PM Lee: CPF Annuity Payout Starts At 65, not 80

[sgnewsalte]

From the horse's mouth. Is there a change in plan, or is he trying to pull wool over our eyes again.

http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_323929.html

Cpf scheme has worked well

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'The CPF scheme has served Singaporeans well.

The CPF savings are wholly invested in Special Singapore Government Securities, which are risk-free and provide a steady return. In boom times, CPF members have sometimes complained that this approach yields too low returns. But in the current unstable financial markets, I believe many are relieved that the Government has been prudent rather than adventurous with their retirement nest-eggs.


'Separately, we are in the midst of incorporating an annuity in the CPF scheme, which will provide a steady stream of income starting at 65, for life. Called the Lifelong Income For the Elderly (or CPF Life), this is an additional layer of financial security to support Singaporeans as they age.'

 

[colortv]

CPF annuity payouts is always intended to start paying after retirement. What 80 are you talking about?

 

[VIBGYOR]

ah shit!

life used to be simple, until PAP hold on to power...

 

[zhihau]

'Separately, we are in the midst of incorporating an annuity in the CPF scheme, which will provide a steady stream of income starting at 65, for life. Called the Lifelong Income For the Elderly (or CPF Life), this is an additional layer of financial security to support Singaporeans as they age.'

rubbish! if this compulsory annuity is being put into effect, then CPF is no different from any Ponzi scheme

 

[metalslug]

Tell them to shut the FUCK up and return us our CPF money!!

 

[po2wq]

... 'Separately, we are in the midst of incorporating an annuity in the CPF scheme, which will provide a steady stream of income starting at 65, for life. ...

if u retire @ 65, ur avg life span is 66.8 oni ... hv 2 feed u 4 1.8 yrs oni ...

if u retire @ 62, ur avg live span wil b until 72 ... hv 2 feed u 4 a gd 10 yrs! ...

gr8 savings, man! ...

 

[The_Latest_H]

rubbish! if this compulsory annuity is being put into effect, then CPF is no different from any Ponzi scheme

Bet the annuity is only 2-4% per year, while inflation remains 5-6% annually. I guess you can do your own calculations and draw your own conclusions.

 

[myfoot123]

If a person cannot live beyond 65yo because this country is overpopulated. What will happen to our CPF? I rather give it to my beneficiaries and not pocketed by the state govt to pay themseves high bonuses.

 

[myfoot123]

Please do not trust pap. They kept changing goal post with our CPF money. Today he may said 65yo, after election it will be back to 85yo. Whichever decision they made to touch our cpf is not acceptable, we demand it back at age 55yo.

 

[myo539]

life used to be simple, until PAP hold on to power...

Yes, it was so simple that we had to carry water from the well to the kitchen, chop wood to boil a kettle of water, light up a candle to study and finally get somebody to collect shit every morning from the jamban.

How you wish PAP never come into power so that you can continue to live the same way happily ever after!

 

[myo539]

If a person cannot live beyond 65yo because this country is overpopulated. What will happen to our CPF? I rather give it to my beneficiaries and not pocketed by the state govt to pay themseves high bonuses.

You are obviously ignorant and not contributing to CPF yet. Should you happen to be called up to heaven, all the money will go to the next of kin - wife,husband, children, sister,,brother ...in that order - even if you have not nominated anybody. Your girlfriend will not get a cent.

 

[boring]

pap is so boring......