Why it’s so hard for S’poreans to understand CPF

[Leongsam]

Looks like we are of the same frequencies on this aspect. I've more than tripled my funds via alternative investments and still reaping more profits today.

The beauty of the CPF scheme is that although you cannot withdraw the amount that you see on your statement, that amount can be used in a myriad of ways to your own benefit because it is YOUR MONEY. You can then withdraw the profits in real cash.

In NZ, there is no retirement savings account in my name. I am taxed 20% higher than I would be in Singapore. The 20% goes into a common pool. If I die at 65, my family gets zilch and I get zilch because I'm dead. All the money that I paid in will then be used to pay the pensions of characters like this.

 

[frenchbriefs]

Looks like we are of the same frequencies on this aspect. I've more than tripled my funds via alternative investments and still reaping more profits today.

if u lose do u have to replace ur cpf?

 

[RealSingaporean]

CPF pays far higher SGD deposit returns than any other bank in the world. Compare the 4% CPF rate with the 0.15% my bank BNZ offered me when I wanted to withdraw the money from CPF and place it with them.

what u talking? Bank deposit saving is different from fund la. Bank deposit can take out when u like.
fuck u la, try to confuse people.

 

[soIsee]

CPF gives its members many options to achieve a higher return.

I made a profit of more than $400,000 in 9 years using my CPF funds.

There is no such option in NZ. I have to keep paying large amounts into a pension fund till I am 65 years old.

When I reach that age, I start getting a very small payout in relation to what I put in mainly because the bulk of what I paid into the fund is being used to pay for the pension of someone else who never contributed a cent.

If I die at 66 my family gets zilch. There is nothing to bequeath.

If this system was imposed upon Singaporeans, there'd be rioting throughout the Island not just in little India.

Only S$400K?

Your investment skills are "PITS"!

Moreover, your investments do not give you a yield over 10% yearly and continue giving that type of yield almost perpetually.

No wonder most Sinkie are losers.

But by and large, you did not fare that bad ....hehehehe

 

[wMulew]

All dumbfuck retarded opposition supporting moron's complain about the govt hogging your CPF money is made invalid by the fact that you can be exempted from minimum sum

Exemption From The Minimum Sum

You may apply for exemption from the Minimum Sum Scheme if you have bought your own life annuity using cash. The monthly payment you receive from the life annuity should be equal or above the Minimum Sum monthly payment. The same applies to pensioners receiving a monthly pension equal or above the Minimum Sum monthly payment.

http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/SubPage.htm

This proves beyond a doubt that the government only wants U to have a proper safety net in place. Once U prove that U did, they are more than happy to return your money

 

[Leongsam]

Only S$400K?

But by and large, you did not fare that bad ....hehehehe

My ROI on that investment that yielded $400,000 was far greater than 10% per annum.

 

[Leongsam]

http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/SubPage.htm

You're addressing an audience here that have zero savings apart from their CPF after 30 years of work and you expect them to buy their own life annuity policy??? :p

Those who want all their CPF money back are all dead broke and if you gave them the lump sum, they'd spend it all in 6 months. They're hopeless with money. Thank goodness for the minimum sum scheme or they'd be screwed far earlier in life.

 

[soIsee]

All dumbfuck retarded opposition supporting moron's complain about the govt hogging your CPF money is made invalid by the fact that you can be exempted from minimum sum



http://mycpf.cpf.gov.sg/CPF/my-cpf/reach-55/SubPage.htm

This proves beyond a doubt that the government only wants U to have a proper safety net in place. Once U prove that U did, they are more than happy to return your money

And which dumb fuck wants to get away from the PAP assurance trap of Min Sum to run right back into a insurance scheme drawn up by con men of the insurance industries?

You?

No wonder you are MORE than a dumb FUCK! LOL

 

[Leongsam]

On the internet, everyone can be an investment guru, casino guru, soccer guru, 4d guru.

Got a guy even say he is brunei sultan pal and board his private jet many times. Maybe the next chap will say he is the sultan himself. The beauty of internet. Say anything you want to make yourself song.

You're SPOT ON there. I have already changed ethnicities numerous times and I've gone from living in luxury to a rented room more than twice.

However, the gist of my posts is not about me. It's about providing useful information, reality checks and comparisons between the Singapore system and the so called "democracy" and "free speech" utopia that Singaporeans yearn for but don't really comprehend what it entails.

 

[revealer]

May be the NZ system will need an overhaul. Go shout in front of their office, see if anyone cares. I stayed and worked in Auckland before. There they used to deduce 40% of my pay every week (understand it is much less after the reform in 1980) but at the end, I would pay peanut tax because I could deduce this and deduce that expenses and claimed that this was related to my earnings and I would need to entertain also. Was it a good system to have heavy taxes upfront and let people claim back their taxes? I felt very rich when I got back the tax rebates.

If Singaporean should compare, we would like to compare our CPF system to Malaysia's EPF and Hong Kong's Provident Funds and not to the New Zealand Pension Funds. There, in Malaysia and Hong Kong, their funds are paying their members more than 5% interest per year consistently for many years. Just published by EPF today, they were earning 57.7% from the EPF Fund in the 1st quarter 2014 by investing in equities. Hope they are not bluffing their members to make them happy.

I cannot comment on the US system but if I compare the NZ system with the CPF scheme, the obvious conclusion is that CPF is far superior.

 

[Leongsam]

May be the NZ system will need an overhaul. I stayed and worked in Auckland before. There they used to deduce 40% of my pay every week (understand it is much less after the reform in 1980) but at the end, I would pay peanut tax because I could deduce this and deduce that expenses and claimed that this was related to my earnings and I would need to entertain also. Was it a good system to have heavy taxes upfront and let people claim back their taxes? I felt very rich when I got back the tax rebates.

