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CPF payouts: Very low, very few get?

(ST, Jun 14) “Number of seniors going to the authorities to seek maintenance from kids falls to 10-year low”

“The Commissioner for the Maintenance of Parents (CMP), Mr Khoo Oon Soo, attended to 98 seniors last year – down from 143 the year before and almost a third of the 286 in 2011.

This comes as more of the younger seniors are “financially able” and better prepared for retirement through the use of their Central Provident Fund and personal savings, a Ministry of Social and Family Development (MSF) spokesman said. The CMP is under the MSF’s purview.”

(Parliamentary reply, 18 Feb, 2019): “In December 2018, there were about 268,000 CPF members aged 65 and above who received retirement payouts from either the CPF LIFE or Retirement Sum Scheme.

Of those who received payouts, 74% had monthly payouts under $500. The average monthly payouts differs greatly across the generations; the average monthly payout for CPF members aged 65 to 69 is more than double that of members aged 80 to 87.” [LINK]

Comment: So, “74% had monthly payouts under $500″

19,000 Members Age 80-87 $220 (Average monthly payout)

130,000 Age 70-79 $290

116,000 Age 65-69 $450

Source: LINK

As there were 229,400 residents Age 65-69 (Jun 2020) – the No. of CPF Members who received payouts in Dec 2018, seems to be rather low.

What about the rest of about 100,000 (229,400 – 116,000)? They are not getting any payouts? Because their CPF has been exhausted?

Similarly, for Age 70-79 – there were 261,000 vs 130,000 getting payouts?

 

Leong Sze Hian

 

 

yyy
READER COMMENTS BELOW

29 Responses to “CPF payouts: Very low, very few get?”

  • liew mun leong must be jailed:

    pap says they need S$m to maintain their lifestyle.

    cotton sheep says never mind, vote pap, even though we have pittance.

    1, cpf is cotton sheep own money.

    2, returning cpf to cotton sheep in drips and drabs, is e**l.

    3, pap abuses cotton sheep monies in gic temasick.

    4, cotton sheep cpf, in Medisave, in RA, is a cheap source of S$ for pap gic temasick.

    5, worst of all, cotton sheep squandered their own money in purchasing over priced HDB rental leases from pap.

    the only way out for cotton sheep, if they desire it, is to vote into power PSP WP coalition government to right all the pap wrongs.

    There is NO other way.

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  • IF ONLY:

    Poor old Singaporeans, if only the CPF investment had returned 8% a year, as most good pension funds do. Their monthly amount could have been easily doubled, or even 3 or 4 times higher.

    There are only two possible explanations.

    A) There is a bunch of damn lousy Trustees/fund managers taking care of our CPF money. Returns of 2.5% for decades. Any other funds, these bunch would have been sacked long ago.

    B) There is a bunch of good fund managers who make good returns but keep most of the returns from us.

    Take your pick. Can the gov tell us which explanation is right?

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  • oxygen:

    PEASANTS HAVE BEEN TOLD (not denied in Parly) that CPF is not our money. Senior citizens must all be stupid to believe CPF is their last frontier of economic refuge.

    AS for the “younger” citizens, they must know or be stupid beyond infinity that their CPF money trapped in depreciating public housing IS GONNA VAPORIZE to nothing in old age.

    Those chasing their private housing fantasy fairy-tale castle is even MORE STUPID – they live THEIR FUTURE earnings on debt slavery now – burning the candle of lives on both ends.

    Now Covid-19 proves their stupidity of UNSUSTAINABILITY of housing inflation bubble running too fast ahead of an economy WRECKED by covid pandemic. They now live in fear of job insecurity and constant paycut but no discount from bankster lender who knows they owns slaves.

    PAPpynomics POPULATION RECYCLING ECONOMIC alongside bubble housing asset-nehancement politics is destined to fail.

    The 61% silly frogs deserves what they got voting for those shameless POLITICAL LYING COWS. No sympathy for these moronic cows beyond free education available in the social media.

    THE WRECKAGE OF FAKE CASTLE (collapse) is there for all to see.

