The government is eyeing on our retirement fund? - Page 4
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Thread: The government is eyeing on our retirement fund?

  1. #46
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    You are 56. you can withdraw every single sen today. Dont wait for them to change the rule unless you want to keep the money there.

  2. #47
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    Quote Originally Posted by cml View Post
    You are 56. you can withdraw every single sen today. Dont wait for them to change the rule unless you want to keep the money there.
    Withdraw and deposit in the bank and earn less than half the dividend? Or leave the money under the bed and earn nothing? This is the dilemma.
    " In the land of the blind the one-eyed-jack is king."

  3. #48
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    The ONLY reason that they are doing this IS because the problem is becoming UNMANAGEABLE. It is one way to manage the big baby boomers populations retiring en-mass. If you have paid off your own house and wisely invested into shops, returning net RM10-15K every month, would this be a problem to you?
    I never buy into this rubbish because when you really need the $$, it is in someone's else hands and they can say any #$% they want.
    In future, the rules will become more strict, they will make you go thru means test before you can qualify. Don't forget, the government have to feed millions of government workers who retiring too, so your private money needs to work for them too. When I reach 55, I will make sure I extract every ringgit that I worked for and trust myself to invest it where I want to. if I make a mistake and lose it , at least not someone else lost my money.

  4. #49
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    Quote Originally Posted by HTCHONG View Post
    In average, the minimum sum will deplete in 10 ~11 years. In other words, by the age of 74~75yo, one will have nothing left in his CPF account. If he lives beyond 74 or 75yo, the monthly payout by Singapore government is given FREE to him. If he lives up to 90 yo, up to nearly S$350,000 is given free depend on his monthly payout. This is on top of medical care expenses. So what is that for a person with 90 yo to take back from his CPF account?!

    Pledging of property is to help the low income group in the scenario IF they canít meet the minimum sum. Their HDB unit can be used as part of the minimum sum so that they are not left out to enjoy similar benefits like others.

    Either you donít read or you have intention to mislead. PAP screw Singkies real bad?! Really?!

    From your past comments, I guess you have personal hatred against PAP government for whatever reasons that only you know.
    Me hate PAP government? Why should I hate them? Pls don't imagine I hate PAP.

    I still do not understand the CPF scheme. The simple Q of most EPF/CPF contributors is when can I withdraw all my money. Simple Q and in case of EPF, the answer is simple. In case of CPF, when can a contributor withdraw all his money? I have no answer to this.

    Avg lifespan of a person is about 73. If I were 55/60 years old I want all my money back (CPF or EPF). I still think pledging property to withdraw contributor's own money is silly.
    U won't miss what U don't know and U won't know what U are missing!

  5. #50
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    in Australia, they are thinking of proposing mean tests ...i.e if you hold valuable properties. you cannot get your pension, just on your superannuation (EPF).so rules changes.

  6. #51
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    Quote Originally Posted by Henry T View Post
    Withdraw and deposit in the bank and earn less than half the dividend? Or leave the money under the bed and earn nothing? This is the dilemma.
    Sometimes, especially at 'these times'....."leaving the money under the bed and earn nothing"......maybe and option to consider .......making a 'buck on your buck' isn't always the end game.....there are times when you need to 'tuck your buck' safely away

    Consider this article......tho' I always emphasize that such a scenario can never happen here ....but hey, read it anyway to educate yourself

    Quote last para:
    The bottom line is that we are starting to see the early phases of a liquidity squeeze. The flow of credit is going to begin to get tighter, and that means that global economic activity is going to slow down. This happened during the last financial crisis, and during this next financial crisis the credit crunch is going to be even worse.

    This is why it is so important to have an emergency fund. During this type of crisis, you may have to be the source of your own liquidity. At a time when it seems like nobody has any cash, those that do have some will be way ahead of the game."


    'The Global Liquidity Squeeze Has Begun' >>>Read Here<<<


    ----------------------------------------------------------
    And if you read the above......

    And then horrors upon horrors.....I should have never scared myself by reading this article ......What in the world is happening out in the 'wild wild west'?......I hope those blokes will stop scaring us by writing these crapy scary stuff.....Like, who needs to know these things anyway???.....Phew! The West is so so far away....thank god I'm living out East

    Quote:
    "What in the world are the elite up to? In recent days, we have learned that......."

    'Signs That 'The Elites' Are Feverishly Preparing For Something Big' >>Read@ZH<<

  7. #52
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    With discussions and concerns about 'our $$'.....whether in hand or someone hold it on our behalf.....I figure this is the correct Thread to post this vid.....Mod, move it to some 'sub-oblivion',....if you so choose

    Freefall Monday Ahead??


  8. #53
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    Not enough to put into a shop. Leave it there and earn miserable returns or worst, loose it all it ...... collapse. Think empty acc 2, pay off the roof over my head.

  9. #54
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    http://www.thestar.com.my/News/Natio...e-less-than-R/

    EPF is saying that a lot of Malaysians don't know how to manage their money once they withdraw their money.

    But who is causing the very high inflation of recent years?

