CPF Board escalating efforts to trap more retirees’ savings, members beware

Every initiative taken by CPF Board is never to address the issue of retirement shortfall. Instead, it invites members to top up our accounts or delay withdrawal.

So, how much does GIC need to cover investment losses? $10 billion? $100 billion? Any person with half a brain would know something is terribly amiss.

According to a reader on my blog, the CPF Life Escalating Plan offers very poor value for elderly CPF members. Comments by “Sinkie” below:

Sinkie says:
October 24, 2017 at 1:31 pm (Edit)

Many financial bloggers have analysed this new CPF Life Escalating Plan. The conclusion is that it is very poor value for an elderly retiree …. even worse than the Standard Plan — which is itself long criticized for keeping too much of your CPF money if you die before 85 yrs old.

Half or more of Singaporeans will die before 85 — this means that most of your CPF money will be retained inside CPF Life. Your family members will only get very little or zero CPF money. CPF Life is a scheme to force Singaporeans to pay for other Singaporeans’ retirement funding.

In this manner, PAP is avoiding the use of annual budgets, budget surpluses or reserves to support elderly retirement.

CPF has already been bastardised by PAP into a piece of crap & full of holes, such that it now has to force “socialize” retirement funding among CPF members — totally going against the raison detre of CPF in the 1st place …. which is segregated individual personal savings — fully redeemable by individual members.

CPF has been deformed by PAP into a ridiculous parasite with the worst of both personal savings scheme & western taxation scheme —- forced savings that is higher than western tax, but benefits & retirement funding that is much lower … and money that has to be surrendered to the State when you die.

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