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  • Tatman:

    All thanks to the heartless 61.24% Sohai who voted for the treacherous PAP Government to kill us all.

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  • xoxo:

    One idiotic NMP insists CPF IS NOT our MONEY,IT BELONGS TO GOVT???

    FARKS,WHAT KIND OF NMPs are they nominating?
    If got no logic,dont open your big gap!
    I hope this MP suffer more in any form.
    I,for one,have no sympathy for such asshole$!

    Imagine she is just a common handicapped sg like most others,what would she say???

    One word!

    HYPOCRITE!

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  • #06-195 Me 3:

    I know this is unrelated, but pls hear me out. Don’t know wherr else to go.

    Anyone got this problem with facebook marketplace?

    1) Strangers cannot send messages to your Messenger app. How to sell things like that?
    2) You get funny messages like “You cannot access facebook”.
    3 After you have posted just ONE listing, they say you reached your limit because you are new to FB. What utter absurd reason!

    Question is, am I being singled out for special treatment or what?

    There seems to be no way of contacting facebook and they don’t seem to respond to feedback.

    Wy so lousy one?

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  • PAP's "grand plan":

    Straits Times: More working couples, rising incomes, shrinking households: 7 highlights from S’pore population census

    The above are the consequences of PAP’s policies and decisions. More couples are working because they have to with wages depressed by the massive influx of foreign workers (“thanks to LHL”) and the sharp rise in prices also caused by these foreigners. Also, HDB prices more than doubled while wages were stagnant since LHL became PM. Young Singaporeans couples have to work harder to afford the over-priced, poor quality and basically depreciating (to ZERO) HDB flat. Many will likely not make it. After working 30 years they still have not fully paid for their crappy HDB flat. Households are also shrinking because many couples decide to have fewer children at all.

    Raising children in Singapore has become very expensive because private tuition is the norm. Also it is more difficult to get into local universities because more places are reserved for foreigners who study in local school with full scholarship using taxpayers’ money.

    The above clearly shows the pro-alien policies of PAP. But PAP likely does not care because it can use the results of the population census as a reason to bring in more foreigners. They can be converted to “new Singaporeans” that will vote for PAP. The plan is to create “new Singaporeans” at a faster rate than the loss of support from “old”, i.e., “true blue” Singaporeans. PAP political dominance at all cost has always been the main objective of PAP and the late LKY (“Mr GDP” – Good Dead Permanently)

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  • HDB is a "Ponzi Scheme":

    What depletes the CPF accounts of Singaporeans are the over-price, poor quality, basically depreciating to ZERO HDB flat. The price of HDB flat more than doubled since LHL became PM. He was likely advised by his father Lee Con You to do this to make Singaporeans dependent on PAP “handouts” and “generosity”.

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  • Temusik Patriot:

    xoxo:
    One idiotic NMP insists CPF IS NOT our MONEY,IT BELONGS TO GOVT???

    FARKS,WHAT KIND OF NMPs are they nominating?
    If got no logic,dont open your big gap!
    I hope this MP suffer more in any form.
    I,for one,have no sympathy for such asshole$!

    Imagine she is just a common handicapped sg like most others,what would she say???

    One word!

    HYPOCRITE!

    Her mind must had been crippled too ssyibg CPF is not your monry…is she stil in psrliament

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  • Low payout:

    Sad reality is many have very low CPF monthly payout…not enough to survive.
    Too much money goes to their “end of lease zero value” HDB flat.

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  • KT:

    For the millionaire politicians and their gang of MIWs (incl retired ones), CPF does not matter much to them. Y ? They are or have been collecting millions of cold hard cash $$$$) and pensions to last them till their balances be transferred to their younger herds. They are living in full comfort in private properties “far away from the madding crowd” (a movie title).

    Whereas ordinary citizens are moaning over CPF money day in and day out. Many elderly spent their lifetime working, but retired and left with little CPF money. The word “comfort” is not in their dictionary and cannot be compared with the white gangs. Many of the retirees weak and with illnesses, are still forced to work as table cleaners, cardboard collectors, toilet cleaners, etc. They are still required to pay the yearly medisheld life deducted from their medisave account, and it is compulsory, right ?

