2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAILURE

[Papsmearer]

1 in 3 working Singaporean adults not planning for retirement: Survey
Almost two-thirds of retirees say they do not expect their savings to last till the end of their life, according to a Nielsen survey commissioned by NTUC Income.

SINGAPORE: One in three working Singapore adults are not planning for their retirement, according to a survey by Nielsen on Monday (Feb 15).

Of this group, 40 per cent say they have not done so due to a lack of understanding of the available options. Another 25 per cent say they do not know how much is needed and when to start planning, according to the survey commissioned by NTUC Income.

On the other hand, one in three respondents aged between 25 and 59 who have not retired say they have started financial planning for their retirement, with 55 per cent of those aged between 25 and 35 years old saying they have started saving and planning actively for their future. Almost two-thirds - 64 per cent - believe that retirement investment is a way to ensure adequate savings for their future needs, according to the survey.

Of those in the 25 to 35 age group, 86 per cent are willing to set aside S$300 a month to accumulate S$1 million by the time they retire at 65, Nielsen found.

WHAT'S STOPPING YOUNGER SINGAPOREANS?

According to the survey, retirement planning among the young is impeded by short- and mid-term financial commitments, and a lack of knowledge about when and how to save.

Twenty per cent of the 25 to 35 year-olds in Singapore listed saving for a first property as their main financial priority, followed by providing money for their daily needs (14 per cent). Saving for retirement only becomes a priority for those more than 36 years of age, the survey found.

The survey found that retirees aged between 60 and 69 had saved only one-third of the funds they perceived to be sufficient for retirement.

Two-thirds of retirees - 66 per cent - said they wished they had started planning for retirement earlier, with 65 per cent indicating that they do not expect their savings to last throughout retirement. They also listed financial support from their family and children as the third most important source of income during retirement.

The study was conducted online last September among the non-retiree segment, and face-to-face among the retirees segment. It polled 554 Singapore citizens and Permanent Residents, of which 456 were non-retirees and 98 were retirees, according to NTUC Income.

 

[lifeafter41]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

1 in 3 working Singaporean adults not planning for retirement: Survey
Almost two-thirds of retirees say they do not expect their savings to last till the end of their life, according to a Nielsen survey commissioned by NTUC Income.

SINGAPORE: One in three working Singapore adults are not planning for their retirement, according to a survey by Nielsen on Monday (Feb 15).

Of this group, 40 per cent say they have not done so due to a lack of understanding of the available options. Another 25 per cent say they do not know how much is needed and when to start planning, according to the survey commissioned by NTUC Income.

On the other hand, one in three respondents aged between 25 and 59 who have not retired say they have started financial planning for their retirement, with 55 per cent of those aged between 25 and 35 years old saying they have started saving and planning actively for their future. Almost two-thirds - 64 per cent - believe that retirement investment is a way to ensure adequate savings for their future needs, according to the survey.

Of those in the 25 to 35 age group, 86 per cent are willing to set aside S$300 a month to accumulate S$1 million by the time they retire at 65, Nielsen found.

WHAT'S STOPPING YOUNGER SINGAPOREANS?

According to the survey, retirement planning among the young is impeded by short- and mid-term financial commitments, and a lack of knowledge about when and how to save.

Twenty per cent of the 25 to 35 year-olds in Singapore listed saving for a first property as their main financial priority, followed by providing money for their daily needs (14 per cent). Saving for retirement only becomes a priority for those more than 36 years of age, the survey found.

The survey found that retirees aged between 60 and 69 had saved only one-third of the funds they perceived to be sufficient for retirement.

Two-thirds of retirees - 66 per cent - said they wished they had started planning for retirement earlier, with 65 per cent indicating that they do not expect their savings to last throughout retirement. They also listed financial support from their family and children as the third most important source of income during retirement.

The study was conducted online last September among the non-retiree segment, and face-to-face among the retirees segment. It polled 554 Singapore citizens and Permanent Residents, of which 456 were non-retirees and 98 were retirees, according to NTUC Income.

I recall seeing an article that more than half of cpf contributor do not even have the 160k when they reach 55, what more a cool million......

 

[Papsmearer]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

I recall seeing an article that more than half of cpf contributor do not even have the 160k when they reach 55, what more a cool million......

After decades of fucking around and bleeding the CPF, it is still an abject failure of the PAP.

 

[chootchiew]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

What fuck up survey and analyse is this ? Age group 25 to 35 put aside $300 per month can accumulated 1mil ? Magic ? Or buy toto 4d ?

 

[Papsmearer]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

What fuck up survey and analyse is this ? Age group 25 to 35 put aside $300 per month can accumulated 1mil ? Magic ? Or buy toto 4d ?

This is called PAPeeconomics. Alot of smoke and mirrors with a healthy dose of fantasy.

 

[JohnTan]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

Vast majority of people will not be able to save the magic amount that insurance agents say we need in order to retire comfortably. Yet, most still do retire in relative comfort. They spend less, get their kids to chip in, or find part time work as karang guni, taxi driver, security guard or table cleaner.

CPF is there to help you in your retirement. It's not meant to be your main safety net for retirement. There are many people in the west who also can't retire. Their pension schemes are paid for entirely by the taxes of the next generation, whereas CPF is your own savings + whatever interest you get. It is not a burden to the next generation.

 

[chootchiew]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

This is called PAPeeconomics. Alot of smoke and mirrors with a healthy dose of fantasy.

 

[zhihau]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

Screw the CPF.

 

[Papsmearer]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

CPF is there to help you in your retirement. It's not meant to be your main safety net for retirement. There are many people in the west who also can't retire. Their pension schemes are paid for entirely by the taxes of the next generation, whereas CPF is your own savings + whatever interest you get. It is not a burden to the next generation.