If Singaporean should compare, we would like to compare our CPF system to Malaysia's EPF and Hong Kong's Provident Funds and not to the New Zealand Pension Funds. There, in Malaysia and Hong Kong, their funds are paying their member more than 5% interest per year. Just published by EPF today, they were earning 57.7% from the EPF Fund in the 1st quarter 2014 by investing in equities. Hope they are not bluffing their members to make them happy.

Yes the system is called PAYE. There are companies that make a good living out of helping citizens get tax rebates and taking a cut in the process.

However, at the end of the day, 15% GST, ridiculous council rates, ACC premiums etc all take their toll on the ordinary working man making it very hard to make ends meet or to save any money.

Kiwis are therefore forced to rely on their superannuation to get through old age but the amount is woefully inadequate. Many old people end up freezing to death in winter because they can't afford to turn on the heat and this is after paying a huge amount of taxes all their lives.

 

[bakkuttay]

come all and support roy

Topic : Return Our CPF
Venue : Hong Lim Park
Date of event : 7 June 2014
Time : 4 pm

http://forums.fuckwarezone.com.sg/ea...f-4677750.html

 

[revealer]

There are also plenty of bad habit among the workforce n New Zealand.. not sure they are still practicing it... for example, smoko time breaks in the morning and afternoon where every one would take a break to smoke longer than usual. Then the workers there were lazy like shit; remembered we always go football watching when were supposed to be in the factories working. No one had the sense of responsibility because we never heard about productivity. The British then would pay anything New Zealand would produce. When the British pulled out the supports, they then realized the seriousness of a recession. By then I already left. Hope for the best of those people who were still there. Understand Auckland is now full of PRC. They swamp Queen street with little shops selling souvenirs and many other stuff. When I was there, used to see only Hong Kong farmers and restaurant owners.

 

[Leongsam]

There are also plenty of bad habit among the workforce n New Zealand.. not sure they are still practicing it... for example, smoko time breaks in the morning and afternoon where every one would take a break to smoke longer than usual. Then the workers there were lazy like shit; remembered we always go football watching when were supposed to be in the factories working. No one had the sense of responsibility because we never heard about productivity. The British then would pay anything New Zealand would produce. When the British pulled out the supports, they then realized the seriousness of a recession. By then I already left. Hope for the best of those people who were still there. Understand Auckland is now full of PRC. They swamp Queen street with little shops selling souvenirs and many other stuff. When I was there, used to see only Hong Kong farmers and restaurant owners.

Not much has changed over the years. Kiwis are even worse than sinkies when it comes to a crutch mentality.

The PRC in Queen street are mainly language students not PRs or citizens.

 

[Sinkie]

Not much has changed over the years. Kiwis are even worse than sinkies when it comes to a crutch mentality.

The PRC in Queen street are mainly language students not PRs or citizens.

What you mean by crutch mentality? Oredi said return our money at age 55. Which part of that is crutch mentality to you?

 

[sochi2014]

My CPF is kosong now!!!

Kena siphoned away by HC Ten Sick men shopping spreeeeeee!!

and Gee I Seeeeee too!!

HABIS LEOW!

 

[soikee]

But CPF robs nobody. It is still your money. You can put it into an investment fund, you can buy property, use it to pay medical bills and to purchase annuity in your old age.

The best thing about the CPF is that the more you put in, the more you get out of it. Most other pension schemes pool the money so that regardless of whether you contributed $400,000 or $40,000, you end up with the same payout. CPF isn't like that. It rewards you for your hard work and dedication.

Boss I wanna agree with you, but can you please tell me where does Whore Jinx find so many tens of Billions of Dollars to lose in her speculation?

 

[winnipegjets]

The beauty of the CPF scheme is that although you cannot withdraw the amount that you see on your statement, that amount can be used in a myriad of ways to your own benefit because it is YOUR MONEY. You can then withdraw the profits in real cash.

In NZ, there is no retirement savings account in my name. I am taxed 20% higher than I would be in Singapore. The 20% goes into a common pool. If I die at 65, my family gets zilch and I get zilch because I'm dead. All the money that I paid in will then be used to pay the pensions of characters like this.

You live in a society ...you share some and you keep some.
By the way, the 20 percent higher tax you paid goes to a myriad of services for kiwis. Now, if you don't like that, you should just leave NZ and come back to sunny sinkapore. The PAP needs more of your kind to retain power in 2016. They still have a spot for you to run for them ...your resume will definitely bring in the votes.

 

[winnipegjets]

There are also plenty of bad habit among the workforce n New Zealand.. not sure they are still practicing it... for example, smoko time breaks in the morning and afternoon where every one would take a break to smoke longer than usual. Then the workers there were lazy like shit; remembered we always go football watching when were supposed to be in the factories working. No one had the sense of responsibility because we never heard about productivity. The British then would pay anything New Zealand would produce. When the British pulled out the supports, they then realized the seriousness of a recession. By then I already left. Hope for the best of those people who were still there. Understand Auckland is now full of PRC. They swamp Queen street with little shops selling souvenirs and many other stuff. When I was there, used to see only Hong Kong farmers and restaurant owners.

These people know that work is not the be all in life. Good on them. That the kiwi economy is still moving along says something about that.

 

[winnipegjets]

You're addressing an audience here that have zero savings apart from their CPF after 30 years of work and you expect them to buy their own life annuity policy??? :p

We have been screwed by the government with this negative return compulsory savings.

Those who want all their CPF money back are all dead broke and if you gave them the lump sum, they'd spend it all in 6 months. They're hopeless with money. Thank goodness for the minimum sum scheme or they'd be screwed far earlier in life.

Why should it matter to the government when the government doesn't give a hoot to the homeless or penniless?
We want our CPF money back in full as we trust ourselves more than the government.