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  • Dr. Chan:

    LHL already stated they are aristocraps.
    He is King. So we are peasants.
    King feeds on peasants. Peasants are slaves to the monarch – until they get overthrown.
    So if peasants do not feel the need to overthrow them, then they must continue to feed the monarch.
    E.g. the British Monarch (just a bunch of blood suckers that do not serve any real purpose other than making headlines in tabloids).

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  • Harder Truths:

    These are from the 61% who keep voting regime day-in and day-out. Why should I feed sorry for them? Let them suffer their karma. They also make the 39% of us suffer along with them.

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  • In and out of CPF:

    People should look at both the money going in and the money coming out.

    Out:
    PAP is draining our CPF like crazy. HDB is the biggest item. Don’t forget all the annual deductions.

    The medi insurance for old folks is bigger than the withdrawal amounts shown above.

    In:
    The investment return of 2.5% is practically daylight robbery, compared to the 10 to 20% of well managed funds. Everybody on average is robbed a million or two. It is worth noting that this loss is even bigger than the HDB loss.

    HDB is a "Ponzi Scheme":
    What depletes the CPF accounts of Singaporeans are the over-price, poor quality, basically depreciating to ZERO HDB flat. The price of HDB flat more than doubled since LHL became PM. He was likely advised by his father Lee Con You to do this to make Singaporeans dependent on PAP “handouts” and “generosity”.

    IF ONLY: Poor old Singaporeans, if only the CPF investment had returned 8% a year, as most good pension funds do. Their monthly amount could have been easily doubled, or even 3 or 4 times higher.

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  • mike:

    KNS

    What’s the point kept arguing getting low payout from CPF?

    The ONLY solution will be:
    1. MORE and HIGHER minimum sum
    2. Later withdrawal age, older ‘retirement’ age

    Need help? IT’s On The Way!
    When the gov helps, you are screwed, twice.

    When you have savings and no debts, how GST going to work!?

    If you do not have, car loan, housing loan, education loan, kids… how finance & insurance shall works?

    The way to make us spend our savings ‘eternally’ is to provide loan for our dreams. And inflation to extend the shelf life.

    If one lacks financial literacy, you are just a hamster spinning the wheel and freeze looking at the cage door when it’s open.

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  • old age...:

    Look like many cannot grow old gracefully…
    No money to do that…look at their little CPF payout and the high medical insurance to pay.
    Crazy!!

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  • Singaporeans R Free Riders:

    mike:
    KNS
    ………
    If one lacks financial literacy, you are just a hamster spinning the wheel and freeze looking at the cage door when it’s open.

    Clap ..clap.. well said, Mike. If one don’t know how to manage their finance, it it their fault and they have to take responsibility of the consequence of their action and not kpkb and blame it on our great PAP government.

    CPF payout is low because gong gong, rude, loud mouth Singaporeans kept upgrading (read “overspent“) their house from 4room HDB to condo.

    I knew of a wise MNC director who had $9000 take home salary but still lives in a HDB 3 room flat.

    I ask him why don’t he blindly follow trend and upgrade to condo.

    This is what he said to me: “I don’t know how long this job will last me. My 3room HDB is fully paid and I am debt free, so no point get into debts again because of face.”

    If you are foolish, materialistic and unable to do the numbers, you must own the consequence of your bad decision. Period.

    You Reap What YOU Sow.
    Don’t blame my great PAP for your personal bad decision.

    GE2024.PAP.Guarantee.Win.HuatAgain
    Majullah $PAP$ $PAP$ Huat$

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  • Rude Toad Sillyporeans:

    I agree with you. There are a lot of rude arrogant people – especially the elderly and those in senior ranks. They DEMAND the young and junior peopple respect them unconditionally. And they disrespect the young and juniors blatantly. These people are so puffed with pride and arrogance that’s its unbelievable. They forget that respect and courtesy are a two way street.

