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No need to save cash from your monthly disposable income for retirement anymore...woohoo govt say wan no need multiple income streams, investment etc life is so simple i got it wrong all this while... better start spending since CPF can provide me 71% of my pre retirement income even after paying for housing YOUNG Singaporeans starting work today will have enough savings in their Central Provident Fund (CPF) accounts to retire comfortably in their golden years, says a study commissioned by the Manpower ministry. They would have accumulated CPF savings that will give them a comfortable level of income in retirement - a level equal to a large part of their pre-retirement earnings, it says. Deputy Prime Minister Tharman Shanmugaratnam, giving a preview of the findings, said, however, that the CPF balances of older workers will be inadequate, although most of these individuals would have gained from the rise in the value of their homes, courtesy of government subsidies, earlier withdrawal of CPF savings and economic growth. "Our strategy is to help them monetise the values of their homes in retirement if they wish to," said Mr Tharman, who is also Finance minister. He was delivering a keynote address at the opening of the Singapore Human Capital Summit conference. The study he was referring to was done by National University of Singapore professors Chia Ngee Choon and Albert Tsui. In their study into whether the CPF system adequately meets retirement needs, the professors computed what economists call the income replacement rate (IRR), which is the ratio of retirement income to pre-retirement earnings. Using all CPF savings acccumulated by a worker up to the age of 65, including savings above the CPF Minimum Sum which the worker can withdraw at age 55, they found an IRR of 71 per cent for a median male worker who starts working today. The female median worker's IRR is 63 per cent. These IRRs factor in only the cash savings in the CPF; they exclude the benefits the worker gets from owning a home. "These IRRs are within the recommended range by the World Bank, which is between 53 per cent and 78 per cent," Mr Tharman said. "They are also comparable to those seen in pension systems in many developed countries." The equivalent IRR in the median country in the OECD, the league of rich nations, is 66 per cent of pre-retirement earnings, while the average among the OECD countries is 72 per cent. Mr Tharman pointed out that Singapore's IRR is even higher when its near-universal home ownership - under which homes are fully paid by the time workers hit retirement age - is taken into account. "By not having to pay for rent, cash is freed up for other living expenses in (the workers') old age," he said. With workers who are already older, however, he acknowledged that their CPF balances will be insufficient for three reasons: their wages were much lower in the past; they were required to set aside less in their CPF retirement account; and the fact they could use much of their CPF savings for housing. The study found the IRR to be lower for higher-middle earners because, as Mr Tharman pointed out, the CPF system is designed to meet the retirement needs of workers in the middle- and lower-income groups. High-income earners have private savings. Workers in the lower income group, in fact, have an IRR of 81 per cent of pre-retirement income. If the supplements of their wages through the Workfare programme are included, the IRR is even higher - 93 per cent. Mr Tharman said: "The results of the study are an important validation of the CPF system. The refinements we have made to it over the years have ensured that the vast majority of young Singaporeans will receive adequate payouts in retirement." He pointed out, though, that it still falls to individuals to take responsibility and save, and for employers to take the responsibility of providing good jobs, sharing productivity gains fairly and keeping older workers employed. The fifth edition of the Human Capital Summit is hosted by the Human Capital Leadership Institute, the Ministry of Manpower and the Singapore Workforce Development Agency. At the conference yesterday, Acting Manpower Minister Tan Chuan-Jin presented this year's Asian Human Capital Award to digital-security specialist Gemalto and global supply chain manager for agricultural products Olam International for their people-management practices. MTR Corporation, Tata Consultancy Services and Toyota Motor Philippines Corporation were named Special Commendation Prize Winners.

Thot id give some context. moving to slowing down so: 1. monthly spending items and in what? 2. age in 2025 3. How much? as usual I have my excel😂 and I’ll post it later but those who dun track, why don’t u?

having a healthy debate with my wife on this.... How much did you spend on your last major house renovation?

Guys...salesman try to sell this Rainbow vacuum cleaner for $3,400. Promise to pick up dirt like nothing before from any surface and cleans your air better than any air purifier out there. Take a look : http://www.rainbowsystem.com/rainbowsystem/main/?lg=english I personally think it's ridiculous to pay $3.4k for a vacuum cleaner but what do you think? Would you pay for one?

