.
Annuities ensure that 'one does not die broke' but the payout is very much compromised compared to the CPF's.
If you refuse to accept this fact that I serve on a silver platter to you, so be it. Your loss. -
can you qualify the above statement?Originally posted by Rock^Star:Just a friendly word of advice - pls don't ever encourage anyone to buy an annuity. -
Investment, security, whatever........Originally posted by eagle:It's not about investment sense here. It's about "security".
If one compromises his potential returns for the sake of security, it certainly is not a wise move where money is concerned.
Annuities normally break even around 78-85 years old. Based on Singapore's life expectancy, the average person would probably have been gone by that age. -
I swear on my life. Enough for you?Originally posted by Gazelle:can you qualify the above statement?
Check with NTUC and Aviva. They should still be the ones offering the 'best annuities'.
Compare it with CPF's payout. You shall be aghast at the difference. -
You didn't understand what I meant...Originally posted by Rock^Star:Investment, security, whatever........
If one compromises his potential returns for the sake of security, it certainly is not a wise move where money is concerned.
Annuities normally break even around 78-85 years old. Based on Singapore's life expectancy, the average person would probably have been gone by that age.
I was trying to imply (subtly)... will the government bother about investment sense since it is not their money anyway? -
I'm referring to the individual's investment sense, not the govt's.Originally posted by eagle:You didn't understand what I meant...
I was trying to imply (subtly)... will the government bother about investment sense since it is not their money anyway? -
Annuity sales have never been popular. The reason they are still around is because there is a perpetual trickle demand for it.
There are those who believe in 'not dying broke'. That's their prerogative. But to force it on the Singapore populace? That would be an extremely difficult pill to swallow.
Unless they can make the annuity pay better than the CPF's payout at 62. That's unlikely because the returns for annuity are greatly weighed down by the promise of guaranteed returns till death. That is a theoritical risk that insurance companies and banks underwrite before formulating these plans.
Another botch job by the govt and in this case, lessening their headache at the expense of Singaporeans' money. -
Originally posted by Gazelle:
[b]15 Aug 07
Draw No: 2581
1st Prize 0661
2nd Prize 2069
3rd Prize 3051
Starter Prizes
1027 2129
2700 3110
3870 4430
5975 6018
6465 7970
Consolation Prizes
0039 0603
1375 2145
4241 4373
7180 7330
7395 7505
13 Aug 07
Draw No: 2248
Winning Numbers
17 18 20 25 27 43
Additional Number
26
[/b]
thank you but i can't buy toto & 4D yet -
WHY IS THE STUPID GAHMEN INTERFERING WITH HOW WE SHOULD LIVE OUR LIVES!!!!!!!!!!!!!!!!!
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1. "We are taking care of our citizens"Originally posted by constancebay:WHY IS THE STUPID GAHMEN INTERFERING WITH HOW WE SHOULD LIVE OUR LIVES!!!!!!!!!!!!!!!!!
2. "Singaporeans don't know how to think and take care of themselves. This is why we need GRC, CPF, etc etc"
3. "We know better. We are the ones with the best portfolios and brains around in Singapore" -
I am not sure whether I can live beyond 60. And I don't to work until old age, still struck in that so called Raffles Place. I don't to work until die and no retirement. Please help!
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Let's put it this way - you have a choice not to live here and be subjected to government policies. If you have a better alternative, tell us. Don't whine!Originally posted by constancebay:WHY IS THE STUPID GAHMEN INTERFERING WITH HOW WE SHOULD LIVE OUR LIVES!!!!!!!!!!!!!!!!! -
Are you sure that everybody has a choice not to live here?Originally posted by TheGoodEarth:Let's put it this way - you have a choice not to live here and be subjected to government policies. If you have a better alternative, tell us. Don't whine!
Isn't whining a signal that perhaps some of us want a change of government?
Just need to show those in denial and delusion about the evil ways of the PAP. -
Actually I think people just want to whine...Originally posted by maurizio13:Are you sure that everybody has a choice not to live here?
Isn't whining a signal that perhaps some of us want a change of government?
Just need to show those in denial and delusion about the evil ways of the PAP.
