Blogger Roy Ngerng sued by PM

[streetsmart73]

sori hoh.

our nanny is so worried that the children are careless and mindless of everything mah.

so must care and instruct all the way loh

[lyc]

Originally Posted by hobbyist

agreed with you !

cpf should at age 55 ..allow individual choose . If draw full sum, the individual should sign it and say that they must NOT ask govt for welfare - directly or indirectly.

You think this will work??? Leave the pple there to die or we gonna suck more from whatever taxes to "fund" them.

Most pple will not able to plan their financial soundly.

[BubbleBubble]

Socialism according to oxford dictionary... "A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

And so the blogger would and should be viewed as a PAP supporter.

Forget the nitty gritties and his lack of depth in the financial instruments... the guy is actually fighting for something... and that something is a struggle to understand wat the hell tis govt is trying to do with our money... a classical Orwell question.

He wans clarity... fair call.

He wans to be inform... fair call.

He wans justice... though it can only be serve when clarity forms.

He's just not that good... and he deserves an A for trying.

[byfun]

Originally Posted by hobbyist

agreed with you !

individual has right to his own money.

cpf should at age 55 ..allow individual choose . If draw full sum, the individual should sign it and say that they must NOT ask govt for welfare - directly or indirectly.

Asking welfare from gov is not as easy as you thought. First you must not have any children and don't own any property. You also need to prove you are old and dont have a regular income. Then you are entitled to about $250 a month from gov.

So even you have spend away your cpf money and still have a hdb flat dont dream of getting welfare from gov.

[globalcookie]

Originally Posted by byfun

So even you have spend away your cpf money and still have a hdb flat dont dream of getting welfare from gov.

They announced liao, working out smthg to help retirees en-cash their flat. In simple words, Reverse Mortgage. It was introduced abt 6-8 years back, but never really took off.

[byfun]

Originally Posted by globalcookie

They announced liao, working out smthg to help retirees en-cash their flat. In simple words, Reverse Mortgage. It was introduced abt 6-8 years back, but never really took off.

This cannot be term as welfare, sort of you mortgage your own property to get some money to cover your own expenses but you still get to live in the flat until you pass away.

Might as well sell flat away and encash then get a cheap rental flat from hdb.

[globalcookie]

My personal POV...

CPF Retirement Account's Annuity program seems like a reasonable and fair scheme. I am not sure when the payout will commence, at 62 years old as the current retirement age? (failed to do some read up)

If the payout starts at 62 years old, with $155k in the RA and being paid $1,200 per month, we will exhaust the funds in less than 11 years. If we outlive that 11 years, we continue collecting Annuity till we die.

If we shortlived, say if the retiree past on at 6 years, the remaining money goes to next of kin.

So, for that blogger who asked for MORE interest, he didn't consider, the extra payout the retiree will receive. Everything also want, but nothing on the table.

-----------------------------

Coming to encashing our properties. There are at least 3 schemes out there, namely :
- Reverse Mortgage
- Buy back and lease back (where HDB buys back the retiree's flat at a certain amount, and allows them to live in it)
- Sell and move to retiree studio apartment (1 bedroom HDB, with 30yrs lease, cannot sell to open market)

So, it is not totally a government who didn't think of the retirees. Of cos we do hope more is done. BUT, Do we really expect welfare? Ask ourselves, where does these welfare money come from? Fall from the sky, from money printing machine, money tree, God of Fortune, etc etc? I'm afraid I have to point it bluntly for those who doesn't get it, TAXES!

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I may not be a supporter of PAP, but it is not everything they do that is bad. They had done quite well for a zero resource country. Before we expect anything, we also need to know where it comes from. There is no free lunch.

Originally Posted by byfun

Might as well sell flat away and encash then get a cheap rental flat from hdb.

I don't think it will work. Rental flats are not available to just anyone who wants it. And if the gov builds rental flats and rent it out so cheaply for retiree, the cost will come from tax paying individuals.

Remember LHL said smthg abt increasing taxes not long back and he associate the need for tax due to welfares? Do we really want that to happen? let's put it this way, for ppl earning $60k per year, they pay maybe about $1k tax. Are these individuals prepared to pay $5k taxes or more?

Our CPF is not taxable. Our income tax takes away the CPF component first, and what other claims. We are tax on the remaining. Paying $1k tax for $60k income PA, that's effectively, less than 2% tax.

Of cos, there are many other tax schemes, including GST, etc. But these may not be enough for many more welfares.

Overall, I think the current tax system is reasonable, and the current retirement plans still let us see some light at the end of the tunnel. There are countries that doesn't even have that.

[Ong88]

Originally Posted by globalcookie

My personal POV...

CPF Retirement Account's Annuity program seems like a reasonable and fair scheme. I am not sure when the payout will commence, at 62 years old as the current retirement age? (failed to do some read up)

If the payout starts at 62 years old, with $155k in the RA and being paid $1,200 per month, we will exhaust the funds in less than 11 years. If we outlive that 11 years, we continue collecting Annuity till we die.


-----------------------------

Coming to encashing our properties. There are at least 3 schemes out there, namely :
- Reverse Mortgage
-



---------------------------

I may not be a supporter of PAP, but it is not everything they do that is bad. They had done quite well for a zero resource country. We are just becoming LAZY and OVER DEMANDING.

Screw annuity screw reverse mortgages.

Based on 1.2k monthly needed.
Age 62, die 80.

Share from my layman conception and alternative exit strategy
ie screw the annuity I will need 14.4k x 18 years = 288 k.( oh, & screw the 4 % rule too )

GET/DIG/ROB 288 k, then invest at 6 % ROI : if worried of inflation eating away the principal amount's purchasing power.

288 k in 20 years time shouldn't be a problem if 3 room hdb flats hit $1 million + at the rate things are going. Take a mortgage on property, since not working : use as guarantor/co-mortgagee that person whom you are bequeathing the property to in your will.
Sell off home if lease too short to mortgage.

If I can't have the 288 k from my home equity, but still want 1.2k/monthly : rent out one room. Come to think of it some hdb rooms are getting that rental rate now.


For those wanting to prepare separate retirement source of funds, check out Rule of 25 and the 4% Rule.

[streetsmart73]

Originally Posted by BubbleBubble

Socialism according to oxford dictionary... "A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

And so the blogger would and should be viewed as a PAP supporter.

Forget the nitty gritties and his lack of depth in the financial instruments... the guy is actually fighting for something... and that something is a struggle to understand wat the hell tis govt is trying to do with our money... a classical Orwell question.

He wans clarity... fair call.

He wans to be inform... fair call.

He wans justice... though it can only be serve when clarity forms.

He's just not that good... and he deserves an A for trying.

bro, hear hear.

good one

[BubbleBubble]

I tend to wanna go wif his arguments... if he can take it a little deeper... and he went only as deep as pluses and subtractions... with a tangent... and not even integration and differentiation complexes... so...