    That’s why all these car, condo, country club memberships aren’t necessities but a visual extension of their huge ego. I know a songmong rude toad malaysian who migrated here study NUS has all these things. And then that hypocrite can say all he wants is Jesus Christ. I nearly choked on my saliva. The creep will not deign to answer people when spoken to. I’ve never come across such a golden mouth.

    Singaporeans R Free Riders: Clap ..clap.. well said, Mike. If one don’t know how to manage their finance, it it their fault and they have to take responsibility of the consequence of their action and not kpkb and blame it on our great PAP government.

    CPF payout is low because gong gong, rude, loud mouth Singaporeans kept upgrading (read “overspent“) their house from 4room HDB to condo.

    I knew of a wise MNC director who had $9000 take home salary but still lives in a HDB 3 room flat.

    I ask him why don’t he blindly follow trend and upgrade to condo.

    This is what he said to me: “I don’t know how long this job will last me. My 3room HDB is fully paid and I am debt free, so no point get into debts again because of face.”

    If you are foolish, materialistic and unable to do the numbers, you must own the consequence of your bad decision. Period.

    You Reap What YOU Sow.
    Don’t blame my great PAP for your personal bad decision.

    GE2024.PAP.Guarantee.Win.HuatAgain
    Majullah $PAP$ $PAP$ Huat$

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  • John Dough:

    These public figures are a pack of lies.

    Older CPF members had CPF contributions from bosses as well as selves total combine at least 40 percent of pay for years.

    2nd,HDB flats were obsceny cheaper.

    3rdly CPF interests were ranging from 4 to 8 per cent payout from CPF Board.

    Is the explanation that younger members are more financially independent or capable?

    Trust the PAP Administration AT YOUR OWN PERIL, folks.

    Good luck.

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  • oxygen:

    @ John Dough

    Which (or ALL) these figures in the quote of the writer is a pack of lies? Please illuminate, thanks.

    John Dough: These public figures are a pack of lies.

    I recall 4% interest payment from CPF account or just under. Definitely not 4% for ordinary account over the last 12 years at least!

    When did it paid 8% range for OA balance and for which calendar year or years?

    John Dough: CPF interests were ranging from 4 to 8 per cent payout from CPF Board.

    On this further point, I share your question mark.

    John Dough: Is the explanation that younger members are more financially independent or capable?

    Financial skills takes decades of accumulated learning experiences of failures. One can only learn from mistakes, not success which has the benefit of help from luck so often.

    There is no paid (learning) apprenticeship in this business. All apprentices pay dearly and expensive for his/her meal tickets of successive failures IMHO.

    CPF SCHEME FOR PEASANTS IS UNMITIGATED DISASTER. It would have been better for all if they leave their money to be invested in US 10 year Treasury bonds in the last 5 decades and pay out full return minus a small administration fees.

    John Dough: Trust the PAP Administration AT YOUR OWN PERIL, folks.

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  • Singaporeans R Free Riders:

    Rude Toad Sillyporeans:
    I agree with you. There are a lot of rude arrogant people – especially the elderly and those in senior ranks. They DEMAND the young and junior peopple respect them unconditionally. And they disrespect the young and juniors blatantly. These people are so puffed with pride and arrogance that’s its unbelievable. They forget that respect and courtesy are a two way street.

    Exactly … exactly … just like free speech is two way but there will always be gong gong stupid stupid people like Hong Kee who are made use of.

    While gong gong students charged at frontline, Martin Lee Hide Away Enjoys Fine Dining with his Pastor friend, pastor you know
    https://www.youtube.com/watch?v=JXjSv3Hj-Xg

    Rude Toad Sillyporeans:
    That’s why all these car, condo, country club memberships aren’t necessities but a visual extension of their huge ego. I know a songmong rude toad malaysian who migrated here study NUS has all these things. And then that hypocrite can say all he wants is Jesus Christ. I nearly choked on my saliva. The creep will not deign to answer people when spoken to. I’ve never come across such a golden mouth.

    Maybe He said all he wants is USD/a> (money) and you hear wrongly and misunderstand him.

