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Defamation Suit to get a Response - Disgraceful.

It's good to see an excellent response from the minister. Hopefully it will quell all the ludicrous discussions over CPF once and for all.

I've been rebutting many of these fallacies myself over recent weeks and the minister has put the final nail in the coffin of all the doubters and troublemakers.

Let's move on to more important issues like how to achieve financial independence by 40. It's a far more challenging and interesting topic and achieving this goal would truly liberate many of you. It would make CPF a non issue as you'd be able to retire far earlier than any legislated age the government could come up with.

Discussions over the minimum sum are meaningless because regardless of the amount and when the draw down age is, the fact remains that unless you have saved at least $1,000,000.00 by 40, you're going to lead a very ordinary life once you retire.

Singaporeans should aim high. There are opportunities aplenty in your beloved country and many of them are created by the very people you resent ie the foreigners in your midst. Learn to milk them for all they are worth. $1 from each of them makes you $2,000,000.00 richer immediately.
 
Leongsam said:
Let's move on to more important issues like how to achieve financial independence by 40. It's a far more challenging and interesting topic and achieving this goal would truly liberate many of you.
Click to expand...

Sir, Yes Sir. Thank you, Sir! :D:D:D
 
Well let there b no doubt asking us to invest has been a mistake as the sgx is one of the worst pwrforming bourses in the world. Having said that why not allow cpf to b invest in nasdaq.
 
virus said:
Well let there b no doubt asking us to invest has been a mistake as the sgx is one of the worst pwrforming bourses in the world. Having said that why not allow cpf to b invest in nasdaq.
Click to expand...

When it comes to equities, it has nothing to do with bourses, it's all about when you get in and when you get out.

For example if you put money into Nasdaq during the first dotcom bull run, you'd still be waiting to make your first dollar of profit.

I actually know someone in exactly that position.

nasdaq-history-chart.gif
 
An excellent article as to why NZ needs to set up it's own CPF scheme asap or risk financial ruin as a result of an unsustainable universal superannuation scheme.

http://www.grantthornton.co.nz/Pres...-while-new-zealand-retirement-funds-burn.html

[h=1]Not even fiddling while New Zealand retirement funds burn[/h]

A commitment by Prime Minister John Key in the run up to the last election not to touch the New Zealand Superannuation scheme (NZ Super) means that it will again be missing from this year’s Budget, but the whale in the fish tank is only getting bigger.
The present New Zealand Superannuation scheme is clearly not sustainable, but putting off action today will turn this headache into a migraine for a future government.
[h=4]Let’s look at some facts.[/h]
  • The cost of NZ Super was $8,583,000,000 in the year to June 2010, a cost to the New Zealand Government of $700,000,000 per month. The total cost increases by approx. $500,000,000 each year.
  • The current NZ Super payment per superannuitant (married rate) is $244.71 per week or $12,724.92 pa gross.
  • People are eligible to receive NZ Super if they are 65 years or over and meet the residency test which among other things means that you must have lived in New Zealand for 10 years since aged 20, including five years since turning 50.
  • There is currently no income test to the eligibility criteria for NZ Super.
  • There are approx. 550,000 people in New Zealand who hold a ‘SuperGold card’, receive free off peak travel on public transport and are eligible to receive NZ Super. Based on the demographics the number of people receiving NZ Super increases by 20,000 approx. each year.
  • The Cullen Fund currently has 19,000,000,000 in it. Only enough to cover two years of NZ Super at the current rate. There have been no extra payments into the Cullen Fund for the last couple of years and none expected until the Government returns to surplus.
Compare this with Australia which has had compulsory superannuation in place since 1992 and where employers contribution to the workers fund is 9% of their annual wage or salary, providing a war chest of $1,280,000,000,000 ( $1.28 trillion ). The Australian budget last week announced that the contribution will increase from 9% to 12% over the next three years.
Australians have more money in managed funds per capita than any other country in the world. No wonder then that they have a strong banking sector, strong capital markets and strong stock exchange all underpinned by these savings.
[h=4]So what needs to change in New Zealand?[/h]
  • KiwiSaver needs to be a compulsory super scheme for all working age New Zealanders.
  • The compulsory contribution needs to lift over time from the current minimum 4% (2% from the employee and 2% from the employer) to a total of 10% to 12%.
  • A phasing out of the current NZ Superannuation fund over say 20 years for new recipients to just be a supplementary payment to those people who through no fault of their own have insufficient funds in the their KiwiSaver account to provide a living super payment.
  • A lift in the current eligibility criteria to qualify for NZ Superannuation for the residency test from a minimum of 10 years living in New Zealand to 20 years, from the age of 20.
To remove the whale from the fish bowl, as a country, we need to make a progressive move from a Government financed superannuation funded from tax revenue to a self-funded system with a means tested safety net.
[h=4]Further enquiries, please contact:[/h]Peter Sherwin
Partner, Privately Held Business
T +64 (0)4 495 3777
E [email protected]
 

