S'pore may need to raise retirement age to 68
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Those who still think 55 is the age where you can take CPF money, pls think again. The age will only be revised upwards, never the other way. Below is a reminder to all:
The Day You Turn 55
Applicable Withdrawal Rule (%)
On or before 31 Dec 2008
50%
1 Jan 2009 - 31 Dec 2009
40%
1 Jan 2010 - 31 Dec 2010
30%
1 Jan 2011 - 31 Dec 2011
20%
1 Jan 2012 - 31 Dec 2012
10%
On or after 1 Jan 2013
Cash balances can only be withdrawn after setting aside both the CPF Minimum Sum and Medisave Minimum Sum
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As of 2003 dollars, the min sum in 2013 is likely to be $120,000. After adjustment for inflation, it shd become approx. $140,000 to $150,000. And that's when you turn 55 in 2013. If you turn 55, ten, twenty or thirty years later? Min sum is likely to be $200,000 to $300,000 by then.
And after paying all that hefty amount for your HDB, will you have enough in your CPF for minimum sum?
Money is locked in by the govt. And so many singaporeans have thought of liquidating their HDBs in the future when "it's time"......don't count on it. The goalposts will shift again and again. A mass withdrawals of such immensity will never be allowed under the govt.
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Originally posted by Rock^Star:
As of 2003 dollars, the min sum in 2013 is likely to be $120,000. After adjustment for inflation, it shd become approx. $140,000 to $150,000. And that's when you turn 55 in 2013. If you turn 55, ten, twenty or thirty years later? Min sum is likely to be $200,000 to $300,000 by then.
And after paying all that hefty amount for your HDB, will you have enough in your CPF for minimum sum?
Money is locked in by the govt. And so many singaporeans have thought of liquidating their HDBs in the future when "it's time"......don't count on it. The goalposts will shift again and again. A mass withdrawals of such immensity will never be allowed under the govt.
so, if they said interest rates is at 4% for CPF, that mean this rate is for their own purpose, wha lau suka suka shift here and there....and also can increase rate themselves, no govt one -
Retirement at which age is a very personal choice ! If you have enough too last you long, you can retire any time ! But as what some friends said here, what is the use of raising retirement age when some employers practice age discrimination in hiring. I personally have no issue of raising the retirement age because to me if you are still healthy and still idle, life can be quite boring, as I look at what my father is in now. I don't want to grow old like my father to be a boring and irritating old man !
Make love more, don't make more enemies
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Originally posted by Rock^Star:
As of 2003 dollars, the min sum in 2013 is likely to be $120,000. After adjustment for inflation, it shd become approx. $140,000 to $150,000. And that's when you turn 55 in 2013. If you turn 55, ten, twenty or thirty years later? Min sum is likely to be $200,000 to $300,000 by then.
And after paying all that hefty amount for your HDB, will you have enough in your CPF for minimum sum?
Money is locked in by the govt. And so many singaporeans have thought of liquidating their HDBs in the future when "it's time"......don't count on it. The goalposts will shift again and again. A mass withdrawals of such immensity will never be allowed under the govt.
Govt going to face this problem soon (more old pple in another 15 to 20 yr time). Yes mass withdrawal will suck the cpf dry. They will change policy here and there. The better policy is to increase age. And increase the min amount in cpf, yes again, goal post shift here and there. Pple will not be able to beat them.
Hey, my manager are like that too. Decision change here and there and subordinates always in the loosing end.
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Originally posted by enghou:
Retirement at which age is a very personal choice ! If you have enough too last you long, you can retire any time ! But as what some friends said here, what is the use of raising retirement age when some employers practice age discrimination in hiring. I personally have no issue of raising the retirement age because to me if you are still healthy and still idle, life can be quite boring, as I look at what my father is in now. I don't want to grow old like my father to be a boring and irritating old man !
Make love more, don't make more enemies
like father, like son, you can talk whatever your like now, but when the time come, you can also become a burden for your son and so on... -
need to raise the retirement age coz not enough money to support their salaries and expenditures.
they just wan to slave you till u crated.
kiss your CPF money Goodbye
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Goodbye, goodbye, goodbye.
If you could leave your cpf inside.
Love your life.
Ting ting.
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why retire?
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retire so that you start a new job.
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Originally posted by angel7030:
retire so that you start a new job.
you fail english
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i am just follow the foreign talents way of speaking, pardon me. As the saying goes, if you cannot beat them, join them.
When we retired, officially, we are given renew contract with a different set of pay structure and job redesign for us. Therefore you need to retire inorder to be re employ again. If you dun understand me, ask the PRC manager to explain to you.
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The retirement age is not for you to work until. You work until you want to stop (you can quit anytime), until you cannot anymore. The retirement age does not matter to you, if at 40 your bone creak and pain and you cannot work, there is this thing call golden handshake. Even if the retirement age is 55 like last time, will you be happy with it. You will still work as long as you are able to.
The retirement age is to give employers the chance to throw out oldies. It is not to force you to work until. You can retire at 18, the legal age to buy lottery tickets, if you are lucky enough.
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Originally posted by mancha:
The retirement age is not for you to work until. You work until you want to stop (you can quit anytime), until you cannot anymore. The retirement age does not matter to you, if at 40 your bone creak and pain and you cannot work, there is this thing call golden handshake. Even if the retirement age is 55 like last time, will you be happy with it. You will still work as long as you are able to.
The retirement age is to give employers the chance to throw out oldies. It is not to force you to work until. You can retire at 18, the legal age to buy lottery tickets, if you are lucky enough.
"Throw out oldies"
Nice.