Is CPF Life a con job ?

[Queen Seok Duk]

Has Leong Sze Hian commented on this new CPF Plan so far ?

There are 4 different plans:

(1) Life Plus
(2) Life Balanced
(3) Life Basic
(4) Life Income

What if you have exhausted your CPF savings in your Retirement Account, and you're still alive and kicking ?

And when they say Highest Bequest for Life Basic Plan, how much of your balance in your RA at the time of your death will they pass on to your beneficiaries ?

 

[kingrant]

What I understand is that yr RA will be pooled into a fund. It earns compound interest at 4% (I think) and interest is accumulated into the pool with others. What you draw down will be from yr principal amount first, and if you outlive the amount, you dip into the interest that was accumulated to last you another maybe 20 yrs. If you die before yr principal is exhausted, the balance - only of this principal - goes to yr bequests. The interest is locked up and not touchable by yr heirs.

The old scheme which is Minimum Sum scheme is yrs alone and drawable by you alone (of cos with interest too) for as long as there is money left. Once that dries up, you are on yr own, bro.

 

[Queen Seok Duk]

What I understand ....Once that dries up, you are on yr own, bro.

Would you opt for CPF Life ?

 

[myfoot123]

It is like 4 options of medicine. Whichever you choose, it is still bitter. The sweetness of CPF for retirement is no longer there.

 

[hochiminhcity]

CPF LIFE only payout at age 65, if you sign up at age 55year.
wait for 10 year before payout.
If you intend to migrate, sorry premium paid is non refundable.
if you are living oversea as a PR, Cpf will send you letter to top up your mininium sum in OA/ medisave.every few year they will increase the mininium sum,maybe up to $200000, for our own Good... PAP style. if insufficient we owe them a debt.

sell our house 50% go to topup.so dont think we are able to touch the GOLDEN EGG
Twit policies every few year to suit them lah.

 

[Papsmearer]

Has Leong Sze Hian commented on this new CPF Plan so far ?

There are 4 different plans:

(1) Life Plus
(2) Life Balanced
(3) Life Basic
(4) Life Income

What if you have exhausted your CPF savings in your Retirement Account, and you're still alive and kicking ?

And when they say Highest Bequest for Life Basic Plan, how much of your balance in your RA at the time of your death will they pass on to your beneficiaries ?

The monthly pay out amount is dependent on 4 factors. 2 of the factors to me are stupid and should not have been used. These are the assessed value of you property and current income. Whatthe fuck has these things got to do with my insurance and and how much I get monthly? U mean CPF will pay me less simply because my property or incomeis higher? Or is it they will pay me more? But using these 2 factors are ridiculous.

 

[Leongsam]

What if you have exhausted your CPF savings in your Retirement Account, and you're still alive and kicking ?

Just write off whatever's in your CPF accounts when you do your financial planning. Pretend the money doesn't exist.

Aim for 2 to 3 million in solid assets by age 45 to secure your independence. Treat any accumulated wealth beyond that (cpf included) as a bonus.

It doesn't matter which country you live in. No govt linked retirement scheme is EVER enough for a happy and contented retirement. The best retirement scheme is invariably the one you've planned for yourself.

 

[kingrant]

No. I am under MSS and am happy with it. One is also sure all that interest accum comes to you - of cos, proviso you live long enough. But I'll take my gamble.

Would you opt for CPF Life ?

 

[Conan the Barbarian]

CPF life is a brilliant scheme from the current government.

The minimum payouts will ensure that for the bottom
20% of the population,

1) The conservancy fees will be paid.
2) The utility bills will be paid.
3) The hospice bill when they die will be paid.
4) Any excess from hospital bills is recoverable.

It is packaged as a source of income. Income that is needed to
pay these bills.

Any balance left after 1 and 2 above for the healthy but poor
can then be utilized for food and other expenses. Of course the
better off are not affected by this.

So in other words, the majority will vote for it as most people
are well off in Singapore. As for the poor, who in Singapore really cares
for them anyway.

 

[Narong Wongwan]

CPF LIFE only payout at age 65, if you sign up at age 55year.
wait for 10 year before payout.
If you intend to migrate, sorry premium paid is non refundable.
if you are living oversea as a PR, Cpf will send you letter to top up your mininium sum in OA/ medisave.every few year they will increase the mininium sum,maybe up to $200000, for our own Good... PAP style. if insufficient we owe them a debt.

sell our house 50% go to topup.so dont think we are able to touch the GOLDEN EGG
Twit policies every few year to suit them lah.

That means any discussions is futile unless i am 55 years old now and needs to make a decision right? Who knows what other changes down the road...

 

[kingrant]

You will def come under CPF life. You only need to decide which scheme.

Whichever one you opted for, just hope that yr CPF funds are pooled with people who are sicker than you, and drop off earlier than you, so all that pool comes to you.

