Love Christopher Tan. My favorite person to listen to in the financial space. Could listen to him all day talk about finance and life in general. Anyway nice to see how far TFC has come. Have always listened/watched you guys even when then views on YT was low. Nice to see the numbers are a lot more now! Continue to Jiayou!
This is the most balanced forum I came across. Even before this change, I have moved SA to RA and my RA has been compounding greatly since age 55. I won’t be drawing on my RA so soon but by 70 years, my monthly drawdown would be a comfortable figure.
Totally resonate with what Chris said at time 12:37 about investors' sentiments when the market goes down. I'm sure many people would have received special letters from their insurance companies in 2023 that the projected maturity value of their insurance products has dropped due to high volatility in the stocks market. My heart sunk when I read that cos I was relying on their funds for retirement. So this LRIS is not so easy to manage. On the whole, I thoroughly enjoyed the video. Very engaging sharing by all the attendees.
While what Chris said at time 03:50 is correct, actually the real advantage of closing the SA after age 55 is to prevent people who don't have enough funds to even meet the FRS to perform SA Shielding. As rightly pointed out, the main objective of CPF is to provide a sustainable retirement income, hence it's important for Singaporeans to have at least FRS in their RA to get a decent retirement income after age 65. So in principle, SA Shielding should be for folks who have already at least met the FRS. But I suspect many folks with less than that are doing SA Shielding to allow their CPF money to remain in SA and withdraw their money prematurely. By observation of people around me, I sense that most people would have emptied their OA for housing. And SA funds alone would not meet the FRS. So if they perform SA Shielding, they probably have very low funds in RA or none at all, ie very low CPF Life payout or none. This could be very problematic if they don't have other means of retirement income other CPF.
Tbf we need stability in the region. SG alone can’t deliver, our incentives are tied to the region and we should want the broader ASEAN region to do well together!
Thanks for the dialogue; I believe we have to view the CPF System as an enduring "social compact" between the Government and the people. It is more than interest rate vis-a-vis the liquidity and the levels of ease of withdrawals (of SA money). When a major decision like closing the SA account is made without broad-ranging public consultation, the trust the citizens have been placing in the CPF System, thus to a certain extent in the Government may risk being undermined. Much more could have been done, explained and communicated.
The large majority are not financially savvy. Bringing it up for public discussion and getting their views might be detrimental to implement after if many are against it. What if a change brought by government was considered favourable to CPF members?Would we say, the change should have been discussed prior. Ofcourse not, we will gladly accept it. I think this is about people trusting the government on what they believe they can do sustainably in the long run for Singaporeans. You don’t want to continue something in fear of backlash, but one that is not favourable to Singapore as a whole.
For a very very long time, cpf SA after 55 was never an issue and was used by several to plan for retirement expenditure into their 80s, it is not just a few years. The impact is really big. The question is why something which wasn't a problem for so long is suddenly a problem or "not sustainable" now?
It is sustainable, interactive brokers gives interest higher than 4 percent. These policy makers either sleeping on their job or prefer not to share with us sheeple?
CPF system seems flawless : Before vs After SA removed, we cannot see anything flawed in the policies. Sporens have a bright future in A.I , ability to question with Critical Thinking. Chiampien 🏆👍 Instead of saying the SA shielding was a loophole, we should give nobel prize to the person who invented the CPF system allowing SA shielding and removal of SA🎉👏👏👏👍🏆
Besides the longer life span and inflation, could the increment in ERS be due to the need to maintain an equal amount of funds managed by CPF? As mentioned by one of panelist, it is a pooled risk. Whilst managing such funds have a cost, managing less funds would in turn increase cost and risk, as less funds means a reduction in portfolio diversity. It should be expected that withdrawal will increase and contribution decreases due to aging population. It is also not unreasonable to say that increase in CPF contribution is required not for retirement per se but to finance the higher cost of flats. If contribution cannot keep pace with costs of flats, needless to say, there will be less for retirement. Finally, from the Govt perspective, when citizens use a larger amount of CPF to pay for higher HDB price, does it mean the Govt will have more funds for other investment / endowment?