I can't imagine paying so much for a number plate....even the rich ppl might think twice abt spending $80K....or am i wrong abt the rich ppl mentality? http://www.sgcarmart.com/used_cars/info.ph...595&DL=1000

With an aging population, me included. I am not sure what most retirees do and how they 'kill' their time here in Singapore. Post-retirement periods can stretch to 20 years or more and the last lap which can be more than 10 years of your life can be very challenging. This scene was once common in CC but today, you would have problem even to find them in kopi shops or even HDB void decks. How about another 5-10 years? Surely we cannot do this in MBS. Any old folks club beside old folks home

As above. How long do you spend your time surfing MyCarForum everyday? Are you very obsessed with MCF and its contents? What have benefited you since you joined MCF? As in, 1. knowing more about cars and its technologies and trends, knowing more about your car, car maintainace, etc 2. know more about where to find good food and movies, etc 3. finding like minded people and make new friends 4. Know more about life and improving oneself etc...

So how much usually you spend on petrol per month?

Other than Eat, Drink, and be Merry.....

So I was thinking, what is a reasonable amount to spend on a car? Let's take as a percentage of household income to standardise. If a household combined monthly income is $10,000, annual income $120,000, and they buy a Honda Jazz with annual depreciation $10,000 (http://www.sgcarmart.com/new_cars/newcars_overview.php?CarCode=11531), it means they are spending 10/120 = 8% of their income on the car, excluding petrol etc. Do you think this is reasonable? How much would you spend on a car?

S$29billion spend on corruption in railway project. Only in China ... Yahoo news: Multi-billion-dollar charges linked to China rail chief A businesswoman linked to China's disgraced railway minister faces charges of illegal business activities worth 180 billion yuan ($29 billion), state-run media said Monday, indicating far vaster industry corruption than previously revealed. Ding Shumiao will face trial in Beijing for bribery and illegal business activities after she "intervened in bidding for dozens of railway projects", the China Daily reported, citing prosecutors. The scale of the charges is larger than anything prosecutors have previously linked to corruption associated with the railway sector in China, where the high-speed network, now the world's longest, has been a flagship development project of the ruling Communist Party. Former railway minister Liu Zhijun was given a suspended death sentence in July for accepting a total of 64.6 million yuan in bribes to help 11 people secure contracts and promotions. The China Daily said Ding was accused of giving Liu more than 49 million yuan and arranging sexual favours for him, while Liu helped 23 businesses recommended by her to win contracts for more than 50 rail projects, the China Daily said. The alleged total in inappropriate activities were equivalent to a quarter of China's entire national railway investment in 2010, it added. Liu was sacked in 2011 after eight years in the post and being celebrated as "father" of China's vastly expanded rail network. In March the railways ministry was disbanded, with its administrative functions handed to the transport ministry and its commercial role given to a new China Railway Corporation. Last week a top rail official Zhang Shuguang was charged with accepting bribes worth 47 million yuan over 11 years, while another senior figure Su Shunhu stood trial for allegedly receiving 24 million yuan in bribes. China's Communist leaders have vowed to crack down on rampant official corruption, which has stoked popular resentment. The anti-corruption campaign has also targeted a former senior economics policymaker, top executives from a major state-owned oil firm and numerous low-ranking officials, but has not yet introduced systematic reforms. link: http://sg.news.yahoo.com/multi-billion-dol...-024618760.html

