cpf life:money cannot take out

The CPF Life scheme is an attempt to repair a national pension system that has become inadequate in sustaining members through old age.

The reason why the CPF system has become deficient in the first place is because of persistently low interest rates paid on CPF accounts, which has prevented members from building their wealth, as well as members having to pay a large amount of funds towards their property.

As a result of these two factors, and to some extent the inadequacies of the Medisave system in taking care of members’ medical needs, the CPF Life scheme is needed to fill the gaps of this sinking ship.

As medical science advances and with an increased emphasis in a balanced lifestyle, Singaporeans are expected to live longer with females having an average life expectancy of 83.2 years and males an average of 78.4 years. Living longer in turn means that one needs to be financially equipped to sustain his/her living expenses.

It is with this in mind that the CPF Board came up with the CPF Life scheme consisting of 4 options for CPF members to choose from – Life Basic, Life Balanced, Life Plus and Life Income. The CPF Life Balanced is the default selection if one does not specify any plan.

Though it is compulsory for everyone who turns 55 in 2013 to opt in, this does not mean that the CPF Life is the only solution available for one’s retirement income needs.

Let us first take a look at the features of the CPF Life scheme.

Who can join CPF Life
Those age 52-54 and age 55 and above in 2009 can opt to join CPF Life (not compulsory).
Those age 51 and below will automatically be enrolled in the Life Balance Plan if they have $40,000 in their Retirement Account (RA) at age 55.
CPF members cannot commit more than the prevailing minimum sum into CPF Life.

The entire RA account up to the minimum sum will be used for the CPF Life. Once a plan has been chosen, it cannot be changed.

Attributes of CPF Life

Monthly payout is not fixed - The payout will be adjusted based on the CPF interest rates and the mortality experience. CPF, however, mentioned that the adjustments will be small.
Monthly income level - The CPF member needs to consider the income amount he/she wants to receive monthly. This has a direct impact on the bequest amount for the beneficiaries.
Bequest amount (benefit left for beneficiaries) - The higher the monthly income, the lower the bequest amount and vice versa.
Females will receive lesser amount than males

To put it simply:



How CPF Life Works

2 components to CPF Life – Retirement Account (RA) savings & Annuity

The entire RA savings will be used to fund the CPF Life scheme. This savings is split into a pot consisting of the RA and another pot which pays the annuity premium. The split between the RA and annuity premium depends on the age of entry into the plan.

For example, for a 55 year old male, the split for Life Balanced is 70% RA and 30% annuity premium.
For Life Basic, it is 90% RA and 10% annuity premium.
As for Life Plus and Life Income, 100% goes into the annuity premium (as payout starts at drawdown age).
More will go into annuity premium for the older folks who join before 2013.

Why is this split of significance?

The reason is this:
Interest earned in the RA will be accrued in the RA and the interest will be given to the beneficiary upon the passing on of the CPF member.
Interest earned on the annuity premium will be contributed towards the annuity fund which pools interest from other CPF members – this interest is not payable upon death.

What do beneficiaries get upon death of the CPF member?
For CPF Life Basic, Balanced & Plus: Unused RA savings plus the premium for the annuity less any payout.
For CPF Life Income: This plan does NOT provide for any refund even when the CPF member passes one before any payment has been made.




Note: Amounts are estimated based minimum sum $100,000 of male age 55 with deferred drawdown till age 65. CPF interest rates are assumed at levels of 3.75% and 4.25% (Non-guaranteed).

What does all this mean before you sign up for CPF Life?
CPF Life payout is fixed around the same levels
It is not pegged against inflation, hence, the value of payouts will shrink over time as prices of goods rise.
CPF Life payout is not guarantee
It is dependent on market conditions. It will be reviewed every year based on CPF interest rates and mortality experience - if CPF interest rates decrease, the payout and bequest amount will also reduce.
Limitation of CPF Life Income option
It does NOT pay out any money to the beneficiary should the CPF member die before payout starts.
Variable payouts and bequest amounts
Higher payouts mean that lesser or nothing is left for beneficiaries
Interest earned
Interest earned from the annuity of CPF Life Plus plan is distributed to a common pool

Knowing the difference between CPF Life & a Participating Annuity



The CPF Life Income option though gives the highest payout is not suitable for everyone. It must also be chosen with caution as it does not leave anything for your beneficiaries. Not only that, there is no refund option upon withdrawal from the scheme.

In conclusion:
You should not depend on CPF Life to meet all your retirement funding needs as the payouts may not substantial.
The best thing to do today is to save more and plan your retirement early.
You can also consider additional income plans like participating annuities from insurers.
It is also critical that you have adequate medical and insurance coverage in your retirement years.
CPF Life is our last line of defence against outliving our resources. Plan early for your future lifestyle needs and you can enjoy a worry free

George Yeo supported the casino

Prime News
Mega boost likely: George Yeo306 words
15 April 2005
Straits Times
STIMES
English
(c) 2005 Singapore Press Holdings Limited
A CASINO could provide a mega-boost to the economy, Foreign Affairs Minister George Yeo said last night.
But, whatever the decision, no effort will be spared to minimise the social costs of gambling here, he added.
He was commenting on a survey which indicated that one in every 50 adult Singaporeans risked becoming problem gamblers.

Mr Yeo, as then-Trade and Industry Minister, first broached the casino idea in Parliament during the Budget debate last year.