Why, in the past when there was a transition from the Minimum Sum Scheme to the CPF Life scheme, was members from the older cohort given a choice to opt in to CPF Life, but now, when the SA is being transitioned out after 55, members are denied the choice to retain their SA? Does not reflect well on the current management when things are simply rammed down people's throats without satisfactory reasons being given (another example, the SimplyGo saga).
You are doing a fantastic job (I think you know it too) in moderating and asking sensitive questions. This group comes across to me as a very grounded panel.
The way I look at it is this: In some way, CPF needs you to surrender some of that decision making you have to CPF/government. As mentioned Chris Tan, he doesn't know how GIC does it but GIC thinks they can invest money better than everyone else. 😅 So having the CPF-SA after performing CPF-SA shielding allows you to retain a high level of autonomy over your CPF monies. No..... CPF/government don't want you to have that. Otherwise, how would you know you need to vote for them. 😏Because they want you to know they invest money better than you. This cessation of CPF-SA has come in a good way for Singaporeans. You cannot depend on CPF or the government for your retirement needs. You got to chart your own retirement and take charge of your own finances. You can depend on them like you need them for your retirement and keep voting for them. 🤭
Could have kept CPF SA account open and give the interest rate based on the amounts in the account. The higher the amount in SA, the lower the rate given. This would allow the govt to sustainably pay out the interest. Since the SA is closed, they should allow all CPF members above 55 to draw out 50% of their RA and the remaining to be part of the life annuity plan. Just like that, people who went ballistic over the closure of the SA would definitely stay silent.
Well done, with right tone and professional exchange. The last section SG Budget 2024 was too noisy and loud laughters to be content trustworthy. Perhaps.
I am sad as I need to use the money in my SA to help pay for my house loan. I am 55 last year, only reach BRS, just used up my OA. Next year need to find more cash to pay replace my SA which I will be struggling even more 😢
"Systems are not static forever", that's true, & so are governments 😉 Just meet bare minimum FRS just for RA, don't bother with ERS Better to have yr money outside CPF to invest, don't trust gov too much, if not, next time drawdown age increase to 70 or 75 due to "increasing life expectancy", which is bs
Learn about the basics of retirement investment, such as pension plans, IRAs, and stock and bond investments. There are many online resources, books, and seminars that can help you build a solid foundation.
Ask yourself how much you want to invest for retirement and when you plan to retire. This will help you set goals and determine how to invest accordingly.
Instead of putting all your eggs in one basket, try to spread your investments across different avenues. This may include stocks, bonds, real estate, and more. This way, you'll reduce risk and increase the chances of earning profits
Retirement investment is a long-term journey. Remember that the market can have price fluctuations, but it's important to be patient and stay focused on your goals
Gov can actually return half 50% of our money from RF when reached 65 or 70yrs old the rest money inside RF after drawing out the 50% will be set aside .. good idea correct ? Example if i have 40k inside RF .. let us draw 20k at 65 yrs ole ....thats fair deal
Cpf Sa offer some money to let those who have reach frs to earn a bit of interest to survive especially for those 55 and 65 in between. In this time retrenchment has reach record high and jobs running scare, the govt really push it's people down the drain by removing a source of survival interest.
Just curious, in 2025, when one is at 55, and this person tops up immediately RA to ERS using his OA. May i ask what will happen to the interest generated from RA at the end of 2025 that has max out the ERS? Will the interest stays in RA the following year or will the interest be channeled to OA instead?
the removal of SA is reasonable , but not entirely. It would better if to cap the amount in the SA when reached 55 , we still have 10 years expense to cope with from 55 to 65 yo
For the higher income earner, they would have reach FRS sooner. For many others, it is probably after they have fully paid up their housing loan (probably already in their 50s) that they finally have the capacity to move funds from OA to SA to earn a little bit more interest.. so not only the middle class, the SA closure is a great disappointment to the lower income too.
For me, those who plan to retire elsewhere, are rich families. We need to give away large amount of money in order to apply retirement visa. And spend a lots on healthcare, housing and transportation at other countries.
For couples, if one has already met his/her FRS, and if one has more money in OA, one can top up spouse’s OA if spouse has not met full retirement account yet.
Yes this policy never change 😊👌🏼 in fact if your partner hasn’t worked for long on a full time arrangement and doesn’t have much in CPF, it’s good to transfer and benefit from the higher interest rates
We can also consider using our Cpfoa to top up some to parents’ RA( if still not met RA yet) so that they can enjoy higher payouts and enjoy higher interest in RA as compare to OA.