Unlike most other systems, our CPF does more than just give us a monthly pension. We use it to help own our homes and pay for healthcare. In countries where a significant proportion of retirees do not own their homes or are still servicing their mortgages, pension payments have to be used for these costs. As the vast majority of Singaporeans including lower income retirees own our homes, paid for out of our CPF, and have fully paid our loans,

This one sentence encapuslates what a crock of bullshit this press release is. We "own" our our homes? hahahahhah. That is an outright lie. I could have swore it says tenant and landlord on the HDB contracts. And no sane retirement plan will allow for ear marked retirement funds to be constantly withdrawn for day to day living expenses such as housing.
 
eatshitndie said:
to dispel any misinformation and ignorance here, the nomura article on sg's cpf is the best to date. :rolleyes:

http://www.nicmr.com/nicmr/english/report/repo/2013/2013sum07.pdf
Click to expand...




ONLY WAY TO GET BACK WHAT IS LEFT OF CPF IS TO DANGLE THE PAPs WITH PIANO WIRES TO SEE THEM DANCE UNDER LAMP POSTS
OR GIVE THEM NECKLACE OF BURNING CAR TYRES


DO THAT BEFORE CPF ALL GONE GONE GONE


GET RID OF THE POISON IN SINGAPORE
HANG ALL THOSE FUCKING PAPs AND THEIR COLLABORATORS
BBQ THE BASTARD PAPs

AND SINGAPORE CAN BE AS GOOD IF NOT BETTER THAN SWITZERLAND

OR REMAIN HEAD DOWN DOWN AND ARSEHOLES UP HIGH HIGH TO BE FUCKED TO BE TIEWED TO BE KANNED BY THE PAP MAGGOTS COCKROACHES

Kill them all PAPs
Let GOD sort out the good from the really bad ones
The good PAPs can then eat joss sticks and candle wax from time to time
The bad PAPs like smear of shit on sole of shoe LKY will be raped and tiewed and kanned by legions of ghouls and demons and not ever
get time off to eat joss sticks and candle wax

Hang those PAP maggots cockroaches with piano wires from lamp posts to make them dance before it is too late and we have no more CPF to get back.

BBQ those PAP maggots cockroaches before it is too late and we have no more CPF to get back.

Cut a few more arseholes into those PAP maggots cockroaches to let out their shit before it is too late and we have no more CPF to get back.

Make those PAP maggots cockroaches eat joss sticks and candle wax before it is too late and we have no more CPF to get back.


None of those in PAP work for anyone but that smear of shit on sole of shoe LKY, to help him hold down Singaporeans to screw and fuck hundreds of BILLIONs from us all into smear of shit on sole of shoe LKY stinkapore sovereign funds.

They are there in PAP because LKY know that they are a bunch of self serving greedy bastards and scrapings of scums of society. To call them maggots cockroaches will be to insult real maggots and real cockroaches.
LKY will never allow good decent people into the PAP and good decent people will not want to get into the PAP.

Those in PAP are the most corrupt and moral degenerates and moral bankrupts and moral filths that are being presented to stinkaporeans as moral compasses.

Despite the leeching and fucking of singaporeans by the cheebye PAP and LKY, Singapore still managed to survive to date.
Despite their being hung as a fucking millstones around the necks of Singaporeans and the idiocy and corrupt manipulations of PAP and LKY, Singapore still not dead yet.