    Just like when Bush said Iraq got weapon of mass destruction and after destroying Iraq, Bush found nothing but award billions $$$ contracts to Americunt contractors.

    To Americunt, the reality is In Money We Trust, God is just a front.

    https://www.smh.com.au/business/markets/our-currency-your-problem-the-us-has-made-a-weapon-of-the-dollar-20180907-p502d7.html

    “When the missionaries came to Africa they had the Bible and we had the land. They said “Let us pray.” We closed our eyes. When we opened them we had the Bible and they had (robbed us) the land.”
    ― Desmond Tutu

    You trust Americunt or Cheenacunt, you die faster.

    We must support PAP and defend Singapore interest.

    GE2024.PAP.Guarantee.Win.HuatAgain
    Majullah $PAP$ $PAP$ Huat$ Huat$ Huat$

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  • IF ONLY:

    Yep, CPF interest lies in the range 1% to 99%.

    It never ever reach 8% in its entire history. NEVER!

    oxygen: When did it paid 8% range for OA balance and for which calendar year or years?

    John Dough: CPF interests were ranging from 4 to 8 per cent payout from CPF Board.

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  • #08-193 huang ba dan always:

    Even the well to do are cheapos. Don’t want to pay for delivery and quibble over a miserable $10 discount.
    Stay bungalow also cheapo.

    Singaporeans R Free Riders: Clap ..clap.. well said, Mike. If one don’t know how to manage their finance, it it their fault and they have to take responsibility of the consequence of their action and not kpkb and blame it on our great PAP government.

    CPF payout is low because gong gong, rude, loud mouth Singaporeans kept upgrading (read “overspent“) their house from 4room HDB to condo.

    I knew of a wise MNC director who had $9000 take home salary but still lives in a HDB 3 room flat.

    I ask him why don’t he blindly follow trend and upgrade to condo.

    This is what he said to me: “I don’t know how long this job will last me. My 3room HDB is fully paid and I am debt free, so no point get into debts again because of face.”

    If you are foolish, materialistic and unable to do the numbers, you must own the consequence of your bad decision. Period.

    You Reap What YOU Sow.
    Don’t blame my great PAP for your personal bad decision.

    GE2024.PAP.Guarantee.Win.HuatAgain
    Majullah $PAP$ $PAP$ Huat$

    GD Star Rating
    loading...
  • Singaporeans R Free Riders:

    Dr. Chan:
    E.g. the British Monarch (just a bunch of blood suckers that do not serve any real purpose other than making headlines in tabloids).

    Clap clap clap… very well said.

    And they, UK, claim they are democratic when the still have monarchy around…

    When you have monarchy, you are NOT democratic.. period.

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  • Singaporeans R Free Riders:

    Rude Toad Sillyporeans:
    I agree with you. There are a lot of rude arrogant people – especially the elderly and those in senior ranks. They DEMAND the young and junior peopple respect them unconditionally. And they disrespect the young and juniors blatantly. These people are so puffed with pride and arrogance that’s its unbelievable. They forget that respect and courtesy are a two way street.

    Exactly … exactly … just like free speech is two way but there will always be gong gong stupid stupid people like Hong Kee who are made use of.

    While gong gong saw hai students charged at frontline, Martin Lee Hide Away Enjoys Fine Dining with his Pastor friend, pastor you know
    https://www.youtube.com/watch?v=JXjSv3Hj-Xg

    Rude Toad Sillyporeans:
    That’s why all these car, condo, country club memberships aren’t necessities but a visual extension of their huge ego. I know a songmong rude toad malaysian who migrated here study NUS has all these things. And then that hypocrite can say all he wants is Jesus Christ. I nearly choked on my saliva. The creep will not deign to answer people when spoken to. I’ve never come across such a golden mouth.

    Maybe He said all he wants is USD/a> (money) and you hear wrongly and misunderstand him.

    Just like when Bush said Iraq got weapon of mass destruction and after destroying Iraq, Bush found nothing but award billions $$$ contracts to Americunt contractors.