Nonsense of SA high liquidity and not for retirement. We keep so much in SA for intention for retirement. 55 years old is the time to live golden age, time to enjoy our savings. CPF should be obligued to give 4% for leaving their money in SA until age 55. Why take away? If ppl know this, they may have invested somewhere else when they were younger. At 55, not easy to invest for long term. How many years of quality life to wait?
@@beaniebean closing after 55 is bad enough as ppl need money the most to sustain their life when income drops. B4 55, you are lured to park money there with 4% int. Many of us will not have much left after paying for house. Then SA is mostly sucked into RA. SA is the only account that give good interest for cash out after 55.
@@limliza992 Isn't SA supposed to be for retirement? If you say SA is mostly sucked into RA, then doesn't that mean closing SA will have no impact to most?
Since govt wants to simplify, why not give us choice of SA instead of RA. Only those who opt for RA, then take RA. This is like forcing everyone to let govt take charge of their money until the day they die.
@@DanC-vv7cl this will be worst. Then 4% is too little. If I need such a long term to put my money. There are lots of ways to generate higher than 4% return.
As the saying goes, those who want to take out from RA, they must stay in there. When they tanked, it is unfair for others to take care of them. Everyone must have a duty to take care of themselves, not waiting to be saved. Forced? No choice I supposed, to be sure.
Agree only if you do not ask for Govt support if you have lost your cash and assets in your ole age. I think the CPF’s role is to there are as little destitutes in SG as it ages.
If you talk about original purpose of CPF, what makes you think that shielding is not helping the seniors with the inflation and increasingly expensive health insurance costs. So if this group of CPF holders can have money to take care of themselves, let it be. Do you want so many seniors to turn to the government when they realise that CPF life can only provide very basic living and have problems with increasing health costs? The worse is when they talk about increasing the ERS to 4 times as if they are doing the seniors a favour. Come on, the current young seniors have sharp minds, maybe even sharper than the CPF Board. The increased ERS works to the government's advantage rather than the depositors. Don't sound as if you are an angels.
Coconut got ask ? What if the "lock up" resulted in some sleeping outside? 🤭🤭🤭🤝🤝😉😉🏆🏆👍 Can use for buying a pigeon hole. Oh, we can spend tax money to house them? Same same but different? 🤭🤣🏳️👍🤝 But don't be mistaken hor, I not saying the panel is one-sided biased and not representative of the poorer. They are very good good
Most people/retirees who have (lots of) excess money in SA are generally the richer group. So, why sould the government continue to pay high interest (with no risk) to this group which is funded by taxpayers (will be the ultimate losers) - this loophole should have been plugged a long time ago! This is against the equality policy - high interest saved herein can be redistributed to low(er) income households. Also, high interest with no risk along with liquidity is seriously anomalous here. If someone wants higher returns, sure, withdraw the money and invest it elsewhere - high risk high gain. There is no free lunch in this world
Let's not forget as well that this "richer"group u were alluding to probably were the ones who had probably paid their dues in terms of higher income taxes viz-a-viz the poorer ones. CPF life is nothing but the majority subsidizing the retirement income of the minority which in essence isn't fair.
If religion is a set of ideas wrapped together by the divine, then yes. Sometimes we don’t even realise how the dominant religions affect the non-believers of our community. Religious ideas are everywhere and for our Muslim friends, they seek to manage their money in the shariah compliant manner.
Not complaining. Our government is forward thinking. This is what I voted for. Not some populist policies that will ultimately harm us over the long-term
@@Ryan-sz3yi Wow you're such a Selfless Individual! Amazing! You should be given a Medal for being such a Moral Upright Citizen! Your parents must be so proud of you! Everyone should aspire to be like you! 🙂
@@schadenfreude6274 yeah and I’m glad majority of Singaporeans think like that too. Not the noisy minority that just goes “don’t complain. You voted for this” whenever things don’t go their way 😂
currently still got one product that gives guaranteed 4.5 percent returns. the chocolate finance. first 20k get 4.5 percent haha... but currently it doesnt allow new accounts to be created. i have been using it from its first inception. still getting daily interest credited to the account.