WE ALL ARE NOW WAITING FOR THE DEATH OF LKY IN COMING DAYS OR WEEKS.
WE ALL WILL YUM SENG AND YUM SENG AND YUM SENG AGAIN AND AGAIN DANCING SINGING ON TABLE TOPS AND STREETS

WE THEN WILL SEE THOSE IN PAP WITH SHARPENED KNIVES HOOTING ARSEHLOON A DOZEN NEW ARSEHOLES AND THE DEATH OF THE ENTIRE LEE KWA CLAN

WE THEN WILL PICK UP PIANO WIRES AND HANG ALL THOSE REMAINING PAP AND THEIR COLLABORATORS FROM LAMP POSTS AND SEE THOSE BASTARDS AND BITCHES DANCE.
AND HAPPINESS WILL RETURN TO OUR LAND.

AND STINKAPORE WILL BECOME SINGAPORE ONCE MORE.

https://www.torproject.org/about/overview.html.en
 
The people have spoken. The change is coming. I can feel it in the wind. :p

[video=youtube;n4RjJKxsamQ]http://www.youtube.com/watch?v=n4RjJKxsamQ[/video]
 
ILoveIHP said:
The people have spoken. The change is coming. I can feel it in the wind. :p
Click to expand...

Yeah change came in the form of Yeltsin and now Putin. What a wonderful progression.
 
One other point. The gahmen is making such a big fuss about people living longer. If tat is soo big a deal than why dont the gahmen just allow people the choice to die with dignity like in Soylent Green? That way people die faster, less need for sophisticated medical treatment etc etc..the only loosers for this is the medical sector and of course the gahmen cant leech on public health services. But since they dont want to spend the money..why worry abt public health services.

And one other thing...with the food supply being contaminated, the controversy of new water, the stress n pollution etc etc..what makes them so sure that every singkie can live till 80++++ talk cock..

'At least they died with dignity in soylent green'
 
Leongsam said:
An excellent article as to why NZ needs to set up it's own CPF scheme asap or risk financial ruin as a result of an unsustainable universal superannuation scheme.

http://www.grantthornton.co.nz/Pres...-while-new-zealand-retirement-funds-burn.html

[h=1]Not even fiddling while New Zealand retirement funds burn[/h]

A commitment by Prime Minister John Key in the run up to the last election not to touch the New Zealand Superannuation scheme (NZ Super) means that it will again be missing from this year’s Budget, but the whale in the fish tank is only getting bigger.
The present New Zealand Superannuation scheme is clearly not sustainable, but putting off action today will turn this headache into a migraine for a future government.
[h=4]Let’s look at some facts.[/h]
  • The cost of NZ Super was $8,583,000,000 in the year to June 2010, a cost to the New Zealand Government of $700,000,000 per month. The total cost increases by approx. $500,000,000 each year.
  • The current NZ Super payment per superannuitant (married rate) is $244.71 per week or $12,724.92 pa gross.
  • People are eligible to receive NZ Super if they are 65 years or over and meet the residency test which among other things means that you must have lived in New Zealand for 10 years since aged 20, including five years since turning 50.
  • There is currently no income test to the eligibility criteria for NZ Super.
  • There are approx. 550,000 people in New Zealand who hold a ‘SuperGold card’, receive free off peak travel on public transport and are eligible to receive NZ Super. Based on the demographics the number of people receiving NZ Super increases by 20,000 approx. each year.
  • The Cullen Fund currently has 19,000,000,000 in it. Only enough to cover two years of NZ Super at the current rate. There have been no extra payments into the Cullen Fund for the last couple of years and none expected until the Government returns to surplus.
Compare this with Australia which has had compulsory superannuation in place since 1992 and where employers contribution to the workers fund is 9% of their annual wage or salary, providing a war chest of $1,280,000,000,000 ( $1.28 trillion ). The Australian budget last week announced that the contribution will increase from 9% to 12% over the next three years.
Australians have more money in managed funds per capita than any other country in the world. No wonder then that they have a strong banking sector, strong capital markets and strong stock exchange all underpinned by these savings.
[h=4]So what needs to change in New Zealand?[/h]
  • KiwiSaver needs to be a compulsory super scheme for all working age New Zealanders.
  • The compulsory contribution needs to lift over time from the current minimum 4% (2% from the employee and 2% from the employer) to a total of 10% to 12%.
  • A phasing out of the current NZ Superannuation fund over say 20 years for new recipients to just be a supplementary payment to those people who through no fault of their own have insufficient funds in the their KiwiSaver account to provide a living super payment.
  • A lift in the current eligibility criteria to qualify for NZ Superannuation for the residency test from a minimum of 10 years living in New Zealand to 20 years, from the age of 20.
To remove the whale from the fish bowl, as a country, we need to make a progressive move from a Government financed superannuation funded from tax revenue to a self-funded system with a means tested safety net.
[h=4]Further enquiries, please contact:[/h]Peter Sherwin
Partner, Privately Held Business
T +64 (0)4 495 3777
E [email protected]
Click to expand...

