Opt Out CPF Contribution - Pros and Cons

[frenchbriefs]

er... look at your first post again. $80k saving by a guy barely earning $2k.

i give u $3k per mth, take home $2400.00, one month bonus, so take home $31200 a year. save $20k that mean $11200 for 365 days, equal to $30.68 per day. sound impressive and doable but that would mean this person never contribute to family expense.

if only $2k, his take home only $ 20800, how to save $20k per year?

look notice how i used 3 figures and the word some in my very generally broadly phrased sentence?i dont get why u guys are so fixated on the last number.

jeez....im not going to list out every account of so and so saved what,what their salaries are,when they started saving and their life stories.....thats too much bullshyt.

 

[sleaguepunter]

look notice how i used 3 figures and the word some in my very generally broadly phrased sentence?i dont get why u guys are so fixated on the last number.

jeez....im not going to list out every account of so and so saved what,what their salaries are,when they started saving and their life stories.....thats too much bullshyt.

had you consider those young men have loaded ah gong? my NS mate had $60k in his posb account which i bio when he was withdrawing from atm. i got no rich ah gong so then i only had $600. hehe....

 

[zhihau]

Supposing if you are given a choice to opt out CPF contribution, would you like to do so?

the scheme of enforced savings is generally good for folks without any retirement plans, just return the full sum to the owner at 55 years of age.

 

[jw5]

I'll donate it all to soil research. :o:p

Supposing if you are given a choice to opt out CPF contribution, would you like to do so?

What would be the impact to your daily life even if you got more to take home now?

 

[Sinkie]

No need to ask good or no good.........as long as CPF is not transparent and a promise is given to withdraw all at 55, then we should just stick to it and not try to be creative...........today it is life-span improve, tomorrow it will be something else......

Just return our money.........enough of the excuses. I need all the money to chiong Bintang one last time. Why am I questioned about my decision?

 

[bushtucker]

For those average income earners especially those newly married couples with housing loan to service, they can't really save much these days.
Most of their savings will already been eaten up by their HDB flats during that 20 to 30 years.
Under such common cases, will they still benefit if they opt out CPF contributions?

benefit is that they get to spend their own money own time own target.

BUT are they prudent enough to save a good chunk of it for a rainy day? my guess is no. with the sinkie materialistic way of thinking, the ladies will go out and buy branded bags, the guys will go buy car.

 

[ChaoPappyPoodle]

as far as i know from anecdotes,its not impossible to achieve 20k savings by the time u finish NS....from school allowances to ns pay to part time jobs.and 70,80k are modest figures...theres a guy on edmw whose accumulated nearly 500k by 31 from careful saving,work and investment.when it comes to building wealth,the earlier u start the better.

What is the point that you are trying to make? I know of a transgender who is married with natural borne children but I will not use it as an example of a normal family or even a family. It's a business transaction at best!

 

[ChaoPappyPoodle]

the scheme of enforced savings is generally good for folks without any retirement plans, just return the full sum to the owner at 55 years of age.

Only a fascist political party will institute forced savings on its people. Normal political parties provide a pension plan. This idea of forced savings and how Singaporeans have accepted the term and its mechanics is alarming. This is why Singaporeans can get screwed so easily by the PAPzis.

 

[ChaoPappyPoodle]

benefit is that they get to spend their own money own time own target.

BUT are they prudent enough to save a good chunk of it for a rainy day? my guess is no. with the sinkie materialistic way of thinking, the ladies will go out and buy branded bags, the guys will go buy car.

It is up to the individual. Only a fascist political party will use such lame excuses to lock up money that rightfully belongs to its citizens. If such arguments are accepted then why don't we ensure that every Singaporeans is forced to become a Master degree holder? Why don't we force other seemingly basic and important life habits upon everyone such as outright lying and telling of half-truths. Should we hang such people to teach their kind a lesson?

 

[frenchbriefs]

What is the point that you are trying to make? I know of a transgender who is married with natural borne children but I will not use it as an example of a normal family or even a family. It's a business transaction at best!

are u serious?u talking about 20 to 60k savings in ur 20s as something as extraordinary as whatever it is ur blabbling about?why the fuck cant it be normal?u telling me everyone out there is supposed to be a broke muthafarker who cant save a dime after spending 4 to 7 years in the working world with no dependants and no children?

 

[ChaoPappyPoodle]

are u serious?u talking about 20 to 60k savings in ur 20s as something as extraordinary as whatever it is ur blabbling about?why the fuck cant it be normal?u telling me everyone out there is supposed to be a broke muthafarker who cant save a dime after spending 4 to 7 years in the working world with no dependants and no children?

Heh you lying son of a serial rape victim! Go and read carefully what you wrote. You either deliberately or in a dumbfuckworthy way wrote to insinuate that there are SOME people with a salary of $2K a month are able to save up to $80k while still in their mid-20s. You are a pathetic scum lying son of a serial rape victim who obfuscates issues and lies incessantly while trying to prove a point that doesn't actually exist. In short, you are a lying scum bag.