![Should you still top up CPF with Cash after all the latest changes? [Chills165 Ft @1m65 Founder]](/img/n.gif)
Love Christopher Tan. My favorite person to listen to in the financial space. Could listen to him all day talk about finance and life in general.
Anyway nice to see how far TFC has come. Have always listened/watched you guys even when then views on YT was low. Nice to see the numbers are a lot more now! Continue to Jiayou!
Thank you!!! Yes our YT game has improved? Haha thanks for loving what we do! Hope to see you at our event too :)
Thank you so much for your kind comments and for encouraging our CEO Chris! Have a blessed weekend ahead.
If you are well off like me and Chris, cpf lockup is great. Those who are too poor and need the money, pray lah
This is the most balanced forum I came across. Even before this change, I have moved SA to RA and my RA has been compounding greatly since age 55. I won’t be drawing on my RA so soon but by 70 years, my monthly drawdown would be a comfortable figure.
Glad you found it balanced 😊👍🏻
There is nothing easier than to singpraise . Whats more difficult is to singpraise and be intellectually dishonest. This requires true talent👏🏆
Thanks for being inclusive and inviting Pergas! Will share with my Muslim friends =)
Glad you found it meaningful 😊👍🏻
hearing christopher gee for the first time but so insightful! thanks for hosting, TFC!
He is one of the leaders in this whole retirement landscape in Singapore, albeit from the scholarly research side, we are glad to have hosted him 😊👍🏻
Totally resonate with what Chris said at time 12:37 about investors' sentiments when the market goes down. I'm sure many people would have received special letters from their insurance companies in 2023 that the projected maturity value of their insurance products has dropped due to high volatility in the stocks market. My heart sunk when I read that cos I was relying on their funds for retirement. So this LRIS is not so easy to manage.
On the whole, I thoroughly enjoyed the video. Very engaging sharing by all the attendees.
While what Chris said at time 03:50 is correct, actually the real advantage of closing the SA after age 55 is to prevent people who don't have enough funds to even meet the FRS to perform SA Shielding. As rightly pointed out, the main objective of CPF is to provide a sustainable retirement income, hence it's important for Singaporeans to have at least FRS in their RA to get a decent retirement income after age 65.
So in principle, SA Shielding should be for folks who have already at least met the FRS. But I suspect many folks with less than that are doing SA Shielding to allow their CPF money to remain in SA and withdraw their money prematurely.
By observation of people around me, I sense that most people would have emptied their OA for housing. And SA funds alone would not meet the FRS. So if they perform SA Shielding, they probably have very low funds in RA or none at all, ie very low CPF Life payout or none. This could be very problematic if they don't have other means of retirement income other CPF.
"guaranteed but reviewed" periodically🏆👍🤝😁🤭
Interesting defintion of Guarantee. Language is really an art form
Together SG we do it. Stable SG please open our window to observe next door.
Tbf we need stability in the region. SG alone can’t deliver, our incentives are tied to the region and we should want the broader ASEAN region to do well together!
Thanks for the dialogue; I believe we have to view the CPF System as an enduring "social compact" between the Government and the people. It is more than interest rate vis-a-vis the liquidity and the levels of ease of withdrawals (of SA money). When a major decision like closing the SA account is made without broad-ranging public consultation, the trust the citizens have been placing in the CPF System, thus to a certain extent in the Government may risk being undermined. Much more could have been done, explained and communicated.
The large majority are not financially savvy. Bringing it up for public discussion and getting their views might be detrimental to implement after if many are against it.
What if a change brought by government was considered favourable to CPF members?Would we say, the change should have been discussed prior. Ofcourse not, we will gladly accept it. I think this is about people trusting the government on what they believe they can do sustainably in the long run for Singaporeans. You don’t want to continue something in fear of backlash, but one that is not favourable to Singapore as a whole.
@clear3717 Agree. Was just tried to add to different perspectives.
For a very very long time, cpf SA after 55 was never an issue and was used by several to plan for retirement expenditure into their 80s, it is not just a few years. The impact is really big. The question is why something which wasn't a problem for so long is suddenly a problem or "not sustainable" now?
It is sustainable, interactive brokers gives interest higher than 4 percent.