The last thing you wanna do is to learn from the PAP. Learn from the Canadians lah. Or the Norwegians.

If NZ tries to do the PAP thingy, there will be bloodshed.
 
Leongsam said:
When it comes to equities, it has nothing to do with bourses, it's all about when you get in and when you get out.

For example if you put money into Nasdaq during the first dotcom bull run, you'd still be waiting to make your first dollar of profit.

I actually know someone in exactly that position.

nasdaq-history-chart.gif
Click to expand...

For long term investment, being invested throughout and reinvesting dividends is key. The long term average returns is 7 percent using a portfolio of ETFs. Boring but tested investment strategy. Doesn't need a genius to invest this way. Even you can do it.
 
Leongsam said:
It's good to see an excellent response from the minister. Hopefully it will quell all the ludicrous discussions over CPF once and for all.

I've been rebutting many of these fallacies myself over recent weeks and the minister has put the final nail in the coffin of all the doubters and troublemakers.

Let's move on to more important issues like how to achieve financial independence by 40. It's a far more challenging and interesting topic and achieving this goal would truly liberate many of you. It would make CPF a non issue as you'd be able to retire far earlier than any legislated age the government could come up with.

Discussions over the minimum sum are meaningless because regardless of the amount and when the draw down age is, the fact remains that unless you have saved at least $1,000,000.00 by 40, you're going to lead a very ordinary life once you retire.

Singaporeans should aim high. There are opportunities aplenty in your beloved country and many of them are created by the very people you resent ie the foreigners in your midst. Learn to milk them for all they are worth. $1 from each of them makes you $2,000,000.00 richer immediately.
Click to expand...

You are definitely a pie-in-the-sky man/lady/transgender.
 
Papsmearer said:

Unlike most other systems, our CPF does more than just give us a monthly pension. We use it to help own our homes and pay for healthcare. In countries where a significant proportion of retirees do not own their homes or are still servicing their mortgages, pension payments have to be used for these costs. As the vast majority of Singaporeans including lower income retirees own our homes, paid for out of our CPF, and have fully paid our loans,

This one sentence encapuslates what a crock of bullshit this press release is. We "own" our our homes? hahahahhah. That is an outright lie. I could have swore it says tenant and landlord on the HDB contracts. And no sane retirement plan will allow for ear marked retirement funds to be constantly withdrawn for day to day living expenses such as housing.
Click to expand...

Exactly... Hahaha
 
It's still the old normal. Skirt around the main issue. Ignore the elephant. Play the gramophone record. What do you expect?
 
winnipegjets said:
For long term investment, being invested throughout and reinvesting dividends is key. The long term average returns is 7 percent using a portfolio of ETFs. Boring but tested investment strategy. Doesn't need a genius to invest this way. Even you can do it.
Click to expand...

My approach is better. Just sell when everyone is buying and buy when everyone is selling.
 
Leongsam said:
It's good to see an excellent response from the minister. Hopefully it will quell all the ludicrous discussions over CPF once and for all.

I've been rebutting many of these fallacies myself over recent weeks and the minister has put the final nail in the coffin of all the doubters and troublemakers.

Let's move on to more important issues like how to achieve financial independence by 40. It's a far more challenging and interesting topic and achieving this goal would truly liberate many of you. It would make CPF a non issue as you'd be able to retire far earlier than any legislated age the government could come up with.

Discussions over the minimum sum are meaningless because regardless of the amount and when the draw down age is, the fact remains that unless you have saved at least $1,000,000.00 by 40, you're going to lead a very ordinary life once you retire.

Singaporeans should aim high. There are opportunities aplenty in your beloved country and many of them are created by the very people you resent ie the foreigners in your midst. Learn to milk them for all they are worth. $1 from each of them makes you $2,000,000.00 richer immediately.
Click to expand...

Boss, S$1 million is net worth or must be cash? only with property value will many people be in the black, some are in the red. not many come close to S$1 million at 40.
 
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