    To Americunt, the reality is In Money We Trust, God is just a front.

    https://www.smh.com.au/business/markets/our-currency-your-problem-the-us-has-made-a-weapon-of-the-dollar-20180907-p502d7.html

    “When the missionaries came to Africa they had the Bible and we had the land. They said “Let us pray.” We closed our eyes. When we opened them we had the Bible and they had (robbed us) the land.”
    ― Desmond Tutu

    You trust Americunt or Cheenacunt, you die faster.

    We must support PAP and defend Singapore interest.

    GE2024.PAP.Guarantee.Win.HuatAgain
    Majullah $PAP$ $PAP$ Huat$ Huat$ Huat$

    GD Star Rating
    loading...
  • Singaporeans R Free Riders:

    Rude Toad Sillyporeans:
    I agree with you. There are a lot of rude arrogant people – especially the elderly and those in senior ranks. They DEMAND the young and junior peopple respect them unconditionally. And they disrespect the young and juniors blatantly. These people are so puffed with pride and arrogance that’s its unbelievable. They forget that respect and courtesy are a two way street.

    Exactly … exactly … just like free speech is two way but there will always be gong gong stupid stupid people like Hong Kee who are made use of.

    While gong gong saw hai students charged at frontline, Martin Lee Hide Away Enjoys Fine Dining with his Pastor friend, pastor you know
    https://www.youtube.com/watch?v=JXjSv3Hj-Xg

    GD Star Rating
    loading...
  • oxygen:

    HERE IS SOME SIMPLE FINANCIAL MATHEMATICS straight from compounding tables available on the internet.

    Seed capital of $100,000 will yield in net (variable) realisable value of total return – after 30 years of compounding – the following sums

    - at 2% the interest + return of capital is $181,114

    - at 4% the interest + return of capital will be $324,340 and

    - at 6% the interest + return of capital will be $574,350.

    Of these widely-varied payback, CPF savers got which rate of return over 30 years spread (assuming starting work at 25 and retiring at 55)?

    If not, WHO STOLE OR LOST YOUR MEALS AND SHELTER in old age.

    Don’t bother to read diversionary detour of some MOUSEY-RATS (not sure if the troll is mouse or rat) paid at 10 cents per post here.

    IT USED TO BE 50 CENTS PER POST, now with economic hard times of pandemic damage and retrenchment/pay cut everywhere, the rat or mouse or cross of mouse and rat speice would be lucky to receive 10 cents per post.

    TRY HARDER for a pay rise next!!

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  • No quality retirements:

    Sad reality…many cannot retire gracefully.
    Too little CPF savings..
    Got house but cash poor.

    GD Star Rating
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  • Mike mousey-rats:

    Mike must be a 10c mousey rat.
    Big good solution here, he ignores and scares people with other “only” solutions.

    oxygen:
    HERE IS SOME SIMPLE FINANCIAL MATHEMATICS straight from compounding tables available on the internet.

    Seed capital of $100,000 will yield in net (variable) realisable value of total return – after 30 years of compounding – the following sums

    - at 2% the interest + return of capital is $181,114

    - at 4% the interest + return of capital will be $324,340 and

    - at 6% the interest + return of capital will be $574,350.

    Of these widely-varied payback, CPF savers got which rate of return over 30 years spread (assuming starting work at 25 and retiring at 55)?

    If not, WHO STOLE OR LOST YOUR MEALS AND SHELTER in old age.

    Don’t bother to read diversionary detour of some MOUSEY-RATS (not sure if the troll is mouse or rat) paid at 10 cents per post here.

    IT USED TO BE 50 CENTS PER POST, now with economic hard times of pandemic damage and retrenchment/pay cut everywhere, the rat or mouse or cross of mouse and rat speice would be lucky to receive 10 cents per post.

    TRY HARDER for a pay rise next!!

    mike: KNS

    What’s the point kept arguing getting low payout from CPF?

    The ONLY solution will be:
    1. MORE and HIGHER minimum sum
    2. Later withdrawal age, older ‘retirement’ age

    Need help? IT’s On The Way!
    When the gov helps, you are screwed, twice.

    GD Star Rating
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