I would love to work as a Protocol Officer for this company ...... Yahoo news: China rail employees punished after spending $137m on receptions Eight employees of China's largest railway building firm have been punished for spending more than $137 million on receptions, state media reported Tuesday, the latest move in the leadership's much-publicised anti-corruption drive. The state-run Global Times newspaper did not give details of the punishment but said another 57 employees of the state-owned China Railway Construction Corporation have been reprimanded, and one faces prosecution. According to the company's March 2012 annual report, CRCC spent 837 million yuan ($137 million) on receptions in one year -- equivalent to about 10 percent of its 2012 profits. The report comes amid public anger at official misconduct and a campaign by Chinese President Xi Jinping, who took office earlier this year pledging to tackle corruption at all levels of government. Last week the mayor of Nanjing, an eastern city with a population of about eight million, was removed from his post over graft allegations. Ji Jianye had been in the post since January 2010 and was fired for "suspected serious disciplinary violations", according to state-run news agency Xinhua. Former China railways minister Liu Zhijun, who held the position for eight years and was considered the "father" of the country's vastly expanded rail network, was sacked in 2011 and given a suspended death sentence this July for accepting a total of 64.6 million yuan in bribes to help 11 people secure contracts and promotions. The Global Times said 41 provincial-level officials had been summoned to Beijing earlier this month for a week-long class on transparent governance. Wahhhhhhhhh...... 1 year got 52 Saturdays and each Sat spend $1million & still got balance of $85million for other things. Like that every Saturday several officers can sleep with film stars ...

http://business.asiaone.com/personal-finan...-debt-save-face

... i am appluaded by the amt young ppl spend to renovate a ... hmm... HDB flat. i mean.. if a young couple buys the flat at 400k, but renovate and furnished it for >50k.. Why do the gov have to give them subsidy?!?! http://business.asiaone.com/A1Business/Pro...9-380327/2.html

I dont spend much on clothes, shoes, watches etc.... But i think i spend too much on food. This is what i spent on last week. Monday (i was on leave) - Lunch - Old airport road - $20 - 2pax - Dinner - Sushi Tei - $70 - 2pax Tue - breakfast - fried beehoom $3 - 1pax - lunch - food court - $7 -1pax - Dinner - claypot rice at coffee shop - $20 Wed - breakfast - $3 - 1pax - lunch - subway - $12 - 1pax - dinner - crystal jade - $45 - 2 pax Thur - breakfast - $3 - 1pax - lunch - food court - $9 (including McCafe coffee) - Dinner - hawker centre - $15 - 2pax Fri - breakfast - $3 - 1pax - lunch - food court - $8 - 1 pax - Dinner - Thai express -$40 - 2pax. Sat - parents place i really feel i am spending too much...every week is almost like this...how much do you spend on food?

As above. How many hrs do bros or sis here spend a day on mycarforum?

Or your new (higher) pay after the promotion? Many of my friends passed it to their parent (first pay cheque)... but they never told me about the first promotion pay.

What would be the first THREE THINGS you will spend on if you strike:- (A) $1m? (B) $12m? No need to worry about FTs' invasion if its (B)? Btw, $12m ie $500k per year, can last 24yrs in reasonable comfort, enough to raise 2 kids till they start work at 22yr old.

A middle-aged guy is out to dinner with his wife to celebrate her 40th birthday. He says, "So what would you like, Julie? A Jaguar? A sable coat? A diamond necklace?" She says, "Bernie, I want a divorce." He says, "I wasn't planning on spending that much."

Yahoo reports: Women connect with friends, men share opinions - gender differences online Differences between the genders may be just as pronounced online as some say they are in the real world, according to a presentation given by Helen Nowicka from research company Porter Novelli as part of London's Social Media Week. Nowicka gave a presentation titled "Men are from Foursquare, Women are from Facebook"; the report was also published on February 14 on the Porter Novelli blog. The report found several key differences in online social interactions between men and women. According to the report, while both genders are highly engaged in social media, women use it as a platform to "reinforce existing social connections" and "interact with friends and family"; men on the other hand are more likely to use it to share statuses and promote their opinions. Additionally women are more active on social networks than men, with 65 percent accessing social media "at least once a week," compared to only 51 percent of men. Women were also more likely to connect with people they know, with 93 percent using social media to read posts or view pictures and comment on a friend's profile; according to the report, 89 percent of men read friends posts and 84 percent comment on friends' profiles. The idea that men are more likely to use social media to broadcast opinions, according to the report, is reflected by a higher percent of male than female Twitter users -- 35 percent to 27 percent. Men are also more likely to be active on blogs; with more men (34 percent) than women (24 percent) actively blogging and more men (54 percent) than women (46 percent) seeking out other people's blogs to read. According to data from Experian Hitwise, Facebook, the world's largest social network, is more popular among women than men, with 57 percent of its traffic over the three months prior to February stemming from female users. hmmmmm............... no wonder more males in MCF then females.... quote : "men on the other hand are more likely to use it to share statuses and promote their opinions"...... sound familiar.