  10. #55
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    Of course if you withdraw your money and keep it in a bank or under your mattress it will not generate a return higher than epf, that is for sure. However if you, like many others decides to put the money in a property which can generate rental as well as capital appreciation ( no sure thing ) then it would be a better thing to do than keeping the money in epf who may change the rules of the game and in which case you lose the flexibility of being able to decide yourself what you want to do with the money. For those who have 50k in epf at 55, even if you put it there till you die , you still will not have much . unless epf says that for those who keeps their money after 55 will get 10% guaranteed return then i would be the first one to not withdraw my money from there.

  11. #56
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    Quote Originally Posted by cml View Post
    . For those who have 50k in epf at 55, even if you put it there till you die , you still will not have much . unless epf says that for those who keeps their money after 55 will get 10% guaranteed return then i would be the first one to not withdraw my money from there.
    Actually, the real inflation rate is higher than the rate that EPF gives.

    The basket of inflation rate goods is extremely unrealistic which doesn't include housing, car.
    Car is a necessity in Malaysia unlike other countries where the public transportation is excellent.

    The govt reports 3% inflation rate every year but I see the price of goods going up by more than 10%.

  12. #57
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    So unless one puts it in a appreciating asset or in the casino, oops klse where there may be a likeliood of getting returns better than the inflation rate, the choices are very limited. Prices of houses have doubled up over these last few years so that may be the only alternative. Of course things like location counts. In the meantime the general population is getting enslaved

  13. #58
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    Quote Originally Posted by Challenger View Post
    Me hate PAP government? Why should I hate them? Pls don't imagine I hate PAP.

    I still do not understand the CPF scheme. The simple Q of most EPF/CPF contributors is when can I withdraw all my money. Simple Q and in case of EPF, the answer is simple. In case of CPF, when can a contributor withdraw all his money? I have no answer to this.

    Avg lifespan of a person is about 73. If I were 55/60 years old I want all my money back (CPF or EPF). I still think pledging property to withdraw contributor's own money is silly.
    73 yo lifespan? Where do you plug this number from? Official statistics from Singapore Government, Singstat says the average lifespan in Singapore is 82.5 yo.
    Simply quoting a number for your argument doesn’t reflect good on you, it gives impression to others either dishonesty or simply bias for reasons that only you know.

    http://www.singstat.gov.sg/docs/defa...expectancy.pdf




    Now, in my earlier post I said this, one will deplete his CPF minimum sum within 10~11 years. So, from 74 or 75yo onward, the monthly payout to individual is FREE despite no money left in his CPF account. With an average lifespan of 82.5 years, in average a retired Singaporean will receive additional 7.5 years of free monthly payout or additional 70% of his originally pledged minimum sum. Obviously, the longer he lives the more he gets. So, in a layman term, one will get additional S$70,000 in return on top of S$100,000 principal sum. What is the problem with this kind of investment?! Which investment company will give such a whopping return?! I guess some children may not even offer such a good deal to their own parents.

    Have you ever seen old folks with no dependents or neglected by their children? This group of pioneer generation has very minimum savings and has no life or health insurances to take care of their old age needs. Fortunately, under our housing policy, regardless of financial background, nearly all adults have a roof on top of their head. I repeatedly saying this, pledging of property is to help this low income group in particular. This is to give them assurance and worriless as long as they live in this island nation that there is shelter over their heads be it shine or rain, they will not be hungry be it they have dependents or not and their health will be taken care when they are weak or sick.

    Perhaps, this is silly to you. Fortunately, we have a group of officers and Perm Sec with their hearts for the less able community. Our mission is to build an inclusive society ensuring no one leave behind as the nation progress. We don’t look for simple solution to your simple question for a complex social safety net to protect all walks of life in this nation. Or else, in years to come, our aging population will be like the Cantonese says “colder than water – dong gou sui”. By the way, have you ever seen any beggars or homeless people in Singapore?

    I guess I’ve said enough about CPF in this forum and it is your time to worry about your hard earned money before anything silly crop up. Good luck.
    Last edited by HTCHONG; 19-04-2015 at 03:19 PM.
    有才而性缓定属大才,有智而气和斯为大智.

  14. #59
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    Quote Originally Posted by cml View Post
    So unless one puts it in a appreciating asset or in the casino, oops klse where there may be a likeliood of getting returns better than the inflation rate, the choices are very limited. Prices of houses have doubled up over these last few years so that may be the only alternative. Of course things like location counts. In the meantime the general population is getting enslaved
    This is why they make the environment a 'rat race'.

  15. #60
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    Quote Originally Posted by cml View Post
    Of course if you withdraw your money and keep it in a bank or under your mattress it will not generate a return higher than epf, that is for sure. However if you, like many others decides to put the money in a property which can generate rental as well as capital appreciation ( no sure thing ) then it would be a better thing to do than keeping the money in epf who may change the rules of the game and in which case you lose the flexibility of being able to decide yourself what you want to do with the money. For those who have 50k in epf at 55, even if you put it there till you die , you still will not have much . unless epf says that for those who keeps their money after 55 will get 10% guaranteed return then i would be the first one to not withdraw my money from there.

    EPF is like a forced saving. For most people who do not know what money is all about. Do not want to think about it, then EPF is better than Genting.

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