Especially when issues as sensitive as money... -
hmm, tell it to yourself, kid, sheep Gazelle! Nobody like the way you are, Gazelle! What you said above is just reflecting on yourself. You are good in engaging empty talk without the gut to reply to our questions. So this is the way you attract our attention!Originally posted by Gazelle:just ignore that kid lah..he/she is just wannabe trying to get some attention. Just read what he/she post you will know why nobody like replying him.
qlqq9, please hor, I am not talking to you, please dont reply.
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Stop pointing fingers. I am not affected by emotions, you are. Read below, you come here make noise about the people and you have some kind of heartache when people voice out their comments about the CPF and annuity. Are you trying to suppress the freedom of speech?Originally posted by Daddy!!:I am talking about this topic of investing cpf monies in annuities very objectively. Are you, like others, being emotionally affected by other issues and merge them with this retirement annuities topic?
"Daddy":
firstly, i find it interesting that when i read about cpf, the anti-pap forumers criticized cpf, mainly government delays payment till we are too old to use it. now, we can start withdrawing money in the form of annuities at a fixed age of 55 and this is an improvement over the previous situation, you guys also complain. We asked for transparency about our CPF monies, now we get it and we still complain. I wonder what is going on. -
Shall we just wait for more details from the "good" gahmen to know more about the annuity that they are coming up with. May be it is "tailor made" to suit the best of interest of the people. Ha ha!
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This is the best solution for now...Originally posted by qlqq9:Shall we just wait for more details from the "good" gahmen to know more about the annuity that they are coming up with. May be it is "tailor made" to suit the best of interest of the people. Ha ha! -
The gahment wants to remind us, to save more CPF when young, so we can use CPF to buy annuities, instead of properties, education, etc.Originally posted by qlqq9:"Daddy":
firstly, i find it interesting that when i read about cpf, the anti-pap forumers criticized cpf, mainly government delays payment till we are too old to use it. now, we can start withdrawing money in the form of annuities at a fixed age of 55 and this is an improvement over the previous situation, you guys also complain. We asked for transparency about our CPF monies, now we get it and we still complain. I wonder what is going on.
Central Provident Annuities (CPA), but some already got CPA
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Siao, sweet talk again. Pay you, it is as good as a real exilir pill.Originally posted by maurizio13:Said Mr Lim: "If you have a full minimum sum in CPF, when you withdraw the CPF, CPF will pay you $700 over a month. But it's for 20 years. At the end of 20 years, you'll have nothing to withdraw.
"If you buy an annuity, the insurance company will pay you less - $500 a month. But the insurance company will have to pay you for as long as you live. And if you live to 100 (years old), they'll have to continue paying you till you're 100. Therefore it's a lesser monthly sum but you're insured a little longer.
"We may have to make it compulsory for everyone, but I think for now, we should explain to people what annuities are and how people can benefit, to get people to understand it."
The daft Minister don't know the difference between an annuity and a perpetuity.
Later, all CPF money must be used to buy annuity. Some can afford higher annuity age, some lower. -
aiyo, that person with nick "daddy" just said the above to lament and show he is not happy when people talked negatively about the way govt is working. Think he has to accept facts. People are responding to reality created by the gahmen, and this we can't stop people from expressing their unhappiness and negative comments about the govt.Originally posted by lotiman:The gahment wants to remind us, to save more CPF when young, so we can use CPF to buy annuities, instead of properties, education, etc.
Central Provident Annuities (CPA), but some already got CPA -
hei hei heiOriginally posted by Gazelle:CPF has been very useful for me, especially for someone who dont have the habit of saving for the future. e.g when I bought my first property, my CPF monies came in handy. Or else, I would have to empty my saving account just to pay off the downpayment.
The merchants are taking advantage of your attitude.
you have never intentionally saved money for your CPF account, your CPF money is accumulated without much effort.
Now the merchants are trying to use your CPF money, hoping that you feel CPF money is not exactly your money. -
I think CPF was a genius scheme, no matter how unpopular/popular
1. Forced savings for Singaporeans who cannot "manage" money
2. Increased coffers for government to invest, provided net investments are positive. A warchest too small is hard to govern with. It does make strong economical sense... Curbs unnecessary spending...
But the way CPF control is evolving now.... makes the government seems a bit mercenary...
The main problem in Singapore is "compulsory"