Can any bros share.. For me, i will be spending my time in Genting @ Resort Cafe, play arcade, eat again and watch fireworks, the day after 2morrow i iwll be leaving for SG

SINGAPORE (Reuters) - Tiny Singapore, with a population of 5.2 million and a land area half the size of Greater London, is likely to spend $23 billion on purchases of patrol aircraft, helicopters and other military equipment by 2015, according to a new report by IHS Jane's. The Southeast Asian city-state, flanked by Indonesia and Malaysia, sits on one of the busiest sea lanes in the world and lists piracy as one of the main security threats in the region. IHS Jane's said while ties with China were cordial and underpinned by strong economic and cultural ties, relations with Malaysia and Indonesia, both Muslim majority states, were more complex "due to protracted security dilemmas that stem in the main from concerns about...Islamic extremism". Nicholas de Larrinaga, emerging markets analyst at IHS Jane's, said many countries elsewhere in the region were accelerating arms spending because of worries over China. "There is a huge regional race to defend national interests, partly as a result of China's growing influence, but also all heightened by territorial disputes and a push for influence that is fuelling Asia's spending spree," he said. Singapore's defence budget was seen rising by more than 50 percent between 2010 and 2015 to more than $14 billion, he said. "During the same time frame, we see defence procurement spending growing by nearly 59 percent to nearly $4 billion and totaling more than $23 billion," he added. Singapore allocated S$12.08 billion for defence in its budget for the fiscal year beginning April 2011, a rise of 5.4 percent from 2010/11. IHS Jane's said Singapore was an attractive choice for Western defence firms because of its relative transparency and its commitment to open-market acquisitions. "It is notable that Singapore remains the only country in Southeast Asia that has not purchased military equipment from Russia or China," the research firm added. POSSIBLE DEALS Near-term purchases by the Singapore military include finding replacements for its four Boeing KC-135 aerial tankers and the Eurocopter Super Puma utility helicopters. IHS Jane's said that while Boeing's KC-46A might appear to be a logical choice to replace the KC-135, international sales will probably not be allowed till 2018, paving the way for Airbus's A330 MRTT in a deal likely to be worth over $1 billion. The Eurocopter EC725 Cougar and Sikorsky UH-60M helicopters were among the possible replacements for the Super Pumas, in a deal that has an estimated value of at least $650 million. Sikorsky is a part of United Technologies Corp . IHS Jane's said Singapore's existing French-made AMX-13 light tanks were becoming obsolete, although it seems likely that they will be replaced by an indigenous vehicle that will be made by local defence contractor Singapore Technologies Engineering . Source: http://sg.news.yahoo.com/tiny-singapore-sp...-084946422.html

every weekend wich to me start friday evening, me and spouse will try find a nice place to eat dinner. so friday , sat, sun dinner try to eat at nice restaurant. every weekend spend around $200 for 2 pax. do u guys tink tis too much? i think if i target zi char place, my expense will go down. but if i open to eating jap food(which is one of our fav), or italian then expense will be high. can u guys also share approx how much u spend every weekend on nice food? and where u guys normally go. cos i kinda give up hope to buy a nice property or big car, so after a hard week of work might as well enjoy a bit and eat good food. i am sure not everyone agree with me on tis.

http://sg.finance.yahoo.com/news/Top-5-Thi...365716.html?x=0 i thought the first place would have been WOMAN!!!!

Before you all laugh, I think the poll options are a realistic indication of what to expect in your golden years (unless you are the elite type). Just pray your kids don't need your help to pay for their pigeon hole. Otherwise you will be clearing tables at age 100.