Do you plan to live past 85?
-
you've been observing things in the old age home?Originally posted by selfobliged:lol...u must have not been observing things around you.
-
Rumour has it that he undergoes blood transfusion every month, his old blood is replaced by new blood from those undergoing NS training.Originally posted by Fatum:the living deity of singapore is the benchmark mah .....
but then again ... he's immortal ...
-
I seriously doubt I can reach 85...
Anyway, I'm pulling out so this isn't a bother to me...
But wouldn't such an unpopular policy, give people the idea to uproot and sell everything and retire in places like Malaysia? I have a friend who's planned his retirement this way... -
It will be interesting to see what will happen if CSJ blood is mistakenly infused into the Peh Moh Lau - u think we get a hybrid?Originally posted by maurizio13:Rumour has it that he undergoes blood transfusion every month, his old blood is replaced by new blood from those undergoing NS training. -
Whether one will live past 85 is rhetorical.
The human body is as fickle as everything else. People who exercise daily can die of a stroke, heart attack or an aneurysm. We have cases of joggers collapsing in a fit, triathletes suddenly collapsing and dying
People with unhealthy lifestyles may suffer from diabetes, blood clods and numerous other medical conditions that impact their long term 'age-hood'.
How did our govt determine the optimal age of 85? Is this another trial and error approach where they retain our monies up to the last possible minute? Isn't there supposed to be an op-out policy to separate those who can manage their finances against those who really need this annuity?
Is this policy truly out to help the lower income group look after themselves? Or the govt's shrewd attempt to wash their hands of the elderly? -
Not whether I plan anot but whether I can..... I don't get to determine my lifespan.....
Oso hor, there's a vast difference between living and merely existing......... -
dun wish to
-
that if i have a choice to choose but i seriously about i can, coz i think i won't be able to afford the medical cost.
as for the other annuity whereby if you pass on, the money will be use to "subside" the other who are older than 85. this is seriously pushing the responsibilites to the people.
finally, statistics should be shown on the how many people are age 65,66....85,86..... and also the statistics of those who pass on 55 onwards -
are you saying you see a lot of people in their 80s?Originally posted by selfobliged:lol...u must have not been observing things around you. -
Only the rich can live past 85- they can afford the best medical care, tonics, vitamins etc. Even if they get terminal disease like cancer, will have $$ to see the best docs, help to prolong their lives.
The rest of us, have to struggle for living, endure stress from unreasonable boss, long working hours + high cost of living.
After 60 yrs. old, your pay will be miserable- $500+, sick also cannot afford to see doc. how to live so long? -
ya lo. maybe they are using the wrong statistics. the govt are getting more pay while pushing their responsibility...only those rich are able to live that long. they use model from jap, the oldest in jap can go over 100 but our oldest is 90+. we cannot use others' model to suit our enivironment. we pay u to think of a better model not to copy, cut and paste.Originally posted by SevenEleven:that if i have a choice to choose but i seriously about i can, coz i think i won't be able to afford the medical cost.
as for the other annuity whereby if you pass on, the money will be use to "subside" the other who are older than 85. this is seriously pushing the responsibilites to the people.
finally, statistics should be shown on the how many people are age 65,66....85,86..... and also the statistics of those who pass on 55 onwards -
A lot of my relatives & aquaitances in their 70s already having health problems like cancer, kidney failure or heart problem.
Every mth. have to spend a lot on medicine.
Cannot eat & sleep properly, cannot travel.
If like this, I also don't want to live so long. -
CPF Special, Medisave accounts' interest rates to be modified next year
look at their "solutions" to look after the aged..... your CPF!!! I seriously think that unless the reveal the statistics, they can't convene me
By May Wong and Tung Shing Yi, Channel NewsAsia | Posted: 21 August 2007 1557 hrs
SINGAPORE : Interest rates for the CPF Special, Medisave and Retirement Accounts will be re-pegged to an appropriate long-term bond rate.
Manpower Minister Ng Eng Hen said more details on this will be worked out and announced next month.
He said the new rates will be lower initially than the current rate of 4 percent but it should do better than 4 percent over time.
But as the rates will be pegged to the market, fluctuations can be expected.
Dr Ng was speaking at a news conference to explain the initiatives announced by Prime Minister Lee Hsien Loong at the National Day Rally.
Giving more details on the compulsory annuities, Dr Ng said only part of the minimum sum from the CPF will be set aside for it.
A major portion of the minimum sum will still be for the members to withdraw when they reach the draw-down age.
Dr Ng said this is to ensure that members are covered even after the age of 85.
He said the aim is to achieve a subsistence payout first - of possibly between S$250 and S$300 per month.
Private sector economists said the rates could be pegged to government-issued bonds.
"If we peg it to a SGS bond, it will definitely be below the target 4 percent rate. Our thoughts are that, they might be looking at a bond issued by say, Temasek, which has typically in previous years averaged returns more than 4 percent. So we can probably enjoy higher returns in that way," said Alvin Liew, economist at UOB Treasury Research.
Singapore Government Bonds are currently yielding between a modest 3 percent and 4 percent, prompting some analysts to suggest a benchmark that included a guaranteed portion.
Some economists suggested that the government could provide a fixed 1-2 percent base, plus a variable component tied to the Singapore Government Bond yield.
As the rates would be pegged to the market, fluctuations in returns could be expected.