Explaining the rationale for the proposal, he said last night: 'We are talking about millions of dollars' worth of investment, thousands of jobs and the possibility of increasing annual tourism inflow into Singapore by hundreds of thousands a year.'
He gave his comments to reporters at the launch of a poll for a Housing Board upgrading programme in Bedok. He was not surprised by survey results indicating that some 55,000 adult Singaporeans could become addicts.
'We know there are always problem cases that can lead to occasional family tragedies, whether or not there's a casino.'
People could, for instance, be addicted to horse-racing. 'So whether or not we proceed with this integrated resort, we should make sure we find ways to minimise the social costs.'
Measures could include barring those on public assistance schemes from a casino. Family members could also be empowered to prevent those with a gambling problem from entering casinos.
Still, admission procedures should be simple: 'We should also not make it so complicated that we create a bureaucracy to monitor who can enter the casino.'
As for his personal stand, he said: 'The Cabinet has taken a decision, so we will go by the collective decision.
'Of course, I announced it a year ago in Parliament... and the economic benefits are not trivial.'
RADHA BASU

the present

do not look back and cried over the past
for it is gone.

do not be troubled about the future,
for it has not yet come.

liver in the present, live it to the fullest
and make it so beautiful

That it will be worth remembering.

Foreign Minister GeorgeYeo announced his retirement from politics

Media press statement by George Yeo on Tuesday, 10 May, 2011

Thank you for waiting a couple of days for me to rest before meeting you.
Aljunied voters have decided and I respect their decision. Having committed 23 years of service to the residents, it is only natural for me to feel disappointed but this is politics.
It has been my privilege to have served them all these years and they have enriched my life. They have also enabled me to serve in various capacities as a Cabinet Minister in MITA, Health, MTI and MFA for which I am grateful.
Why did we lose Aljunied?
Mr Low Thia Kiang himself said that they won Aljunied not because the Aljunied team did not do a good job, but because the voters wanted WP to be their voice in Parliament.
Mr Low's analysis is fair and I agree with him. This desire for a strong WP voice in parliament was a political tide which came in through Aljunied which we were unable to withstand despite our very best efforts. Right from the start, the Workers party made Aljunied a national battleground.
The fight became one between a Workers Party voice in Parliament and an Aljunied team with two ministers, a potential Speaker of Parliament, a potential minister and a most effective Town Council chairman.
Though I wish the outcome had been different, Aljunied voters have made their choice.
Many of my supporters asked me to stay on to win back Aljunied in five years time. I wanted to level with them and told them last night that it is better for a younger person to take on this important task. I'm already 57 years old and would be 62 by then. Naturally I would help to ensure a smooth handover.
As we ended our campaign on 5 May, I talked about the importance of transforming PAP. This is a belief I've held for some time. It was not something I felt I could say when the campaign started. But, as the campaign went on, as we heard the growing cry from the heart, I decided to make it plain. Like it or not, we are entering a new phase in Singapore politics development. How we respond to it will decide Singapore's destiny in the 21st century.
I would help in whatever way I can to bring about this transformation of the PAP. I wish I had a mandate from the people of Aljunied to be a strong advocate of such transformation. But I don't.
As for remaining in public life, I will contribute in whatever modest way possible.
Many young people have stepped forward to help me in this campaign. Even more have cheered me on. It is not good that so many of them feel alienated from the Singapore they love. I look forward to continue working with them so that the Singapore we struggle for is the Singapore they feel is their own.
As to the actual role I can play, I'll be happy to respond to them. In the last few years, I have learnt much from my young friends. Often they led me rather than I led them. Since the GE results came out, there has been a flood of support for me expressed personally, through friends and relatives, on email and, in an astonishing way, on internet and FB. The words expressed are heartfelt. Many wrote me long passages, some in tears. I'm grateful for the kind words and the good wishes, and will be an advocate of their cause.
As for what I'll do professionally after stepping down as Minister when the new Cabinet is sworn in, I'm not rushing to make a decision. My wife and I thought we should take our time to think this over. We also need a break to spend more time with the family.
From the bottom of my heart, I would like to thank the people of Singapore for the opportunity of serving them in the last 23 years.

out sick

have been sick for the past few weeks and still fully recovered.
the warm weather and also our body resistance too.
planned to go for blood donation but postponed to later date when we get well.
in the meantime, drink plenty of water and have a good rest.

good bye friends

a brand new day

the formation of two party system in singapore!

you are the best:opposition parties in singapore

if you genuinely support the PAP and want them to succeed, then you must vote for the Opposition

Because EVERYONE can see so clearly that the PAP's performance over the past five years is just taking this country on a one-way trip into slow deterioriation and gradual collapse.

It's just that they have lost their way, over the past five years.

The best thing that can happen for the PAP is that they lose 19 seats in this election. Then suddenly they will wake up, remember the people whom they are supposed to serve, and start getting their act together

the rise of legend: Mr Chiam, you don't have to speak. We will vote for you!

the rise of legend: Mr Chiam, you don't have to speak. We will vote for you!

Mr Chiam, you don't have to speak. We will vote for you!

do you understand?

thor

a thumping crush.

have you ever seen Thor with a problem he couldn't solve?

still

no matter what has happened, the heart is still.
like a mirror of the ocean.

gone

she has gone forever.
it is good.
finally we can place our past over and start anew.
we have been set free.

fishing

future

who is she?

she

she has submitted her letter and will be leaving on 20th April 2011.
that's will be 8 days left, and she will be back to her country for a break.
when we heard the news, our mind went blank and we could not think too much.

finally she has decided to leave for good.
and we knew that we will not be seeing her for a long, long time.

her good friend also found a good offer she could not resist and will be leaving on the same day.

after sometime, we realized it is good. finally our heartache person has gone.
finally.