CPF Minimum Sum vs CPF Life

[TracyTan866]

Is it better for a Singaporean to remain on the Minimum Sum scheme rather than opt for CPF Life? If she takes $200 from her monthly payout and buy a life insurance plan that matures in 20years, she will probably have enough money even if she has a long life after 85years. Has anyone done the maths?

 

[zhihau]

screw CPF LIFE! let people the choice to opt out of it!

 

[Cestbon]

screw CPF LIFE! let people the choice to opt out of it!

Quite agree let people have choice opt out. If they live longer or shorter they person have to decide for themself.

 

[Leepotism]

CPF LIFE is another PAP scam.

 

[batman1]

The MIW has broken the contract with people of Singapore when they
deferred the CPF withdrawal date from 55 to 62 to 65.
They added many withdrawal restrictions n conditions such as the
Minimum Sum Scheme BEFORE u can withdraw any money from your own CPF money.
SO even if u are sick ,poor and jobless between 55 to 65,u cannot withdraw your own CPF money for
your daily survival.If your stomach is hungry NOW,what is the use of withdrawing monthly payout of a few hundred dollars 10 years LATER ? The MIW don't have these financial problems,u think the MIW
Understand the problems of the ordinary people of singapore ?

 

[Leepotism]

And every year they increase the minimum sum by at least $6000. Medisave minimum also increase every year. Most sinkies have nothing to withdraw when they reach age 55.

 

[McDonaldsKid]

Is there a table stating the differences between MS and Life? I can't find it on the CPF website.

 

[TracyTan866]

screw CPF LIFE! let people the choice to opt out of it!

I agree with you. CPF Life is another way to extract huge management fees from the CPF depositors.

So those who have the opportunity to opt shd reject CPF Life

 

[TracyTan866]

Quite agree let people have choice opt out. If they live longer or shorter they person have to decide for themself.

i just did a preliminary calculation and feel that it is better to remain on Minimum Sum and use some of the monthly payout to buy a 20 year life policy

 

[TracyTan866]

The MIW has broken the contract with people of Singapore when they
deferred the CPF withdrawal date from 55 to 62 to 65.
They added many withdrawal restrictions n conditions such as the
Minimum Sum Scheme BEFORE u can withdraw any money from your own CPF money.
SO even if u are sick ,poor and jobless between 55 to 65,u cannot withdraw your own CPF money for
your daily survival.If your stomach is hungry NOW,what is the use of withdrawing monthly payout of a few hundred dollars 10 years LATER ? The MIW don't have these financial problems,u think the MIW
Understand the problems of the ordinary people of singapore ?

so back to my question, shd a singaporean remain on CPF Minimum sum if she has a choice?

 

[TracyTan866]

And every year they increase the minimum sum by at least $6000. Medisave minimum also increase every year. Most sinkies have nothing to withdraw when they reach age 55.

Agree. But you have not answered my question

 

[TracyTan866]

Is there a table stating the differences between MS and Life? I can't find it on the CPF website.

if CPF puts up a table, CPF Life would be rejected.

so we need to do our own calculations

 

[batman1]

so back to my question, shd a singaporean remain on CPF Minimum sum if she has a choice?

From what I know from the CPF website ,there is no more choice now for those CPF members
Who reached 55.IT IS COMPULSORY TO JOIN CPF-LIFE when they reached 55.In fact there is no comparison,Tharman spoke in parliament that cpf-life is the best for cpf members and rushed thru the CPF-life administrative orders making it compulsory to join CPF -life when u are 55.

 

[Cestbon]

so back to my question, shd a singaporean remain on CPF Minimum sum if she has a choice?

CPF minimun sum. I agree gov must enforce but the question is how much???
But my ideas is whatever minimun sum CPF must pay minimun 3.5% interest on it.
Not 1st $60k as now which have 4% interest.

 

[TracyTan866]

From what I know from the CPF website ,there is no more choice now for those CPF members
Who reached 55.IT IS COMPULSORY TO JOIN CPF-LIFE when they reached 55.In fact there is no comparison,Tharman spoke in parliament that cpf-life is the best for cpf members and rushed thru the CPF-life administrative orders making it compulsory to join CPF -life when u are 55.

if the govt has to make CPF Life compulsory and dare not give the depositor a choice, my feeling is that CPF Life is a bad choice

 

[TracyTan866]

CPF minimun sum. I agree gov must enforce but the question is how much???
But my ideas is whatever minimun sum CPF must pay minimun 3.5% interest on it.
Not 1st $60k as now which have 4% interest.

I agree that interest for compulsory savings such as Minimum Sum shd earn more that the inflation rate

 

[Cestbon]

My new ideas for CPF is 1st $2k salary company contribute 20% of the CPF and then next after $20k is 15%.
So lower salary will get more CPF use for HDB flat installment.
What u think Tracy???

 

[Sinkie]

Anything without a choice is bad.

 

[TracyTan866]

My new ideas for CPF is 1st $2k salary company contribute 20% of the CPF and then next after $20k is 15%.
So lower salary will get more CPF use for HDB flat installment.
What u think Tracy???

i think your suggestion is good. But I also think 20% after $2k is also ok

 

[TracyTan866]

Anything without a choice is bad.

yes...

if CPF Life is as good as what the pap said, then everyone will rush to opt into CPF Life. why is the pap so afraid that Singaporeans will reject CPF Life? Obviously, it knows that CPF Life is inferior