Else, you have to start killing off some.....

That means any discussions is futile unless i am 55 years old now and needs to make a decision right? Who knows what other changes down the road...

 

[Balls2U]

It's not just a con job. It's a BLOODY FARKING CON JOB!!!

 

[Frankiestine]

And what are the opposition doing about it? They should make this into a election topic for debate. I am sure if forumers here can point out all the flaws in the scheme, so should they exploit it. Educate the masses on these con job, I am sure it will go a long way to gaining some extra votes.

 

[kingrant]

Nothing that the Opp can make any issue about. It's a fact of life. You save for yr own retirement - that's the best policy. It was a scheme started by the British and nursemaid by the Lim yew Hock govt.

What's happened is that when the employer's CPF contrib dropped from 25%, and went downhill all the way over the years, to protect the profits of MNCs, Singaporeans got the short end of the stick, lost a big chunk of savings that could buy them HDB flats and put aside for retirement. Today, the young are hobbled with unaffrodable mortgages that took lifetimes to pay.

What Sinkies shld do is to clamour for restoration of CPF to 25% from employer. That Zorro clown and the Ageing Minister Lim _ Heng should be lynched for letting the workers down.

And what are the opposition doing about it? They should make this into a election topic for debate. I am sure if forumers here can point out all the flaws in the scheme, so should they exploit it. Educate the masses on these con job, I am sure it will go a long way to gaining some extra votes.

 

[zack123]

And what are the opposition doing about it? They should make this into a election topic for debate. I am sure if forumers here can point out all the flaws in the scheme, so should they exploit it. Educate the masses on these con job, I am sure it will go a long way to gaining some extra votes.

Opposition is busy replying to forum mahh

 

[Ramseth]

CPF LIFE only payout at age 65, if you sign up at age 55year.
wait for 10 year before payout.
If you intend to migrate, sorry premium paid is non refundable.
if you are living oversea as a PR, Cpf will send you letter to top up your mininium sum in OA/ medisave.every few year they will increase the mininium sum,maybe up to $200000, for our own Good... PAP style. if insufficient we owe them a debt.

If you drop dead or migrate before age 65, it's refundable. They can't force you to top up OA/SA/RA whether you're in Singapore or PR abroad. They can encourage or entice though, like x dollar matching from time to time. They can only force self-employed in Singapore to top up Medisave.

 

[silverfox@]

Has Leong Sze Hian commented on this new CPF Plan so far ?

There are 4 different plans:

(1) Life Plus
(2) Life Balanced
(3) Life Basic
(4) Life Income

What if you have exhausted your CPF savings in your Retirement Account, and you're still alive and kicking ?

In Singapore, there is no dole nor pension. So if your CPF savings is exhausted and you have no personal savings, you are fucked. And you would soon have to vote for the PAP so that you can have a roof over your head.

 

[zack123]

Main thing about retirement funds is to ensure that you live within your means when you are working. Save up for your old age.
Take up a healthy lifestyle to reduce medical problems as you get older.
Maintain good relationship with your family, relatives, friends etc so that you can rely on them when you encounter hardship.

All these are simple but often forgotten advices

 

[Glaringly]

Quote:
Originally Posted by hochiminhcity
CPF LIFE only payout at age 65, if you sign up at age 55year.
wait for 10 year before payout.
If you intend to migrate, sorry premium paid is non refundable.
if you are living oversea as a PR, Cpf will send you letter to top up your mininium sum in OA/ medisave.every few year they will increase the mininium sum,maybe up to $200000, for our own Good... PAP style. if insufficient we owe them a debt

If you drop dead or migrate before age 65, it's refundable. They can't force you to top up OA/SA/RA whether you're in Singapore or PR abroad. They can encourage or entice though, like x dollar matching from time to time. They can only force self-employed in Singapore to top up Medisave.

Ramseth,

Do you have the link that it is refundable if you get out of the country before you hit 65.

I never been convince by this CPF life idea, so would definitely want to retire out of this place before that.

 

[Ramseth]

Do you have the link that it is refundable if you get out of the country before you hit 65.

I never been convince by this CPF life idea, so would definitely want to retire out of this place before that.

I don't have the exact link. You can search through www.cpf.gov.sg.

I went with my mom and aunt to CPF to choose their plans. They said it's refundable at death or migration according to the plans chosen, minus whatever annuities already paid out. Only Plan D is non-refundable. Plans A, B and C all are refundable. Choose Plan D only if you're alone without dependants or successors and intend to remain in Singapore till death. At death it's straightforward refund for Plans A, B and C. At migration, a bit more complicated, has to apply and show cause case-by-case. Only on total severence of ties from Singapore, i.e. no more Singapore bank accounts, investments and business interests etc. Otherwise, no lump sum refund, they'd just keep paying your annuities.