S'pore may raise retirement age to 68
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verykiasu2010:
i always hear people say CPF = Coffin Purchasing Fund[/quote]That is a good one!
aiya...u din hear pple say, \" CPF mani, can see, cannot TOUCH\"Augmum:
[quote=\"verykiasu2010\"]what is the problem with 68 ? at least not 86 !
CPF minimum sum can only take out at 85, right ? so 68 no problem lah....sounds nice to cantonese some more!
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Daddy
They VERY good in shifting the goal post... forever cannot score goal one... sure win....[/quote]Welll they need our money to invest. What will GIC and Temasek do without it? :shock:
aiya...u din hear pple say, \" CPF mani, can see, cannot TOUCH\"Augmum:
[quote=\"verykiasu2010\"]what is the problem with 68 ? at least not 86 !
CPF minimum sum can only take out at 85, right ? so 68 no problem lah....sounds nice to cantonese some more! -
Pen88n:
Ok, I pray to strike a few more \"peanuts\" then.....
Sorry to burst your balloon. Once upon a time, striking toto (1st prize, not accumulated type) will get you a nice apartment in Orchard Road. The same act will not even get you a resale HDB flat in Tanjong pagar.hquek:
[quote=\"Pen88n\"]
I think our generation very ζ¨, δΈε »ηΆζ―οΌδΈε »ε©ε. Cannot depend on kid to feed us in future as their standard of living will be so high. Even coffin $$ must prepare for ourselves.
So must
to strike toto......meantime must go back to work and work hard till I strike toto or till 68 :ugogirl:
But still, the extra peanut will come in handy. Good luck! [/quote]Have you ever come across anyone who actually striked TOTO? :lol:
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Most of us can make do very well with our CPF money - that is provided we are able to get our hands on it! So raising the retirement age = raising the carrot dangling higher up away from our reach.
Therefore do not leave funds inside your CPF, use it to buy properties. One to stay the other to collect rent (that is if you have enough money lah!) If not, invest in one but be prepared to sell in the future to downgrade when you need the funds to retire. But then think again, if you sell, you need to return the funds to CPF until retirement age. So make sure you make money on your property so that in the future when you sell, you have enough to put back to CPF and remaining cash to fund your retirement (b4 68! 8)!
But before that, for those of us hoping to retire younger (especially women), and looking forward to use the funds for that purpose, just too bad. The thought of me working beyond 55 to 68? How realistic is that may I ask? How many colleagues/relatives/friends do you know who is actually working until that age? I am not talking about business people who is their own bosses or those in very senior positions in large MNCs. I am talking about the more common folks. I guess my concern would be how realistic it is in the rat race to compete with younger folks? Therefore, it is very important for us to keep healthy, keep young, look young and behave young!
I have somewhat maxed out my CPF for housing. Going forward, actually any further investments will be into my child/ren and savings to ensure their education is covered. After this, for retirement, it is really just looking at property and whatever CPF funds is still there which we cannot use now.
I hope by the time I have lived my course in this life and time to exit at a ripe old age, my funds (be it from own savings/property/CPF) will be just enough to cover maintenance for DH and myself. I hope the govt. will not force us to leave a sum untouchable even after we pass on. I do not have the great ambition to leave an inheritance for my kids in the future. I believe whatever we work and accumulate should see us through comfortably without strings tied by the govt. I know they are trying their best but the policies does not leave a very good taste in my mouth or comfort in my heart. It is like somebody is trying their best to lay their hands on our hard-earned money.
I hope to still stay positive and not be too disappointed!
:celebrate: -
Today I asked my colleague whether he'll work till 68. He snorted and said working till that age is for non-millionaires.
He's a multi-millionaire. -
markfch:
and billionaires work beyond age 68, eg the rich bank owner / property tycoon, warren buffet etcToday I asked my colleague whether he'll work till 68. He snorted and said working till that age is for non-millionaires.
He's a multi-millionaire. -
DesertWind:
I think you pretty well summed up the strategy and mind set of most people in SingaporeMost of us can make do very well with our CPF money - that is provided we are able to get our hands on it! So raising the retirement age = raising the carrot dangling higher up away from our reach.
Therefore do not leave funds inside your CPF, use it to buy properties. One to stay the other to collect rent (that is if you have enough money lah!) If not, invest in one but be prepared to sell in the future to downgrade when you need the funds to retire. But then think again, if you sell, you need to return the funds to CPF until retirement age. So make sure you make money on your property so that in the future when you sell, you have enough to put back to CPF and remaining cash to fund your retirement (b4 68! 8)!
But before that, for those of us hoping to retire younger (especially women), and looking forward to use the funds for that purpose, just too bad. The thought of me working beyond 55 to 68? How realistic is that may I ask? How many colleagues/relatives/friends do you know who is actually working until that age? I am not talking about business people who is their own bosses or those in very senior positions in large MNCs. I am talking about the more common folks. I guess my concern would be how realistic it is in the rat race to compete with younger folks? Therefore, it is very important for us to keep healthy, keep young, look young and behave young!
I have somewhat maxed out my CPF for housing. Going forward, actually any further investments will be into my child/ren and savings to ensure their education is covered. After this, for retirement, it is really just looking at property and whatever CPF funds is still there which we cannot use now.
I hope by the time I have lived my course in this life and time to exit at a ripe old age, my funds (be it from own savings/property/CPF) will be just enough to cover maintenance for DH and myself. I hope the govt. will not force us to leave a sum untouchable even after we pass on. I do not have the great ambition to leave an inheritance for my kids in the future. I believe whatever we work and accumulate should see us through comfortably without strings tied by the govt. I know they are trying their best but the policies does not leave a very good taste in my mouth or comfort in my heart. It is like somebody is trying their best to lay their hands on our hard-earned money.
I hope to still stay positive and not be too disappointed!
:celebrate:
Max your property with CPF $$ that you can't touch, and when you encash it, must have enough capital gains to fund retirement lifestyle
Don't top up CPF with money that can't take out
Just checked out CPF website last nite : the annuity to be purchased with the minimum sum can now choose the option to have full refund but of course with lesser return rate - which I do not mind as long as all my money are returned to me or given to my children. Even if I were to give to some other charity, I will be happy to do so, at least I use it that way -
verykiasu2010:
I bet not everyone knows how to take out their CPF $$ when the time comes...
Just checked out CPF website last nite : the annuity to be purchased with the minimum sum can now choose the option to have full refund but of course with lesser return rate - which I do not mind as long as all my money are returned to me or given to my children. Even if I were to give to some other charity, I will be happy to do so, at least I use it that way
The last time I tried... when my dad passed away... took a few paperwork and time before the $$ was transferred to us... and that's with nomination... imagine if no nomination was done...
You or your kids won't even get the chance to use the CPF $$ to buy coffin, or prepare for funeral if you don't have spare $$ other than CPF. -
Pen88n:
I think our generation very ζ¨, δΈε »ηΆζ―οΌδΈε »ε©ε.
My belief is to support them through Uni and there after .. they are on their own. Will not buy a house/car for them. However, I am also not looking for them to support me during my old age. After their Uni, we should be concentrating on our own retirement plan. -
verykiasu2010:
Well Said! Actually working does help to keep the mind active which is good.
and billionaires work beyond age 68, eg the rich bank owner / property tycoon, warren buffet etcmarkfch:
Today I asked my colleague whether he'll work till 68. He snorted and said working till that age is for non-millionaires.
He's a multi-millionaire.
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