Well written counter comment on Annuity. SG

[So_nice]

Annuities: It's risk-sharing among all

So why are Singaporeans unhappy: It's a matter of perception, lack of knowledge and discontent

 

Christopher Tan(Christopher Tan is the CEO of Providend, Singapore's sole fee-only independent private wealth and investment management firm.)

 

OVER the past week, .......................

http://www.todayonline.com/articles/208489.asp

 

f.ucking chee by..wat the hell he gains by saying tat? can get PBM izzit? f.uck sia.

[Kingcopa]

Well i dun rem any law which did not pass in the parliment.

[Kingcopa]

Yes how true. It is our hard earn $$$. We are mature enu to do what we feel it is right to do w those $$. Just 1 word, they stop us from taking the $$$, it is legalise daylight robbery and we cant call mata.

[Chrissng]

One way is to be a Quitter.. then take out everything that belong to u..provided its not cannibalised

 

 

no la.. its foreign talent in other countries. Ya, true, is it the only way now to retrieve all we have in the CPF? Will a day come where you become foreign talent without being able to take your CPF?

[Turbine]

If giving up citizenship at age 55 allows you to draw every penny of your CPF, i would.

Already planned.

 

Even my parents will not keep my money! Money Sarkers~!

 

BYE BYE SINGAPORE!!!!!!!

[Gadgeter]

I realised things start to change drastically especially after our last 'mistake'.. Price hike everywhere and now, this.

 

May we be reminded of the mistake we make.

[Singaporesiao]

just thinking... come 4 years time... majority of us will still not be able to vote, all walk overs.. blah blah... gahmen can draw the constituency that even anchorvale become ang moh kio ... what can we do? the funding for their election campaign also comes from our pockets too... .. we really dont have much choice....

[Kingcopa]

Come the next election, same thing happen all over again. Rem one joker just say "Politics is not a career, it is a service" wor. What a highly paid service it is.

 

We shall see when they pass the annunity law and see the public outroar (hopefully). Dun u find that nowadays newspaper and media are toking abt how u can work till old age, how to lead a meaningful life after retirement etc......... It seem whenever govt propose anything, the media will follow up w all those positive news regarding govt proposal..........

[Jonbummer]

how can they pass a law to ROB people of their money??

 

at the age of 85, wat can or will we do with the money?

many of us, if managed to live to the mentioned age, will

not be even to move properly!

 

i think as one of the bro here mentioned, there are some

fundamentally wrong with the CPF liquidity.

is there really money there for all the retired if they want

to have their money out NOW?

i suspect the worst here.

 

then one may question, then what the F did all the CPF money

goes to? especially since GLC is doing quite well in their

investment.... or are they?

 

sigh, if this goes by as a law then i tell u all wat...

we have just witnessed and are victims of a Daylight Robbery

[Kianbeng]

Ideally, your plan seems to be a good plan and a way out. But at age 55, which country wants you? Maybe you got alot of money and may still make sense for that country for investment.

 

But for man on the street like me...I can't afford to wait till age 55.... but I'm also at a time when my kids are so young....and it seems difficult. But it could be now or never.

[Turbine]

Retire into another country, what are the requirements?

If they did look into how much you can contribute to a country, then i think at the age55 is quite impossible already.

[Kianbeng]

Contribution before 55 and contribution after 55 is different leh. Unless you are age 55 and you bring your kids with you. Then there's a value in your kids as they can contribute to that country's growth.

 

For retirement only....I know msia has such a programme.....and I saw the so called village with all the ang mors..... But it's in east msia

[Kingcopa]

Y cant they pass the law on this, they are the government. IR also approved despite all those protest.

 

GIC doing well.......... we also need to pay for those mistakes they make. UNSW, SHINCORP blah blah blah

[Turbine]

And we didnt earn from the profit they gain =P

Edited September 4, 2007 by Turbine

[Kingcopa]

Profit is not for us peasants

Edited September 4, 2007 by Kingcopa

[Hiphiphoray]

Just take a close look at CPF logo ... and you'll know why so hard to get $$ out from there ....

 

Ya......same as "Gen-thing" logo. Thier logo is actually made up of 4 knife blades, 2 smaller ones and 2 bigger ones, well contained in a close loop. Thats why ppl go there gamble, extremely difficult to win money.

Edited September 4, 2007 by Hiphiphoray

[Osiris]

I am not an expert but

 

IMHO, One of the problem of insufficient CPF funds is that it is used to pay HDB. At that time, it is done because it can help the poor acquire a roof easily.

However, we are a victim of our own success. As we prosper, property price shoot up.

 

People buy HDB on very long loan 30 years. By the time they finish paying, not much CPF left

 

You will probably paid 2x the amount of the flat value when u are done.

e.g hdb 200K, total paid with interest = 400K.

If CPF money can't be used to buy hdb, you would have at least 400K when you retire.

 

400K = $1666/month for next 20 years.

 

If we are to use cash to pay for HDB, then people will not anyhow buy property beyond their means. Property price may not rise so drastically because no one in the right mind will part with majority of their disposable income to pay for a hdb. Compare this to paying for it with cpf money u cannot see until u retire.

Simple check: say you earn 4.5k a month, and paying your home at $900/month using CPF money. will you be willing to pay $900 in cash? most will say no = no crazy property price.

 

But even if you did spend a lot of disposable income in your payment, when you retire, You would have at least 30 years of CPF contribution to see you through your retirement.

[Gadgeter]

just thinking... come 4 years time... majority of us will still not be able to vote, all walk overs.. blah blah... gahmen can draw the constituency that even anchorvale become ang moh kio ... what can we do? the funding for their election campaign also comes from our pockets too... .. we really dont have much choice....

 

let's not forget that the 'home ground' only won marginally.. which isn't a lot. Judging from the current situation, wun be surprise if the 'trend' continue...

 

Must one taste the feeling of losing before one wake up? it will be a painful lesson.