Budget 2024! 16Feb24

[BanCoe]

Already make a windfall killing this year alone on Ptax ( not even gonna mention COE’s but that’s a different topic ) …….. kachang puteh give back …… never ever zero on bringing down cost of living if ever at all ( gst/licences/shop rentals/ conservancy charges) if ever 

Finally it’s the foreign blue collar workers bearing the brunt 

Edited February 17, 2024 by BanCoe

[mersaylee]

On 2/16/2024 at 6:04 PM, Starry said:

https://www.channelnewsasia.com/singapore/budget-2024-property-tax-annual-values-band-lawrence-wong-additional-buyers-stamp-duty-4128671

To help retirees living in higher-end residential homes who face cash flow issues, the Inland Revenue Authority of Singapore will offer them a 24-month instalment plan without interest.

Retirees also got something la...for those who need it....

 

On 2/16/2024 at 6:43 PM, Blueray said:

PAP 万岁 lor ... 

With so many 1mil hatchthebee here and there...everywhere also can consider prime liao...can only means...万税万税万万税...ccb pxp...😅

[Voodooman]

On 2/17/2024 at 9:22 AM, TangoCharlie said:

Haha ok lah tbh. 不在乎天长地久，只在乎曾经拥有.

Now ERS 4x brs. Just max out RA to earn 4% for next 10 years then decide on desired cpflife payout when the time comes. 

Just realize it starts only in 2025, so not too bad, you have a current account paying 4% for 1-2 years.

I am definitely not keeping much in 2.5% OA but not sure I will channel my SA monies to RA, 4% locked up for 10 years and more is not a risk and return profile I am seeking. 

At 65, can withdraw some in cash or the entire sum in RA will need to go into CPF Life? I think it is the latter. 

[TangoCharlie]

On 2/17/2024 at 10:56 AM, Voodooman said:

Just realize it starts only in 2025, so not too bad, you have a current account paying 4% for 1-2 years.

I am definitely not keeping much in 2.5% OA but not sure I will channel my SA monies to RA, 4% locked up for 10 years and more is not a risk and return profile I am seeking. 

At 65, can withdraw some in cash or the entire sum in RA will need to go into CPF Life? I think it is the latter. 

Different strokes for different folks. I don't mind a portion of my retirement fund to be locked up as annuity. 

But do note RA top ups cannot be withdrawn. Just googled.

https://www.cpf.gov.sg/member/faq/retirement-income/retirement-withdrawals/conditions-to-withdraw-part-of-ra-savings-using-my-property#:~:text=You can withdraw part of,to at least 95%3B and

[RadX]

On 2/17/2024 at 11:19 AM, TangoCharlie said:

Different strokes for different folks. I don't mind a portion of my retirement fund to be locked up as annuity. 

But do note RA top ups cannot be withdrawn. Just googled.

https://www.cpf.gov.sg/member/faq/retirement-income/retirement-withdrawals/conditions-to-withdraw-part-of-ra-savings-using-my-property#:~:text=You can withdraw part of,to at least 95%3B and

Same here

 

if taken away it’s ok lo.. more liquidity and can move it to other instruments 

[mersaylee]

On 2/17/2024 at 11:21 AM, RadX said:

Same here

 

if taken away it’s ok lo.. more liquidity and can move it to other instruments 

统统抢...😁

[Atonchia]

https://www.todayonline.com/singapore/budget-2024-forward-sg-vision-2364276?cid=internal_sharetool_androidphone_17022024_today

Todayonline says total budget was $130.8b, this year budget is $131.b. the reported number and actual very big difference. So budget always has a much bigger number and actuals are lower?

Last year was $3.6b into deficit.

But gov revenue only $104b. Where the funding coming from for this $3.6b? From 2024 forecast surplus?

https://www.mof.gov.sg/singaporebudget/revenue-and-expenditure

This year budget is really sweetening the grounds....almost majority of population get something. 

I will want the CEO to stay, if the company keep handing out dividends year after year. But if the company products become more expensive each year meant I will also need to pay more for it. 

[Voodooman]

On 2/17/2024 at 11:19 AM, TangoCharlie said:

Different strokes for different folks. I don't mind a portion of my retirement fund to be locked up as annuity. 

But do note RA top ups cannot be withdrawn. Just googled.

https://www.cpf.gov.sg/member/faq/retirement-income/retirement-withdrawals/conditions-to-withdraw-part-of-ra-savings-using-my-property#:~:text=You can withdraw part of,to at least 95%3B and

You did ERS?