"It is conceivable that CPF members can expect, in the long term, maybe more than 4 percent per annum. On the risk side, if these new rates are variable and it falls below 4 percent, that is a worry for CPF members," said Roy Varghese, Director of Financial Planning, IPAC.
The changes to the CPF interest rates will be effective in 2008.
They will cost the government S$700 million a year, initially.
Meanwhile, the government also wants to provide an "extreme longevity protection" for citizens by making annuities compulsory for those below 50 years old.
Said Dr Ng: "We are basically looking at compulsory annuities to protect members from outliving their retirement savings. Let me first say that we'll consult widely. We do not intend to, when we start this scheme, to put the major proportion of your minimum sum into annuities. That's the first thing that needs to be said.
"In fact, a smaller proportion of your minimum sum will be put into annuities, so the major portion of your minimum sum will still be drawn out, drawn down by members at the draw-down age."
An example of this annuity is that the CPF member pays a basic premium of X dollars which goes into a pool.
That money will be paid out from age 85 - for life.
But if the member doesn't live till 85 years old, the money will then be used to support others in the pool, who are still alive.
It's not determined if the CPF Board or private companies will administer the compulsory annuities scheme.
The Manpower Minister stressed that the basic idea of the compulsory annuities is to insure members for the latter part of their lives, that is after 85 years old.
The aim is to provide a subsistence payout amount first, of possibly between $250 and $300 monthly.
Dr Ng said more details on this scheme will be announced next month.
On the additional one percentage point interest for the first $60,000 in CPF members' combined accounts, Dr Ng said this will be placed in the Special Account and not the Ordinary Account.
He said: "These changes will help Singaporeans work longer, save more, and help give them a peace of mind for their golden years. It will significantly strengthen our economic and social system to better address the ageing population... These new tools, new aspects can be effective, it will give us a lot of hope and optimism as we move forward, even as we age."
Dr Ng said this will give Singapore a more responsive and robust system to address changes as the workforce ages.
The Manpower Minister said the extra one percentage bonus interest will not affect CPF members who are already investing their funds.
He added that "tens of billions" are still available for investing.
The government is not preventing members from investing their CPF funds. - CNA /ls -
i seriously think they will not reveal the stat because they are hiding something.lolOriginally posted by SevenEleven:look at their "solutions" to look after the aged..... your CPF!!! I seriously think that unless the reveal the statistics, they can't convene me -
only a small minority are lucky to enjoy living in their old age.
most are either too poor or too sick or both. -
This is pretty absurd.
They really want to keep our money as much as possible in their pockets for as long as possible. -
can we sign a petition or something???
my hard earned money.......
sob.......
its like everytime they set some regulation, can only eyes and ears big big, see and listen ....quite frustrating huh.....haiz..... -
dun worry, S$500 a month should cover all your medical bills plus food and transport and entertainment, g.s.t, tax, ERP, road tax, car parking, INFLATION, Interest rates, Currency rate, all in.Originally posted by gerrykoh:A lot of my relatives & aquaitances in their 70s already having health problems like cancer, kidney failure or heart problem.
Every mth. have to spend a lot on medicine.
Cannot eat & sleep properly, cannot travel.
If like this, I also don't want to live so long.
enjoy our retirement!!
Actually, I think this scheme has no impact on the rich who spends way more than 500 a month. They dun need this. Why would they care? -
..well, you can always let them take whatever money from your CPF as they want, then one day when the time is right, you uproot sell everything and move somewhere else to retire and DEMAND every cent back.Originally posted by a_splash:can we sign a petition or something???
my hard earned money....... sob.......
its like everytime they set some regulation, can only eyes and ears big big, see and listen ....quite frustrating huh.....haiz..... -
I guess not everybody can do that, because by the time they retire many countries might not want them for their skills. So if someone has reached retirement age, the only way for that someone to migrate is to have S$3-4 millions.Originally posted by HyperFocal:..well, you can always let them take whatever money from your CPF as they want, then one day when the time is right, you uproot sell everything and move somewhere else to retire and DEMAND every cent back. -
you think they give a flying rat's ass about something as trivial as "the wishes of the people", humanity and dignity?
i mean.. look at the PM!! what dignity does he have left? he married a man because his bloody father made him!Originally posted by a_splash:can we sign a petition or something???
my hard earned money....... sob.......
its like everytime they set some regulation, can only eyes and ears big big, see and listen ....quite frustrating huh.....haiz..... -
I am not worried about the age. I am more concerned about my body. If my body is still fit, functioning well, no disabilities..hell, I may aim for a 100 instead.
But when arthritis and all that sets in, I prefer to be gone before 85..or after my first grandchild. -
Only a small percentage can live above 85, most already gone in their 60's and 70's.Originally posted by euc:I am not worried about the age. I am more concerned about my body. If my body is still fit, functioning well, no disabilities..hell, I may aim for a 100 instead.
But when arthritis and all that sets in, I prefer to be gone before 85..or after my first grandchild.
If he is relying on this small percentage to justify extending the draw down age, might as well tell us that it's possible to live till 100 now, afterall there are people living till 100. -
See you at 70Originally posted by maurizio13:Only a small percentage can live above 85, most already gone in their 60's and 70's.
-
If I have enough money to live that long, else I most likely go MRT catch the last train to hell.Originally posted by euc:See you at 70
You guys better suggest where is a good place to take the ride, else later everybody here inconvenienced.