CPF Life versus other annuity plans.......

winnipegjets said:

PAP press only sells the governmeent's lines ...so if you believe what the PAP Press tells you, then you are easily conned. Do your own research and math.

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lifeafter41 said:

Dear winniepegjets, its not so much on the selling per se, with the given sets of figures, at 4% interest, 1750 drawdown, will last till age 93.
with the comparison given, it is certainly not the best deal coming from the private sector, unless like I mention, it is not the best of plans that is being put up.

The selling right now is the drawdown age has been changed to 70, now being touted as an option, so as to increased the drawdown amount.
The concern here is when option becomes mandatory......and thus the goalpost has shifted.

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Sinkie said:

I totally disagree with this crap. First, why do you think you will live till 93?????????
Second, I've shown in other threads previously that the life expectancy of 85 is a big fat lie.
Third, why start annuity at age and now age 70? This is true only for the present generation born around 2014, but for those reaching 55 soon, this is totally a lie.

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lifeafter41 said:

Dear Sinkie, to be able to live till age 93 is a blessing, if one is still healthy and mobile. But if sickly, then it becomes a curse.
As you have indicated, to be able to live past 85 is already very difficult, what more till past 90.

What is being stated is on the drawdown that it will last till age 93.

As for 65 to 70........option now.
My thought is, test the reaction first, with options.........thereafter.......(what's new, if you ask me)

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Sinkie said:

So why you say CPF Life is a comparable plan to other annuity plan?

You need to do your research. I've done mine and it will surprise you that there is a private annuity plan that pays immediately upon reaching age 55, and it replaces the minimum sum. In other words, you don't have to wait till 65 or 70 to drawdown and this plan replaces the minimum sum scheme so you don't have to use extra of your own cash to buy this annuity plan. Did you know this? Bet you didn't.

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lifeafter41 said:

Saw in today's Sunday Times on its better to keep the money in CPF. On the basis of the enhanced plan of 240k. It's seems the payout from CPF life is better. Based on 4% interest and with drawdown from 65 onwards, the amount would be 355k, after 10 years, ie age 55 to 65, is able to last 28 years or age 93 years old.

Drawdown amount being S$1750

On the comparison being used, it really seems the payout from CPF life is better, or the plans that is being used to make the comparison, is not the best in this instance......

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Papsmearer said:

You must be some kind of a simpleton brain dead sinkie. Don't look at the features of CPF LIfe. Instead look at the company behind it. Do you trust an org. that changes and modifies the CPF on almost an annual basis? They keep moving the goal post and increasing the minimum sums, and withdrawal criterias on CPF. U now trust this same org. to keep the features of CPF LIfe the same throughout as on the day that you signed up for it. These bastards will start making changes to CPF LIfe once they see the withdrawal rates rising and whenever its in their benefit to do so. Private Life insurance companies cannot suka suka do that or no one will ever buy their products again. Just wait a few more years and you will see some retroactive changes to your CPF LIfe.

Idiots like you kena con left right and centre by an unethical company CPF, and now want to look at their other products? Once you reach 55, you have no choice but to be enrolled in CPF LIfe. If their deal was so fucking good, other insurance companies will just pack up shop and go home.

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lifeafter41 said:

As you have mentioned, once you reach 55, you have no choice but to be enrolled in CPF LIFE.

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Papsmearer said:

So, stop thinking its better, moron. Anything u are forced to do is seldom better for you.

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Force 136 said:

buy property to rent out with rental income as your pension..... inflation proof, not like CPF Life, where your dollar shrinks ......

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Force 136 said:

buy property to rent out with rental income as your pension..... inflation proof, not like CPF Life, where your dollar shrinks ......

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lifeafter41 said:

The plans used as a comparison to CPF life, have made it looks better. I should have rephrase it this way.

As for alternative, any suggestion?, short of changing government.

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GOD IS MY DOG said:

when you buy a flat, your CPF still got so much meh ?

what to do ah..........renounce citizenship lah.........sell everything and go to Bangladesh, live like a king

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