Minimum sum increase, CPF Life payout dropped

[Itsec]

  On 8/25/2013 at 2:45 PM, Ingenius said:

Is the rationale for not allowing cpf members to withdraw the full amount of their cpf accounts upon running 55 sound ? What is the real reason for it ? To safe guard against people wasting their retirement funds on xmm or against it depleted and becomes a liability ? Would like to hear your opinion.

 

put it short -> if u cant work and have no $$, you become a liability to gov...

Edited August 25, 2013 by Itsec

[Yewheng]

  On 8/25/2013 at 2:48 PM, Itsec said:

put it short -> if u cant work and have no $$, you become a liability to gov...

 

Not only to government, but liability to the society.

[Wt_know]

since you can't take care of your s.hit ... i will have to force you to ...

yeah ... no 1 killer to wipe out old man cpf is batam minah and xiao long nu ... no choice minimum sum is here to stay

just look at the fully loaded batam shuttles on weekend and take a trip down to chinatown hawker centre and kopitiam ... hehe

 

  On 8/25/2013 at 2:45 PM, Ingenius said:

Is the rationale for not allowing cpf members to withdraw the full amount of their cpf accounts upon running 55 sound ? What is the real reason for it ? To safe guard against people wasting their retirement funds on xmm or against it depleted and becomes a liability ? Would like to hear your opinion.

 

[Kangadrool]

If reading your CPF statements every month can make you feel rich, cashing them out lumpsum will freak most people out.

 

Most people just can't handle sudden deluge of money.

[Ingenius]

  On 8/25/2013 at 2:52 PM, Wt_know said:

since you can't take care of your s.hit ... i will have to force you to ...

yeah ... no 1 killer to wipe out old man cpf is batam minah and xiao long nu ... no choice minimum sum is here to stay

just look at the fully loaded batam shuttles on weekend and take a trip down to chinatown hawker centre and kopitiam ... hehe

Shouldn't retiree be given the benefit of doubt that they can rationalise their spending ? A few black sheep rocking the boat should not justify over turning the boat right ? I find this reason to be hard to accept.

Edited August 25, 2013 by Ingenius

[Wt_know]

yeah ... now with RWS and MBS ... can't even last a few nights

then when sick no money see doctor ... all cry papa cry mama that govt must do more for the old folks ... then the young need to pay higher taxes

 

  On 8/25/2013 at 2:55 PM, Kangadrool said:

If reading your CPF statements every month can make you feel rich, cashing them out lumpsum will freak most people out.

 

Most people just can't handle sudden deluge of money.

 

[Wt_know]

it's called "safety net"

even just 10 old man lost their entire life savings to minah and xmm out of 100 or 1000

there is a case to build the safety net ...

 

anyway, this is just one of the many reasons la

i think the more prominent reason is people cannot handle the big sum of money

without a short span of period use up the money

then old already ... no work ... must get social welfare this and that

singapore cannot run a social welfare country else will end up like greece, spain, italy, etc

 

hence, you work when you can ... save up (force to) ... and it's your money that hold you thru till you 6feet under ... no welfare for you

unless there is a regulation or process that stop people who cash out their cpf completely and will not be eligible to get social welfare (ie: no money to put food on the table) but that is pretty much non humanity

 

  On 8/25/2013 at 2:55 PM, Ingenius said:

Shouldn't retiree be given the benefit of doubt that they can rationalise their spending ? A few black sheep should not justify over turning the boat right ? I find this reason to be hard to accept.

Edited August 25, 2013 by Wt_know

[Kangadrool]

  On 8/25/2013 at 2:55 PM, Ingenius said:

Shouldn't retiree be given the benefit of doubt that they can rationalise their spending ? A few black sheep should not justify over turning the boat right ? I find this reason to be hard to accept.

 

Well......., you contribute bit by bit every month, so gahment give you bit by bit when u reached the magical age. Isn't it fair?

 

You should just "treat" CPF money as social taxes and wrote them off. That's why people here just plonk every cents into property which give them a safer feeling. For real retirement funds, save it up yourself separately. Don't even trust those investment-linked insurance policies.

