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annunities - can you live beyond age 85 and above

Just curious..

Any PR in this thread? Heard can withdraw all CPF if choose to surrender your PRship and balik kampong.

 

 

Let's not forget that for people like MM/PM/SM and all the other ministers including the lawmakers, there'll be a team of specialist or doctors to look after their health. And, these people will not be bother by these issue as after 2 term as MP, their annuities will be guarantee for life. Pls correct me if I'm wrong.

 

 

 FROM CPF WEBSITE:

Q:	What happens to my CPF if I pass away?
A:	Nominate the beneficiaries of your CPF savings. If you have a valid CPF Nomination, the following will be distributed to your nominees in the proportion as stated in your nomination upon your death: (a) Savings in the Ordinary, Special, Medisave and Retirement Accounts; (b) Discounted SingTel (ST) shares; (c) Economic Restructuring Shares (ERS), which will be converted to cash to form part of CPF savings. The following are not covered by CPF Nomination but instead form part of your estate: (a) Cash and investments held in the CPF Investment Account under the CPF Investment Scheme-Ordinary Account (CPFIS-OA); (b) Investments held under CPF Investment Scheme-Special Account (CPFIS-SA); (c) Properties bought with CPF savings; (d) Insurance money from the Dependants? Protection Scheme (DPS) if the deceased was insured under the Scheme; and (e) New Singapore Shares (NSS). If the CPF member has not made any nomination, the Board will transfer his CPF savings to the Public Trustee for distribution in accordance with the written law.

 

Disagree...

morale of the story : Thank you for being a Singaporan who has been contributing to CPF and making us a rich nation.

Other than that, we wish you live long enough till 65 years old but try not to exceed 85 so that the poolki money will be always increasing with no hand out at all.

Thanks Singaporean and you will be all on your own to figure out your lives at 62, 65 and 85.

 

 

Morale of the story:

 

Stay fit regardless your age.  Like MM Lee, he exercises every day. He's in the pink of health,very fit.  And mentally alert!

 

 

Meanwhile, the government also wants to provide an "extreme longevity protection" for citizens by making annuities compulsory for those below 50 years old.

Said Dr Ng: "We are basically looking at compulsory annuities to protect members from outliving their retirement savings. Let me first say that we'll consult widely. We do not intend to, when we start this scheme, to put the major proportion of your minimum sum into annuities. That's the first thing that needs to be said.

"In fact, a smaller proportion of your minimum sum will be put into annuities, so the major portion of your minimum sum will still be drawn out, drawn down by members at the draw-down age."

An example of this annuity is that the CPF member pays a basic premium of X dollars which goes into a pool.

That money will be paid out from age 85 - for life.

But if the member doesn't live till 85 years old, the money will then be used to support others in the pool, who are still alive.

It's not determined if the CPF Board or private companies will administer the compulsory annuities scheme.

The Manpower Minister stressed that the basic idea of the compulsory annuities is to insure members for the latter part of their lives, that is after 85 years old.

The aim is to provide a subsistence payout amount first, of possibly between $250 and $300 monthly.

Wondering why not use the pool money for a group of people to invest in shares and stocks instead of giving to those living beyond 85 (how many can make it actually, while the pool money will be increasing in volumes each month by those working & contributing to this pooki below the age of 50).

 

Actually, if the gov can find ways to guarantee a decent return with our lock in CPF minimum sum amount after say 62 with150K for $1000pm life long, all problem of extending of retirement age, compulsory annuity will be solve. But they just refuse to take responsibility even after collecting so much taxes and achieving surplus after surplus yearly.

 

Medisave will NEVER leave CPF board.

After you surrender your IC, your medisave will be distributed to our kids, if you have any, else goes to our sibling, then parents.

OA and SA will be treated as your estate, and distributed accordingly based on your will (if u have) or per estate in cash.

 

May I know what will happen to my medisave a/c's $$ if I RIP? Same like ordinary and special a/c?

 

Gov still working out.

Currently, there are offering from NTUC and some others, but not popular.

The return is very low although it will pay until we surrender our IC.

Based on current min. sum in retiring account, by the time they hand out the payment, its is around $600+ as compared to $700+ if drawn down by CPF at 62.

 

Anunities is compulsory, a small minium sum of your cpf pay out at age 55 for anunities, anybody know what is the amount of the sum?

 

Especially with this type of market movement everyday... Make one toilet trip sometimes cause us a few hundred $$$ lost in paper.

Our heart beat faster, more heart and pyschological stress.

How to live above 85?

 

85 and above is the minority,  I would most likely fall under the majority group.  dun wish to live so long as a burden as well..   sad to see my money on statement only but dun get to use it before i gone gone one day...

 

I think most of them were be with lord before 85.

 

This CPF revision is getting too complicated. What not 4% interest now, but long term will? Really don't understand. Isn't 85 a bit too old? I'll be happy and contempt if I get to see my grandchildren go thru college. For me, I rather get a big chunk of money and hop on a world tour when I am 65 instead of getting bitsy sum of money every month. I better embrace myself with arts of investment.

 

some say yes and some say no, how about you?