Most CPF members die before reaching 65 (CPF no LIFE)

[Leepotism]

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</header><article id="post-1910" class="post-1910 post type-post status-publish format-standard hentry category-uncategorized" style="margin: 0px 0px 3.1428571428em 108.5625px;"><header class="entry-header"> 20140722 CPF(no)Life scheme – 18% CPF members aged above 55 dead before reaching 65

July 22, 2014 by phillip ang
</header>Is the CPF Life scheme for the living? According to ICA statistics, the answer is clearly ‘no’. Every year, almost 3000 Singapore residents will be dead before they can even receive one cent from theirmonthly payout at 65. (a negligible number in ICA statistics are non-residents)
(Table 39, page 59),

And out of the total of 16,213 aged 55 and above in 2013:

- 23% or 3,870 aged between 65 and 74 will only be able to spend their CPF installments between 1 day and 10 years.

AGE GROUP
55 – 59	1300	8.0%
60 – 64	1636	10.1%
65 – 69	1704	10.5%
70 – 74	2166	13.4%
75 – 79	2461	15.2%
80 – 84	2649	16.3%
85 & over	4297	26.5%
TOTAL	16213	100.0%

<tbody>
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The 32% who die between the age of 75 to 84 may seem luckier. But think again – why are we unable to enjoy the fruits of our labour at an earlier age with friends and loved ones when we are in a better emotional, mental and physical state? How did we end up with the PAP trampling over our rights to OUR money?


Since the PAP has forced our CPF savings into the GIC and paying us non-guaranteed monthly installments, it has effectively dictated to us how/when our money should be spent. No deserved holiday/pilgrimage after slogging away for decades nor are we allowed to use OUR savingsfor children’s tertiary education or other NEEDS.

As for the remaining 27% octo/nonagenarians and centenarians, what can they use the monthly dribs and drabs for? Upgrading walking sticks or hearing aids?

Conclusion

Thousands of CPF members die every year before they could receive even a single payout from CPF Life at 65. A large number who receive their monthly installments may be frail by then and can only engage in limited activities. The PAP did not consult citizens on such a scheme and clearly it does not serve the living. Shouldn’t the scheme be renamed ‘CPFnoLIFE’?

</article>

 

[Leepotism]

The ideal thing is to return all the CPF money to them when they reach 55. Let them enjoy their hard earned money for their remaining few years on earth.

 

[Seee3]

The CPF life basic plan will only kick in at age 90 and one has to use 20% of his retirement acct to pay as premium. If you look at all the published data, the last grouping is always 85 and above. So how many of these 85 and above are above 90 years old?

Taking up the basic plan is as good as buying insurance for near impossibility. However, the many who do the sum will still say that the basic plan is better as it minimize LOSS.

 

[Seee3]

Just did a calculation on CPF life basic

1. Assuming RA is $100000
2. Premium for CPF life will be $20,000 (20% of RA)
3. This $20,000 at 4% interest over 35 years ( from 55 to 90 ) will become $78,922
4. Payment from CPF life basic starts at 90. And based on CPF booklet, monthly payment is about $800 or less
5. This $78,922 (generated from our own money paid as premium) can pay for about 98 months or 8 years.

In conclusion, there is no insurance at all as one needs to survive past 98 years old to gain any money from the insurance scheme. Did I make any mistake in my computation?

 

[Leepotism]

Just did a calculation on CPF life basic

1. Assuming RA is $100000
2. Premium for CPF life will be $20,000 (20% of RA)
3. This $20,000 at 4% interest over 35 years ( from 55 to 90 ) will become $78,922
4. Payment from CPF life basic starts at 90. And based on CPF booklet, monthly payment is about $800 or less
5. This $78,922 (generated from our own money paid as premium) can pay for about 98 months or 8 years.

In conclusion, there is no insurance at all as one needs to survive past 98 years old to gain any money from the insurance scheme. Did I make any mistake in my computation?

How many can live up to 98 years old to benefit from the scheme? It's another scam concocted by the white skunks.