Edited August 25, 2013 by Kangadrool

[Wt_know]

yeah ... it's you take care of you not govt take care of you else end up like greece for sure

 

govt take care of you means rob peter to pay paul ... eventually there is only 2 peter but 10 paul ... sibei jialat

 

  On 8/25/2013 at 2:59 PM, Kangadrool said:

Well......., you contribute bit by bit every month, so gahment give you bit by bit when u reached the magical age. Isn't it fair?

 

You should just "treat" CPF money as social taxes and wrote them off. That's why people here just plonk every cents into property which give them a safer feeling. For real retirement funds, save it up yourself separately. Don't even trust those investment-linked insurance policies.

Edited August 25, 2013 by Wt_know

[Wt_know]

the bigger issue is people treat cpf is "retirement" fund

but hardly many would have a huge retirement fund after deducting the home loan mortgage, minimum sum, etc

 

your real retirement fund is the money that you save up

if you want to maintain a happy and fun lifestyle like got car, got nice house, 1 year go overseas 2x, etc

once you 100% depends on your cpf means you either have to downgrade (sell your home) or rent out rooms ... and worst case is your children also eyeing your cpf fund for their EC or PC

 

how much would one left after paying $1,000,000 for a flat (even $600k-$700k unit would cost $1M+ after 25 years loan interest) plus minimum sum which is growing

how much left in OA huh at 55? imagine buy a flat at 30 with 25 years loan ... choon choon 55 years age

 

Edited August 25, 2013 by Wt_know

[Ingenius]

but shouldn't what is yours be yours to keep, regardless of what almighty reason ? otherwise it is a deprivation of rights. I am thinking along that line.

Edited August 25, 2013 by Ingenius

[Wt_know]

yes ... unless you sign that once you cash out you will never ask govt for money even you have to die of hunger because you cash out all the money and you lose it even though you have good intention doing business but it fail

if govt help you mean govt take money from me ... then is it fair to me? deprive my rights?

 

  On 8/25/2013 at 3:18 PM, Ingenius said:

but shouldn't what is yours be yours to keep, regardless of what almighty reason ? otherwise it is a deprivation of rights. I am thinking from that angle.

Edited August 25, 2013 by Wt_know

[Ingenius]

  On 8/25/2013 at 3:20 PM, Wt_know said:

yes ... unless you sign that once you cash out you will never ask govt for money even you have to die of hunger because you cash out all the money and you lose it even though you have good intention doing business but it fail

if govt help you mean govt take money from me ... then is it fair to me? deprive my rights?

there is already social safety net in place now whereby taxation is being used, so this premise is already self-defeated. no ?

[Kangadrool]

  On 8/25/2013 at 3:27 PM, Ingenius said:

there is already social safety net in place now whereby taxation is being used, so this premise is already self-defeated. no ?

 

Taxation is used to fund further economic expansion, not social expenditures.

[Wt_know]

i think you totally get it wrong

the "social safety" is to help the less fortunate and disadvantage ... the ah mah who collect carton boxes at rubbish bin and eat leftover food

you "got hand got leg and got brain" ... no matter what you should do your best and never ever ask for a dime

you pay tax, i pay tax and many other pay taxes is to help the people who cannot survive on their own

 

  On 8/25/2013 at 3:27 PM, Ingenius said:

there is already social safety net in place now whereby taxation is being used, so this premise is already self-defeated. no ?

Edited August 25, 2013 by Wt_know

[Watwheels]

The real reason is to prevent the 55yo you from selling tissue paper at hawker centers and disturb ppl who are enjoying their meals.

[Sdxx]

In any case in the event we pass on, the money go to next of kin and if kin less, go to some kind of fund and not govt's coffer. Every month can receive some money better than nothing but I don't understand the medisave, lock up so much money for f? Want to use also so many complex criteria and even if you have your own medical insurance with full cover, still must leave behind minimum sum! Fed up man.

[Ingenius]

Is the general population so daft that the gahment cannot even trust the people to take care of their own money ?