These policy makers either sleeping on their job or prefer not to share with us sheeple?
why give u 4% when i can give u 2.5% alamak ask this sort of question
very interesting and realistic insights ~
CPF system seems flawless :
Before vs After SA removed, we cannot see anything flawed in the policies. Sporens have a bright future in A.I , ability to question with Critical Thinking. Chiampien 🏆👍
Instead of saying the SA shielding was a loophole, we should give nobel prize to the person who invented the CPF system allowing SA shielding and removal of SA🎉👏👏👏👍🏆
Besides the longer life span and inflation, could the increment in ERS be due to the need to maintain an equal amount of funds managed by CPF? As mentioned by one of panelist, it is a pooled risk. Whilst managing such funds have a cost, managing less funds would in turn increase cost and risk, as less funds means a reduction in portfolio diversity. It should be expected that withdrawal will increase and contribution decreases due to aging population.
It is also not unreasonable to say that increase in CPF contribution is required not for retirement per se but to finance the higher cost of flats. If contribution cannot keep pace with costs of flats, needless to say, there will be less for retirement.
Finally, from the Govt perspective, when citizens use a larger amount of CPF to pay for higher HDB price, does it mean the Govt will have more funds for other investment / endowment?
Thx for sharing your thoughts :) I hope others will share their views to your ideas too :)
Why, in the past when there was a transition from the Minimum Sum Scheme to the CPF Life scheme, was members from the older cohort given a choice to opt in to CPF Life, but now, when the SA is being transitioned out after 55, members are denied the choice to retain their SA? Does not reflect well on the current management when things are simply rammed down people's throats without satisfactory reasons being given (another example, the SimplyGo saga).
A good panel. I enjoyed the discussion. Thank you.
It’s the most heavy one of the series haha 😆 glad u enjoyed it still
You are doing a fantastic job (I think you know it too) in moderating and asking sensitive questions. This group comes across to me as a very grounded panel.
The panel really gave a lot! 😎👌🏼
The way I look at it is this: In some way, CPF needs you to surrender some of that decision making you have to CPF/government. As mentioned Chris Tan, he doesn't know how GIC does it but GIC thinks they can invest money better than everyone else. 😅 So having the CPF-SA after performing CPF-SA shielding allows you to retain a high level of autonomy over your CPF monies. No..... CPF/government don't want you to have that. Otherwise, how would you know you need to vote for them. 😏Because they want you to know they invest money better than you. This cessation of CPF-SA has come in a good way for Singaporeans. You cannot depend on CPF or the government for your retirement needs. You got to chart your own retirement and take charge of your own finances. You can depend on them like you need them for your retirement and keep voting for them. 🤭
Wah, the Chris Tan has a bright future. He sings better than the other chris. Talent🏆🤭
But i wont say who he voted cos only god knows🤣🤣🤣😉😉😉😉😉😉😉😉
Very good discussion. Well done😊
This is a very good and insightful discussion. Love the conversation.
Thank you 😊
Could have kept CPF SA account open and give the interest rate based on the amounts in the account. The higher the amount in SA, the lower the rate given. This would allow the govt to sustainably pay out the interest. Since the SA is closed, they should allow all CPF members above 55 to draw out 50% of their RA and the remaining to be part of the life annuity plan. Just like that, people who went ballistic over the closure of the SA would definitely stay silent.
The cpf is good for g to make investments. But we must not question the reserves. Keep it secret till the very end
Chris should be a cpf spokes man. 🏆🏆🏆👏👏
On some level, I tbink he already is haha
@@TheFinancialCoconutTFC ❤️❤️❤️👍
Well done, with right tone and professional exchange. The last section SG Budget 2024 was too noisy and loud laughters to be content trustworthy. Perhaps.
I am sad as I need to use the money in my SA to help pay for my house loan. I am 55 last year, only reach BRS, just used up my OA. Next year need to find more cash to pay replace my SA which I will be struggling even more 😢
U can just draw out the amount and pay for your mortgage
"Systems are not static forever", that's true, & so are governments 😉
Just meet bare minimum FRS just for RA, don't bother with ERS
Better to have yr money outside CPF to invest, don't trust gov too much, if not, next time drawdown age increase to 70 or 75 due to "increasing life expectancy", which is bs
I’m new in retirement investment
I’m still learn the ropes and figuring out things, i need some good advice
Learn about the basics of retirement investment, such as pension plans, IRAs, and stock and bond investments. There are many online resources, books, and seminars that can help you build a solid foundation.
