confirmed: CPF is kaput!!

[leetahbar]

How many Singaporeans have $131,000 in CPF at 55?
Posted by theonlinecitizen on December 20, 2011 20 Comments
15~by: Leong Sze Hian~

I refer to the report “CPF keeps 4% Special and Medisave Account interest rate” (Channel NewsAsia, Dec 19).

It states that “from January 1 next year, the Medisave Required Amount (MRA) will be raised from the current S$27,500 to S$32,000”.

This is an increase of about 16 per cent ($32,000 divided by $27,500).

Since the annual inflation rate for 2010 was only 2.8 per cent (see HERE), why is the MRA increase about six times more than inflation? (16 divided by 2.8 per cent)

Minimum Sum plus MRA?

Those who can meet the CPF Minimum Sum (MS), currently at $131,000, will also have to meet the MRA of $32,000, at age 55.

For example, if you have $180,000 in your Ordinary and Special accounts, and 0 in your Medisave account, you can only withdraw $17,000 ($180,000 minus MS $131,000 minus MRA $32,000), at age 55.

How many Singaporeans are estimated to have more than $163,000 when they reach 55?

55 withdrawal rule reduce from 20 to 10%

As the MS withdrawal rule at age 55 will be reduced from the current 20 per cent to 10 per cent, from 1 January 2012, anyone with less than $145,556 ($131,000 divided by 0.9), in the Ordinary and Special accounts, can withdraw only 10 per cent of the balance in the Ordinary and Special accounts, or $5,000, whichever is the higher.

For example, if you have $120,000, you can only withdraw $12,000 (10 per cent of $120,000) at 55.

How many Singaporeans are estimated to have the MS of $131,000, when they reach 55?

 

[Narong Wongwan]

Want to get your hands on your CPF?
You either migrate or you jump MRT (your family will get it)

 

[leetahbar]

this clause is going to affect many self-employed who may even have difficulty to make ends meet.

why is the gov always think of something that prevent us from withdrawing from cpf or implement soft threats that end up either u don't get all u put in or get very little in the end?

i can only summarise one thing from such communistic practice: our cpf is either nearly or already KAPUT!!

 

[leetahbar]

Want to get your hands on your CPF?
You either migrate or you jump MRT (your family will get it)

they already thought about that and hence have constructed barriers to prevent mrt dare devil kamizakes.

 

[po2wq]

... How many Singaporeans are estimated to have the MS of $131,000, when they reach 55?

u dunno wat is ze minimum figure sum 4 yr after nax ... but u noe dat 4 ze yr after, ze min sum wil escalate ...

so, question shud b frased laidis ...

how many sinkies who r 55 nax yr haf ze minimum sum of 131,000? ...

 

[rusty]

Dismantle the Dictator!

 

[leetahbar]

i m particularly puzzled by this:

Since the annual inflation rate for 2010 was only 2.8 per cent (see HERE), why is the MRA increase about six times more than inflation? (16 divided by 2.8 per cent)

the proportional is not very balanced. inflation 2.8% but increase is 6x which means again either cpf isn't paying enough interests or the gov cons us again with all the bombastic figures and statistics.

 

[cockie]

What they want to do is to reduce the draw out of the CPF...... The reason is simple - CPF money is used to be INVEST by Temasek and GIC. With the amount of money that both of the company is losing, do you think there is enough money for peoples to draw out the CPF?

That why every year, the CPF will come out with some rules with the support of the goverment to reduce the pay out of CPF and hence retaining the money inside CPF......

IMHO, in fact starting from now... Those peoples working and in the mid 30 to early 40 of ages will never to see or smell their CPF in the entire life......

 

[Narong Wongwan]

What they want to do is to reduce the draw out of the CPF...... The reason is simple - CPF money is used to be INVEST by Temasek and GIC. With the amount of money that both of the company is losing, do you think there is enough money for peoples to draw out the CPF?

That why every year, the CPF will come out with some rules with the support of the goverment to reduce the pay out of CPF and hence retaining the money inside CPF......

IMHO, in fact starting from now... Those peoples working and in the mid 30 to early 40 of ages will never to see or smell their CPF in the entire life......

There is still a chance if we can kick them out (not likely with the 60% of sheep)....even if this happens might be to late liao.

 

[leetahbar]

cpf started as a straightforward national compulsory saving. it also ends with straightforward qualified withdrawal age. but after so many years, gov keeps fine tuning it until it really looks more like a ponzi scheme than a honest straightfoward compulsory saving.

maybe this time chee's infamous remark: WHERE'S OUR MONEY? could be really applied.