Fuck your cheebye mouth lah. If CPF is not meant to be the safety net, then what is the point? Already we are contributing 37% of our wages to CPF, that is much higher then 99% of the countries of the world, yet still not a safety net? When does it become a safety net? When we contribute 75% of our wages? Talk shit. Don't talk about people in the West not able to retire. Those people in the West did not pay their politicians multi million $ salaries, so I fuck care whether their politicians come up with an appropriate retirement scheme for them. But in Singapore, we have by far the highest paid Ministers in the world, and we should expect to retire in comfort after paying these motherfuckers all this money to come up with the best retirement plan in the world. But they have come up far short of it.

 

[JohnTan]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

Fuck your cheebye mouth lah. If CPF is not meant to be the safety net, then what is the point? Already we are contributing 37% of our wages to CPF, that is much higher then 99% of the countries of the world, yet still not a safety net? When does it become a safety net? When we contribute 75% of our wages? Talk shit. Don't talk about people in the West not able to retire. Those people in the West did not pay their politicians multi million $ salaries, so I fuck care whether their politicians come up with an appropriate retirement scheme for them. But in Singapore, we have by far the highest paid Ministers in the world, and we should expect to retire in comfort after paying these motherfuckers all this money to come up with the best retirement plan in the world. But they have come up far short of it.

My own retirement fund is mostly funded by my rental incomes, dividend income and capital gain from property, business sale and stocks.

Even for the average salaried worker, they should aim to set up a secondary source of income from stocks, annuity, rental or some side job. If you depend on CPF alone, you will be suffering in your retirement.

We pay our politicians well so that corruption is kept low.

In most countries that pay their politicians and civil servants peanuts, corruption and lobby influence is widespread. Ah Gong was way more pragmatic and decided that paying people in government service a good wage was cheaper than to pay them peanuts and put up with them stealing from the public. Just look at Malaysia and Indonesia. Their politicians are paid way better than any PAP leader once you factor in all their other sources of income, especially from corruption and married deals.

 

[Brightkid]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

What fuck up survey and analyse is this ? Age group 25 to 35 put aside $300 per month can accumulated 1mil ? Magic ? Or buy toto 4d ?

Assuming 35 years old accumulate to $1m when they reached 55-60 years old, (I too lazy to work the sums), the real value by 25-30 years later will only be worth about half a million. Not enough to retire by then too!

Frankly, those citizens who slogged here for life are screwed big time, assuming their CPF is still a realizable amount, even if not enough.

Who is there to be accountable if one fine day a someone/family just disappear into thin air? Worst what can these peasants do even if this someone/family will to tell them in their face their CPF is gone, zilch?

 

[Charlie99]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

May be, the Singapore government should contribute an amount similar to the employer's portion (with a minimum amount of $300 per month) to each working individual, but a minimum amount of $600 (per month) to those individuals age between 25 to 65, who are housewives and not working, and that the total amount contributed including interest earned be available to the individuals when they become 65. This will be in the spirit of "no one will be left behind"

 

[batman1]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

The CPF scam is a failure as it is manipulated to enrich the ruling elite at the expense of the CPF members.
The CPF balance of members have been eaten up a huge portion by the high cost of HDB housing.
The assumption that every Singaporean will be able hold a stable job till 65 is wrong .

 

[greedy and cunning]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

there is no need to plan
all the sillypootian planning are just futile attempts.
Pee and Pee changes rule of the game at their whim and fancy whenever they want
how to plan ?

 

[greedy and cunning]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

Vast majority of people will not be able to save the magic amount that insurance agents say we need in order to retire comfortably. Yet, most still do retire in relative comfort. They spend less, get their kids to chip in, or find part time work as karang guni, taxi driver, security guard or table cleaner.

spend less ? kids to chip in ?
what talking cock you ?
you should tell these sillypootians the easy way that you employed :
sucking Pee and Pee cocks and cunts.

 

[iluvgst]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

My own retirement fund is mostly funded by my rental incomes, dividend income and capital gain from property, business sale and stocks.

Even for the average salaried worker, they should aim to set up a secondary source of income from stocks, annuity, rental or some side job. If you depend on CPF alone, you will be suffering in your retirement.

We pay our politicians well so that corruption is kept low.

In most countries that pay their politicians and civil servants peanuts, corruption and lobby influence is widespread. Ah Gong was way more pragmatic and decided that paying people in government service a good wage was cheaper than to pay them peanuts and put up with them stealing from the public. Just look at Malaysia and Indonesia. Their politicians are paid way better than any PAP leader once you factor in all their other sources of income, especially from corruption and married deals.

hey you daft pap ccksucker... paying millions in salaries doesn't guarantee a corruption free government.

 

[zhihau]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

The CPF balance of members have been eaten up a huge portion by the high cost of HDB housing

Artificial depression of wages, pronto.

 

[Papsmearer]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

there is no need to plan
all the sillypootian planning are just futile attempts.
Pee and Pee changes rule of the game at their whim and fancy whenever they want
how to plan ?

Still can plan mah, Just plan for PAP to keep moving the goal post and minimum sum become $500K by the time you retire. LOL

 

[no_faith]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

With the collabration of HDB, no need to plan.
Modern slavery. Hahah
They have got a plan for you to put ur money in govt but nvr go out.
Like hotel california, once ur money check in, it can never check out.

 

[johnny333]

Re: 2/3 of retirees say savings will not last their lifetime, whole CPF scam is a FAI

CPF has become nothing more than the world's largest ponzi scheme that only benefits you know who.

Don't think the old guard originally planned it that way but when LKY became the emperor of Spore there was nothing to stop him from abusing the system.