More than half of S'poreans think CPF returns are unfair: survey
By Elizabeth Soh | Yahoo Newsroom – 3 hours ago
ricky l • Remove
Ha ha. Who will mind not to have higher rate of return where preferably can cover inflation?Reply
But does higher rate of return - means higher risk that will threaten our invested capital (CPF contribution)? If yes, we rather want a safer, less risky investment that provide us the return of 2.5%, 3.5%, 4%.
But If not very risky to earn higher return, who will ever resist higher interest rate - within the climate & context of pressure in the pipeline for higher interest in the World Financial Market?
Finally, by basing on return to CPF alone to finance our retirement should not be the sole solution.
By ensuring everyone got jobs up to 70 years old to grow personal savings, to build CPF contribution - is the most sure and sustainable way to ensure sufficient retirement funds for everyone to retire comfortably.
So what are the idea of "Silver Industry" to provide employment for matured Singaporeans - worth considering and worth implementing?
ricky l • Remove
Post the following before, thought to post it again :-
I think there are quite many people who think that :-
(1) CPF is our money and we are want it back at 55.
(2) We can invest on our own and will be better than CPF returns.
(3) As long as we get back all our money at 55, we are safe.
I think this are 3 very crippling notions not only to each individual CPF members but also cause a big burden to the society as a whole.
(1) CPF money has 3 parts - 1 contributed by CPF members. 2 contributed by Employers as specified by CPF Act. 3. Government involvment in legislating CPF savings as well as investing all our CPF fund in very safe instruments to help us to reap return of 2.5%, 3.5%, 4% - which are very good returns for such risk free instruments.
Thus by saying CPF is fully our money - is not really correct because it has 3 components to it - though eventually the "full basket" will belong to the respective CPF members when we reached the twilight years.
(2) If remember correctly, when CPF was open up for individual member to invest on their own - more than 50% of the investment result in loss or earn return lower than what CPF rate of return.
The fact speak for itself - individual will take high risk to invest in high risk instrument if they have all the money back at 55 to want to reap more retirement fund - if they are desperate to earn more - but will normally cause them to lose most if not all their CPF savings.
(3) If we get all the money back at 55 and think the money is in our pocket is safe - then the savings is not guaranteed because :-
(a) they may invest in bad investment (on high risk high return instrument) and lose everything
(b) they may spend all of it
(c) all their money may be cheated and lose everything
(d) spend on gambling, betting, womanisng and lose all the CPF savings.
When these happen - they will live in a miserable state, commit suicide or cause unrest or give problem to the Government and the society by demanding more welfare scheme etc.
ricky l • Remove
Many of those who demanded the return of CPF - have already wipe out their savings - and want to draw on their CPF saving.
But what happen if they also wipe out their entire CPF savings once they get their hands on it and they still have many more years to go? What do you think they will do? Live in misery, commit suicide, hue and cry?
If the CPF savings are still around - and dispense monthly, as least they still can put food on their table and will not die of hunger.
But the best is, if Government can help to provide jobs to everyone to work until 70 years old and earn enough savings for retirement.
With such savings plus CPF savings - retirement will not be a problem.
Otherwise, the CPF issues will continue to be an issue year after year.
ricky l • Remove
Got job bo?
KC • Report Abuse
What a PAP doggie echoing his master order! Sorry the survey showed Singaporeans are rejecting these lies !
ricky l • Remove
Assume a person can withdraw all the Minimum Sum of $155,000 at 55 years old.
Assume a person's monthly expenses is $3,000.
$155,000 can only last a person for = $155,000 / $3000 / 12 months = 4.3 years.
If a person can live up to 85 years old = 85 - 55 = 30 years.
How can $155,000 that can last for 4.3 years for a monthly expenses of $3,000 - can help a person to survive for up to 85 years - which is 30 years away?
So only a person who has a job with a good salary - and retired at 65 or 67 or 70 years old - another 15 years - then wll be useful.
Depending on CPF even with good interest rate of 6.5% - will not help anyone to retire without worry, if a person live until 85 years old.
Thus what we need is JOB until we retire officially !!!
ricky l • Remove
You only know how to complain, curse and swear.
Other people know how to do their calculation and know what are the real solutions to the problem.
So, it sound like you only know how to bark - but do not know the consequences.
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