 

[po2wq]

i m particularly puzzled by this:

Since the annual inflation rate for 2010 was only 2.8 per cent (see HERE), why is the MRA increase about six times more than inflation? (16 divided by 2.8 per cent) ...

iz very simple ... it simply means u can xpect medical fees 2 rocket skywards ...

 

[leetahbar]

There is still a chance if we can kick them out (not likely with the 60% of sheep)....even if this happens might be to late liao.

trouble now is not whether can kick them out successfully. i think they might even hope so then the new opp would end up with an empty coffer and helluva explaining to do. just like the bush administration. off they went and poor obama has to clear all the shits.

i m hoping that survey can be taken for those who have withdrawn their cpfs and a statistics could be drawn out whether how many have squandered away all their own savings, how many have live perfectly well with it and how many are left struggling.

all the gov does is to give scary presumptions of how inadequate our cpf is to handle medical bills and all those that have yet to happen or might not even happen. it's all like a bad fortune-telling to scare people into a more intimidated state of mind and maybe submission. then again, isn't the gov's job to subsidise health bill when they are an "investing business-like" gov and always bragging that investments are making tonnes of $?

something is definitely NOT right. something that is many times worst than the smrt breakdowns but is all covered up.

 

[tonychat]

Sinkies, you want your cpf? Then throw out the PAP lah. Got balls or not, if no balls, then forget your shitass money!

 

[leetahbar]

until the CPF invisible account is straightened out, it would be risky for the opps to really take over with a clean slate. we never shall know whether there might be lots of shits left to th disadvantage of opps if they were to be place in charge. the paps could conveniently blame the blame on the opps when in a couple of years when they realise the coffer is really empty.

manouvering of the accounts of figures is a very skiful way. all that's needed is a shrewd accountant and the balance looks perfectly nice and sweet. after they have made off the the money, then the real dark holes appear and the new person in charge kena.

we already have many such incidents e.g, NKF, RENCI and even the small fry STTA. but the real biggies are still concealed in the dark.

 

[leetahbar]

another example for reference: THE COLLAPSE OF SUNSHINE EMPIRE.

just look at how many "good" years they had b4 everything comes to light. just hope that cpf is not something like that. but since it's the gov, the good years should be even longer....maybe until the next political party to take over and the new incumbent gets a direct hit instead.

 

[laksaboy]

I always treat CPF as hidden taxation. Therefore, my future financial plans do not include CPF. I don't even bother to look at my CPF statement.

Singapore has low taxation? Well, that's like saying that Singapore has little corruption.

It all depends on your definition of corruption and taxation.

Legalized corruption is still corruption, and taking away your disposable income every month is still taxation. If it walks like a duck...

Anything that is not cash, or that cannot be converted immediately (or upon maturity of investment duration) into liquid cash is worthless.

If you want to take everything out from your CPF, give up your citizenship.

If you want to retire in Singapore, ignore the CPF with its shitty interest and absurd restrictions, and make other plans.
Don't wait for the govt/CPF Board to further change goal posts on a whim. Don't wait for them to feed you scraps from your CPF.

I have learnt to stop KPKB'ing about CPF. They will keep changing the rules when they please. It's a waste of time and energy. Grow your wealth your way, without CPF.

 

[ZorrorroZ]

just wanna check - if renounce citizenship - are we allowed to withdraw the entire CPF - ie. ordinary, special and medisave accounts - and any money in whatever hidden accounts like eldershield, etc?

 

[tonychat]

I always treat CPF as hidden taxation. Therefore, my future financial plans do not include CPF. I don't even bother to look at my CPF statement.

Singapore has low taxation? Well, that's like saying that Singapore has little corruption.

It all depends on your definition of corruption and taxation.

Legalized corruption is still corruption, and taking away your disposable income every month is still taxation. If it walks like a duck...

Anything that is not cash, or that cannot be converted immediately (or upon maturity of investment duration) into liquid cash is worthless.

If you want to take everything out from your CPF, give up your citizenship.

If you want to retire in Singapore, ignore the CPF with its shitty interest and absurd restrictions, and make other plans.
Don't wait for the govt/CPF Board to further change goal posts on a whim. Don't wait for them to feed you scraps from your CPF.

I have learnt to stop KPKB'ing about CPF. They will keep changing the rules when they please. It's a waste of time and energy. Grow your wealth your way, without CPF.

You have been enlightened... god bless you!!!!

 

[po2wq]

just wanna check - if renounce citizenship - are we allowed to withdraw the entire CPF - ie. ordinary, special and medisave accounts - and any money in whatever hidden accounts like eldershield, etc?

can la ... evry single cent oso can take along wif u ... unless u cum back 2 work ...

 

[Narong Wongwan]

can la ... evry single cent oso can take along wif u ... unless u cum back 2 work ...

Heard must wait up to a year before can get the monies