Ask yourself how much you want to invest for retirement and when you plan to retire. This will help you set goals and determine how to invest accordingly.
Instead of putting all your eggs in one basket, try to spread your investments across different avenues. This may include stocks, bonds, real estate, and more. This way, you'll reduce risk and increase the chances of earning profits
Retirement investment is a long-term journey. Remember that the market can have price fluctuations, but it's important to be patient and stay focused on your goals
@fredarkins_I think this is the best advice for someone new.
banks and financial advisors all very happy with CPF closing SA. More money out for grabs!
Gov can actually return half 50% of our money from RF when reached 65 or 70yrs old the rest money inside RF after drawing out the 50% will be set aside .. good idea correct ? Example if i have 40k inside RF .. let us draw 20k at 65 yrs ole ....thats fair deal
No accrued interest for RA? Does that mean zero interest? If so i support. We must not be greedy
Cpf Sa offer some money to let those who have reach frs to earn a bit of interest to survive especially for those 55 and 65 in between. In this time retrenchment has reach record high and jobs running scare, the govt really push it's people down the drain by removing a source of survival interest.
Exactly! They saved $$$ at our expense.
$30pm missing.... Haha
Don't Complain. You voted for this. 🙂
Just curious, in 2025, when one is at 55, and this person tops up immediately RA to ERS using his OA. May i ask what will happen to the interest generated from RA at the end of 2025 that has max out the ERS? Will the interest stays in RA the following year or will the interest be channeled to OA instead?
Excellent Video. Thanks!
I am curious. Why last time has 4 accounts? What’s the argument at that point of time?
It does sound like a system transitioning situation. But yes would love for CPF to come on to talk about it
the removal of SA is reasonable , but not entirely. It would better if to cap the amount in the SA when reached 55 , we still have 10 years expense to cope with from 55 to 65 yo
For the higher income earner, they would have reach FRS sooner. For many others, it is probably after they have fully paid up their housing loan (probably already in their 50s) that they finally have the capacity to move funds from OA to SA to earn a little bit more interest.. so not only the middle class, the SA closure is a great disappointment to the lower income too.
After paid up HDB, one have little CPF after RA....to upset over 1.5% on the balance $50k p.a.
For me, those who plan to retire elsewhere, are rich families. We need to give away large amount of money in order to apply retirement visa. And spend a lots on healthcare, housing and transportation at other countries.
Fair point
Chris hit the nail!
Which Chris? Haha 😆
For couples, if one has already met his/her FRS, and if one has more money in OA, one can top up spouse’s OA if spouse has not met full retirement account yet.
Yes this policy never change 😊👌🏼 in fact if your partner hasn’t worked for long on a full time arrangement and doesn’t have much in CPF, it’s good to transfer and benefit from the higher interest rates
We can also consider using our Cpfoa to top up some to parents’ RA( if still not met RA yet) so that they can enjoy higher payouts and enjoy higher interest in RA as compare to OA.
Dont you think the CAP will keep rising over the years?
FRS is enough for me i dont want to pump money . OA 2.5% good enough
Is the payout different for male vs female for the same FRS amount at age 65?
anyone in the know please respond 😢
Females generally live longer than men and therefore the payout will be lesser than men but not sure how much different.
Yup. SG need more Shariah Compliant funds.
Indeed 👍🏻 we can do better
Nonsense of SA high liquidity and not for retirement. We keep so much in SA for intention for retirement. 55 years old is the time to live golden age, time to enjoy our savings. CPF should be obligued to give 4% for leaving their money in SA until age 55. Why take away? If ppl know this, they may have invested somewhere else when they were younger.
At 55, not easy to invest for long term. How many years of quality life to wait?
I thought SA is open until age 55? The government is not closing SA for all CPF account holders regardless of age based on my understanding.
@@beaniebean closing after 55 is bad enough as ppl need money the most to sustain their life when income drops. B4 55, you are lured to park money there with 4% int. Many of us will not have much left after paying for house. Then SA is mostly sucked into RA. SA is the only account that give good interest for cash out after 55.