I plan to do FRS unless the new enhanced 4x ERS pays better yield then FRS. 

[Fcw75]

On 2/17/2024 at 9:57 AM, Throttle2 said:

Same old same old lah

you know i know

the fornula hasnt change for as long as i was eligible to vote and until today they pride themselves as the best of the best.   Like as if we can do without easily a third of the people sitting there.

Yawn

Still living on its past glory, like many businesses nowadays. 

[Mkl22]

On 2/16/2024 at 10:05 PM, Voodooman said:

Me too, was planning to collect $1-2k a month from SA for wifey and me combined but it is not to be.  

Those who just turned 55 and did shielding will be more TL.  All the trouble for nothing.

Got a bit la. 1yr. 2025 then they shut it down. 🤣

[Kopites]

On 2/17/2024 at 11:53 AM, Atonchia said:

https://www.todayonline.com/singapore/budget-2024-forward-sg-vision-2364276?cid=internal_sharetool_androidphone_17022024_today

Todayonline says total budget was $130.8b, this year budget is $131.b. the reported number and actual very big difference. So budget always has a much bigger number and actuals are lower?

Last year was $3.6b into deficit.

But gov revenue only $104b. Where the funding coming from for this $3.6b? From 2024 forecast surplus?

https://www.mof.gov.sg/singaporebudget/revenue-and-expenditure

This year budget is really sweetening the grounds....almost majority of population get something. 

I will want the CEO to stay, if the company keep handing out dividends year after year. But if the company products become more expensive each year meant I will also need to pay more for it. 

*Sweetener " if you are living by food to mouth.

Is "bitter pill" for me. 🤔

Edited February 17, 2024 by Kopites

[TangoCharlie]

On 2/17/2024 at 12:04 PM, Voodooman said:

You did ERS?

I plan to do FRS unless the new enhanced 4x ERS pays better yield then FRS. 

Not yet but plan to. I am very late in diversifying my investments so happy to have something that is at the other end of risk spectrum. 

ERS will not pay higher yield than FRS or BRS. Could be due to the higher interest rate for the first 60k.

A better comparison will be if you are able to get higher yield for similar risk or product for that sum of money. Do share if you come across any. 

[Tianmo]

On 2/17/2024 at 12:32 PM, Kopites said:

*Sweetener " if you are living by food to mouth.

Is "bitter pill" for me. 🤔

Hmmmmmm ......

You live mouth to food ah? 

I don't know about you, but from young I was taught food come to mouth, and not mouth go to food.

 

[Tianmo]

A big part of my SA is in mutual funds, and while I used to complained that the returns have been quite similar, I guess I sld be happy going forward.

 

[TangoCharlie]

On 2/17/2024 at 1:30 PM, Tianmo said:

A big part of my SA is in mutual funds, and while I used to complained that the returns have been quite similar, I guess I sld be happy going forward.

 

Which meant you were not rewarded for the additional risks you took. That's on hindsight but does showed quite hard to beat SA rate, after fees. 

 

[Tianmo]

On 2/17/2024 at 2:20 PM, TangoCharlie said:

Which meant you were not rewarded for the additional risks you took. That's on hindsight but does showed quite hard to beat SA rate, after fees. 

 

I don't disagree, and it's a choice I made, so it is what it is.  It's hard to beat SA rate because it's given to us by ah gong, guaranteed bao jiak, while they undertake the risk. Only condition is all the money inside is locked and the return is decided by ah gong. 

What I wanted to say was, after reading so many comments, I have to accept why 小恩养贵人，大恩养仇人, if you get what I meant.

 

[TangoCharlie]

On 2/17/2024 at 2:36 PM, Tianmo said:

I don't disagree, and it's a choice I made, so it is what it is.  It's hard to beat SA rate because it's given to us by ah gong, guaranteed bao jiak, while they undertake the risk. Only condition is all the money inside is locked and the return is decided by ah gong. 

What I wanted to say was, after reading so many comments, I have to accept why 小恩养贵人，大恩养仇人, if you get what I meant.

 

斗米养恩，担米养仇

I have to Google.... 👍😅

I can only say 不忘初心.

[mersaylee]

On 2/17/2024 at 1:30 PM, Tianmo said:

A big part of my SA is in mutual funds, and while I used to complained that the returns have been quite similar, I guess I sld be happy going forward.

 

Yalor...men press calculator no use...betterer to let heaven press calculator...😁