 

[Simbian]

We just need to rejig it so that

- CPF is no longer taking on the duty of being a public housing / healthcare fund. Separate these latter two concerns out and fund it separately. Once this three is separated then the man on the street can make a clearer decision on whether the government is taking them for a ride.

- Fix it so that it CPF is now just a normal pension investment fund akin to the 401k account in the United States.

At the end of the day, Roy has pointed an uncomfortable truth - that the easy access to a ready pool of capital has induced the incumbent into enacting policies so as to guarantee access to it to the detriment of the people contributing to this pool. In insurance and other financial products field, this is tightly regulated yet there is lack of discussion and transparency around the CPF, SWFs and the state.

This is not even a right-left political issue. It is more of a gigantic conflict of interest waiting to explode in the faces of the incumbent. Years of feeding at the trough must have dulled their highly paid minds.

 

[ChaoPappyPoodle]

We just need to rejig it so that

- CPF is no longer taking on the duty of being a public housing / healthcare fund. Separate these latter two concerns out and fund it separately. Once this three is separated then the man on the street can make a clearer decision on whether the government is taking them for a ride.

- Fix it so that it CPF is now just a normal pension investment fund akin to the 401k account in the United States.

At the end of the day, Roy has pointed an uncomfortable truth - that the easy access to a ready pool of capital has induced the incumbent into enacting policies so as to guarantee access to it to the detriment of the people contributing to this pool. In insurance and other financial products field, this is tightly regulated yet there is lack of discussion and transparency around the CPF, SWFs and the state.

This is not even a right-left political issue. It is more of a gigantic conflict of interest waiting to explode in the faces of the incumbent. Years of feeding at the trough must have dulled their highly paid minds.

What Roy has shown is that the PAP has in place, numerous policies and mechanics that have allowed it to put its citizens in a state of life-long indebtedness.

Roy will soon tackle the HDB and show clearly why the PAP cannot be trusted to rule Singapore as their policies are clearly disadvantageous to Singaporeans. The question is simple, why would you trust a political party and its members who price public housing at a price that is way beyond construction costs?

 

[frenchbriefs]

Heh you lying son of a serial rape victim! Go and read carefully what you wrote. You either deliberately or in a dumbfuckworthy way wrote to insinuate that there are SOME people with a salary of $2K a month are able to save up to $80k while still in their mid-20s. You are a pathetic scum lying son of a serial rape victim who obfuscates issues and lies incessantly while trying to prove a point that doesn't actually exist. In short, you are a lying scum bag.

lol where did i state specifically that 2k saved up to 80k?how did u manage to conclude that from my statement u moron?tell me pls....from a simple vague sentence 30k,70k,80k and some of them earned 2k.....u can automatically conclude beyond all doubt that the 2k earner saved 80k and not 30k numbnuts?

even if my numbers are thrown about casually and not totally accurate im still pretty damn sure they managed to come close so ur whole fucking argument is still moot.holy shyt jesus on a shyt cross.....u actually want proof that 60,70,80k and even 200k is not impossible?theres tons of savings/investment threads on various sinkie forums.....go fucking take a look.

 

[ChaoPappyPoodle]

lol where did i state specifically that 2k saved up to 80k?how did u manage to conclude that from my statement u moron?tell me pls....from a simple vague sentence 30k,70k,80k and some of them earned 2k.....u can automatically conclude beyond all doubt that the 2k earner saved 80k and not 30k numbnuts?

even if my numbers are thrown about casually and not totally accurate im still pretty damn sure they managed to come close so ur whole fucking argument is still moot.holy shyt jesus on a shyt cross.....u actually want proof that 60,70,80k and even 200k is not impossible?theres tons of savings/investment threads on various sinkie forums.....go fucking take a look.

You are a cheap liar. Your tactics are not dissimilar to those of a PAPzi. You have been found out.

 

[kaipoh]

I suggest after 65, we should be allow to withdrew a portion of our cpf (50K for biz or loan), the rest you can take it after 85 (no body wants to be just eat, no fuck and waiting to die). Any comment?

i think the option should be given to people who prove they are savers.....say they have minimum savings equal to 3 years of their annual income and no outstanding credit card debts or loans.mortgage can be disqualified.

 

[KNNBNBCB]

You are a cheap liar. Your tactics are not dissimilar to those of a PAPzi. You have been found out.

He might as well say from birth every year the parents save 2k in his bank account and viola his 'friend' managed to save 60k when he is his 20s.

 

[ChaoPappyPoodle]

He might as well say from birth every year the parents save 2k in his bank account and viola his 'friend' managed to save 60k when he is his 20s.

As victims of serial rapists, his parents unfortunately did not have the time nor money to save 2K for him.