@@limliza992 Isn't SA supposed to be for retirement? If you say SA is mostly sucked into RA, then doesn't that mean closing SA will have no impact to most?
Since govt wants to simplify, why not give us choice of SA instead of RA. Only those who opt for RA, then take RA. This is like forcing everyone to let govt take charge of their money until the day they die.
SA is supposed to be fund RA post 55. What is going to happen, i surmise is that in future, it will only be OA, RA and MA right from day one.
@@DanC-vv7cl this will be worst. Then 4% is too little. If I need such a long term to put my money. There are lots of ways to generate higher than 4% return.
As the saying goes, those who want to take out from RA, they must stay in there. When they tanked, it is unfair for others to take care of them. Everyone must have a duty to take care of themselves, not waiting to be saved. Forced? No choice I supposed, to be sure.
Agree only if you do not ask for Govt support if you have lost your cash and assets in your ole age. I think the CPF’s role is to there are as little destitutes in SG as it ages.
If you talk about original purpose of CPF, what makes you think that shielding is not helping the seniors with the inflation and increasingly expensive health insurance costs. So if this group of CPF holders can have money to take care of themselves, let it be. Do you want so many seniors to turn to the government when they realise that CPF life can only provide very basic living and have problems with increasing health costs? The worse is when they talk about increasing the ERS to 4 times as if they are doing the seniors a favour. Come on, the current young seniors have sharp minds, maybe even sharper than the CPF Board. The increased ERS works to the government's advantage rather than the depositors. Don't sound as if you are an angels.
Join our event! thefinancialcoconut.com/financial-wellness-festival-2024/
Coconut got ask ? What if the "lock up" resulted in some sleeping outside? 🤭🤭🤭🤝🤝😉😉🏆🏆👍 Can use for buying a pigeon hole.
Oh, we can spend tax money to house them? Same same but different? 🤭🤣🏳️👍🤝
But don't be mistaken hor, I not saying the panel is one-sided biased and not representative of the poorer. They are very good good
Thx for finding it very good good 😁😂
@@TheFinancialCoconutTFC cos you are so good good too👍😉
Those who die before 65 how? Never enjoy their cpf? Oh, bequest🎉 i like the long term lockup till 65 for annuity. Democracy
Most people/retirees who have (lots of) excess money in SA are generally the richer group. So, why sould the government continue to pay high interest (with no risk) to this group which is funded by taxpayers (will be the ultimate losers) - this loophole should have been plugged a long time ago! This is against the equality policy - high interest saved herein can be redistributed to low(er) income households. Also, high interest with no risk along with liquidity is seriously anomalous here. If someone wants higher returns, sure, withdraw the money and invest it elsewhere - high risk high gain. There is no free lunch in this world
Let's not forget as well that this "richer"group u were alluding to probably were the ones who had probably paid their dues in terms of higher income taxes viz-a-viz the poorer ones. CPF life is nothing but the majority subsidizing the retirement income of the minority which in essence isn't fair.
Don't vote good 👍
Money also got religious issue....LOL...
If religion is a set of ideas wrapped together by the divine, then yes. Sometimes we don’t even realise how the dominant religions affect the non-believers of our community. Religious ideas are everywhere and for our Muslim friends, they seek to manage their money in the shariah compliant manner.
Promo`SM
Don't Complain. You voted for this. 🙂
Not complaining. Our government is forward thinking. This is what I voted for. Not some populist policies that will ultimately harm us over the long-term
@@Ryan-sz3yi Wow you're such a Selfless Individual! Amazing! You should be given a Medal for being such a Moral Upright Citizen! Your parents must be so proud of you! Everyone should aspire to be like you! 🙂
@@schadenfreude6274 yeah and I’m glad majority of Singaporeans think like that too. Not the noisy minority that just goes “don’t complain. You voted for this” whenever things don’t go their way 😂
@@Ryan-sz3yi Well, you voted for this. 🙂
VTO
currently still got one product that gives guaranteed 4.5 percent returns. the chocolate finance. first 20k get 4.5 percent haha... but currently it doesnt allow new accounts to be created. i have been using it from its first inception. still getting daily interest credited to the account.