CPF - Minimum Sum (MS)
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Unlikely will freeze. Now is to see what will be the "little" increment will be
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Why the early announcement for next year’s increase? I have been observing that MS increment announcement is made near to the implementation date n not a year ahead.
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zbear:
Why the early announcement for next year's increase? I have been observing that MS increment announcement is made near to the implementation date n not a year ahead.
Probably because of the complaints and protests. So he wants to say that it's part of a plan which will be completed by next year. I think beyond that, the MS will be adjusted for inflation but not increase by such large amounts. -
Relying totally on CPF LIFE for a decent retirement is not feasible at all.
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starlight1968sg:
Relying totally on CPF LIFE for a decent retirement is not feasible at all.
I don't think it was ever intended to do that? And definitions of what is 'decent' vary widely. At least it can provide enough for the basics - to keep the elderly from becoming homeless and hungry. Beyond that, we still have to make our own preparations depending on what we feel is 'decent'. -
zbear:
Hi,Last nite's National Day Rally, our PM said -
He announced that the minimum sum for CPF will be raised from $155,000 to $161,000 for people turning 55 from July 2015.
He does not see any need for any major increase in the minimum sum beyond that.
Does that mean MS is frozen at $161,000 from 2015 onwards?
PM didn't say frozen. Will be adjusted from time to time.
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(BT, 18 Aug 2014) -
When he said ‘final one for now’, I was wondering what he meant…how long is ‘now’? Literally, it is ‘today’ or this moment, right? SO anytime after the NDR is not now, ya?
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starlight1968sg:
Relying totally on CPF LIFE for a decent retirement is not feasible at all.
spot on.
Recap hypothetical Mr Tan's example. Majority of audience believed Mr Tan (now age 55) needs $2k/mth for his family when he reaches 65.
If you need S$2,000 a month, you can't depend on CPF alone. You must find other sources of income. Some options include continuing to work, as in 10 years' time we will most likely have raised the re-employment age beyond 65; your children may help support you; you can draw on your personal savings; or you can get some money out of your house. You do this by renting out a room or the whole flat, or right-sizing your flat and collecting the Silver Housing Bonus. -
overall, the more $$ the merrier.
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