Is your cpf enough for you to retire?

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Is our CPF enough for our retirement?

Yes
1
5%
No
13
65%
Maybe
6
30%
 
Total votes : 20

Is your cpf enough for you to retire?

Postby Guaranteed » Thu Nov 21, 2013 2:13 pm

i have seen many post posted by parents on savings for children, helping them in their start up lives, or even marriage lives.

But how about ourselves? :?

Is our CPF really enough for our retirement??

If not, is it really just like what Mr Lee Kuan Yew say, there should not be any retirement in singapore.

Guaranteed
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Re: Is your cpf enough for you to retire?

Postby Guaranteed » Thu Nov 21, 2013 3:13 pm

anyway, i have posted a post for free english foundation class under the academic learning n enrichment forum. please feel free to go take a look.

Guaranteed
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Re: Is your cpf enough for you to retire?

Postby NigelTKM » Tue Dec 24, 2013 1:51 pm

Well I personally feel, CPF is more of a safety net. Not exactly there to support us for retirement. It will be better to do personal risk planning and map out your investment, protection plans and be on a lookout for good retirement plans.

Especially these days, I feel we are pretty much on our own. When the kids grow up, they have plenty of things they need to pay for (who knows what interesting prices will the HDBs be next time). If they do take care of their parents, I see it as a "performance bonus" for us.

It is disturbing to see youths these days just spending and not thinking about what will happen once they reach 65. On the average now, a retired couple should be able to live on 3k/mth. But years down the road, who knows.

So my stand is, unless we are investment/retirement planning savy ourselves, CPF will not be sufficient.

NigelTKM
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Re: Is your cpf enough for you to retire?

Postby rogerin88 » Tue Jan 07, 2014 11:46 pm

every year minimum sum is increasing.....200k on the way

rogerin88
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Re: Is your cpf enough for you to retire?

Postby zbear » Wed Jan 08, 2014 10:33 am

rogerin88 wrote:every year minimum sum is increasing.....200k on the way


Yes, the rate at which MS is increasing every year is so RIDICULOUS. Its even higher than annual salary increment of most people.

And the best part is you cant even touch it until you are 62? or 65?

:rant:

zbear
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Re: Is your cpf enough for you to retire?

Postby starlight1968sg » Wed Jan 08, 2014 8:49 pm

For example: min sum of 200k for a person who has worked, 20 years (reasonable?), then each year is 10k which means each month save < 1k for retirement ?

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Re: Is your cpf enough for you to retire?

Postby sleepy » Wed Jan 08, 2014 8:50 pm

What about people who are not working? eg. SAHMs

Won't be able to meet minimum sum requirment

sleepy
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Re: Is your cpf enough for you to retire?

Postby starlight1968sg » Wed Jan 08, 2014 8:52 pm

Is this min sum meant to buy the CPF Life?

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Re: Is your cpf enough for you to retire?

Postby zbear » Wed Jan 08, 2014 10:33 pm

sleepy wrote:What about people who are not working? eg. SAHMs

Won't be able to meet minimum sum requirment



Definitely cannot. Too bad then - whatever $ is inside there will remain as MS.

zbear
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Re: Is your cpf enough for you to retire?

Postby zbear » Wed Jan 08, 2014 10:37 pm

starlight1968sg wrote:Is this min sum meant to buy the CPF Life?



Yes, it is. I think CPF MS is a good idea to force us to save for old age/retirement. What I cannot accept is that the increase in MS per year is so unrealistic for average income earners. It wont affect high wage earners but it really makes it tough for ordinary workers.

Also, the best part of their argument is that the % is pegged to the inflation rate which everyone knows is high. Salary increment is never pegged to inflation, so why MS?

I just don't understand the logic of their argument.

Maybe someone can explain?

zbear
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