Can you afford retirement with just CPF in sunny Singapore?
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dispite my many disatisifaction with CPF, it has serve well the older generation the need of many singaporeans. that is roof over their top.
However such policy seem to be difting away from average singaporeans these days as HDB apartments has becoming more expensive and inflated HDB prices which is getting young singaporeans into heavy debt.
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Haiz.
The minimum sum and the age will be raised to goodness knows how high in 10, 20 , 30 years time.
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employer cpf contribution still 16% of yr salary, not fully 20% yet lor
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with growth hovering at 0%, i would say inflation will be... 0%
when growth is high, inflation is high too.
No matter what happens you will lose....
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Originally posted by angel7030:
employer cpf contribution still 16% of yr salary, not fully 20% yet lor
si meh....now its 16% not 14.5%
ur employer very generous
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Originally posted by de_middle:
si meh....now its 16% not 14.5%
ur employer very generous
really, then why i paid my staff 16%...OMG, lugi liao! No wonder my staffs never resign one na. -
Originally posted by angel7030:
really, then why i paid my staff 16%...OMG, lugi liao! No wonder my staffs never resign one na.Joo Chiat all the Vietnamese girls, need to pay CPF meh?
http://mycpf.cpf.gov.sg/Members/Gen-Info/Con-Rates/ContriRa.htm
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Don't depend on CPF, it's the LAST buffer for people who have no ability to do well in life.
I believe and depend on my own bank account more than my CPF.
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Yah. You don't have to worry, your ring is more than what common folks have in their CPF accounts.
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a prc construction worker told me that he felt sg was worst off than his country cos their old folks could retire while ours still had to work as cleaners. sadly, i agree with him.
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Originally posted by lotus999:
a prc construction worker told me that he felt sg was worst off than his country cos their old folks could retire while ours still had to work as cleaners. sadly, i agree with him.
The people at the top will tell you to thank your lucky stars that old people in singapore can work when they are 70 or 80 years old.
Be it to collect empty tin cans or not.
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Can also work at the IR. Recruitment on going now.
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Originally posted by lotus999:
a prc construction worker told me that he felt sg was worst off than his country cos their old folks could retire while ours still had to work as cleaners. sadly, i agree with him.
One of my relatives in China, she was a school teacher, she's now retired, getting a steady sum from the government every month. -
Originally posted by maurizio13:
Yah. You don't have to worry, your ring is more than what common folks have in their CPF accounts.
I didn't know common folks are so poor....or you talking nonsense lor. -
Originally posted by maurizio13:
One of my relatives in China, she was a school teacher, she's now retired, getting a steady sum from the government every month.
You're PRC???Da Lu Zai......DHL you back to Beijing.
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Originally posted by ArtBoon:
Can also work at the IR. Recruitment on going now.
Woohoo.
Pole dancing positions finally open.
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Originally posted by parn:
I didn't know common folks are so poor....or you talking nonsense lor.
Not really lah, the 55-60 age group have around 50 plus k in their CPF balances. They can still afford your above $30 k diamond ring.See the first post.
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Originally posted by parn:
You're PRC???Da Lu Zai......DHL you back to Beijing.
Hahaha......ni zhe ge sha bi.
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I like girls who are not that concerned about money.
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Problem is given our sound financial systems as ministers these days are harping, why are interest rates so low?? I have read reports where other countries offer higher fixed rates for retirement funds. Low interest rates definitely pushes members to invest in public investment products.
Don't tell me this is a way to expand our financial system, to catalyse the govt's plan for Singapore to be a financial hub?? With the recent global financial meltdown, I'm sure ALL Singaporeans who have invested their CPF have lost money. So this boils down to what is the CPF all about actually?? And with HDB prices still sky high, good luck to my generation who will retire approx. 2040-2050. How to have kids like that? So no choice, with such govt policies, look forward to more chinamen and ah pu neh neh, alright. 6.5 million in 2030 lol. Cheers everyone :D
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Originally posted by maurizio13:
Not really lah, the 55-60 age group have around 50 plus k in their CPF balances. They can still afford your above $30 k diamond ring.See the first post.
Yesterday, monday, on Ch 8 around 8 pm (or 830, not sure), got 1 show on how they go and help pple... Should really see how poor thing that family was...
I think even with all the help and subsidies that CDC gives, some families dunno what to apply for... or dun even know whether they qualify for it...
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The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013, and will be adjusted yearly for inflation.
Source: CPF Website
Look at that my frens, $120,000 in 2003 dollars in 2013, which means will be higher by then. Let's look at my generation, I'm 29 this year who will retire in approx 2040-2050. From 2003 to 2013 (ten years) they have projected the min sum raise at $40,000 ie $40,000 per ten years. So going by simple maths, min sum will be $240,000 in 2043.
Even my dad, a senior manager most of his career, has only $250,000 in his CPF, on top of a house paid for $260,000 in 1990.
And given the stagflation of middle class and lower income class for years to come as proven in Singapore statistics (due to govt policies); with ever increasing HDB prices, come on man....Singapore is never a place one can retire.
WAKE UP! Fucking Sinkies.....vote properly the next election.
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Originally posted by eagle:
Yesterday, monday, on Ch 8 around 8 pm (or 830, not sure), got 1 show on how they go and help pple... Should really see how poor thing that family was...
I think even with all the help and subsidies that CDC gives, some families dunno what to apply for... or dun even know whether they qualify for it...
Yah.Poor thing, the guy is a bit slow, pity him.
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Originally posted by Rock^Star:
The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013, and will be adjusted yearly for inflation.
Source: CPF Website
Look at that my frens, $120,000 in 2003 dollars in 2013, which means will be higher by then. Let's look at my generation, I'm 29 this year who will retire in approx 2040-2050. From 2003 to 2013 (ten years) they have projected the min sum raise at $40,000 ie $40,000 per ten years. So going by simple maths, min sum will be $240,000 in 2043.
Even my dad, a senior manager most of his career, has only $250,000 in his CPF, on top of a house paid for $260,000 in 1990.
And given the stagflation of middle class and lower income class for years to come as proven in Singapore statistics (due to govt policies); with ever increasing HDB prices, come on man....Singapore is never a place one can retire.
WAKE UP! Fucking Sinkies.....vote properly the next election.
So my idea to use as much of CPF to pay for the mortgage loans sounds good, yah?
After all, leaving it in the CPF means you might not get to see most of it when you retire.
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need minimum sum in cpf before you can use it for loans or properties, right?