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annunities - can you live beyond age 85 and above

All these should not have come abt...it is the morale right of any govt to takecare of the citizen health care...then y do we vote them for???

 

Personally,i think the govt.shd not make buying annuities complusory.

Those who do not wish to buy shd sign a statutory declacaration and not to be be a liablilitiy to the country.

 

Certainly Ng Teng Fong do not need to buy annunity.

SINGAPORE, Aug 23 (Reuters) - A building boom in Singapore has helped turn property tycoon Ng Teng Fong into the city-state's richest man, Forbes Asia said on Thursday.

Ng, who controls Far East Organization in Singapore and Sino Land in Hong Kong, overtook the family of late hotelier Khoo Teck Puat.

His hotel and mall holdings in Singapore and Hong Kong boosted his wealth to $6.7 billion from $4.9 billion last year, the magazine said.

Ng, 79, has son Robert oversee the family's Hong Kong interests while another son, Philip, manages Singapore operations. He came 118 in Forbes' most recent list of the world's billionaires.

The Khoo family was Singapore's second richest, while third on the list was Wee Cho Yaw, the controlling shareholder of United Overseas Bank, Southeast Asia's second biggest lender.

"We refined our list and focused on the individual," Justin Doebele, Forbes' project editor for its Asia rich lists, said at a media conference.

 

ELECTRIC NEWS Can bridge to old age look this good? By Sylvia Toh Paik Choo and Leong Ching August 21, 2007

Choo: CPF and old age are teruk (difficult in Malay) issues. But the Government is bent on tackling them. An artist's impression of an island near Sengkang, linked to mainland by a bridge. For me, CPF has been one of the best things in my life. It got me the roof over my head without wrecking my wallet. Plus I'm one of the less than 5 per cent 'wise ones' who bought an annuity - actually by default - and now my minimum sum's beefed up by $15,000 through interest. So maybe I can buy 62 birthday cakes and one candle. Ching: Well, in future, annuities will become compulsory for those aged 50 and below now. Because the Government wants to make sure that we all have regular income in our old age. Last night, PM told a joke about what NTUC chief Lim Swee Say had said. 'During a walkabout, I talked to a resident at the market. He was healthy-looking,' said Mr Lim. Mr Lim: How old are you? Resident: 72. Mr Lim: Are you still working? Resident: No, I retired at 55. Mr Lim: Why did you retire so young? Resident: Because I didn't know I was going to live so long. Choo: Ha, ha. Ching: CPF minimum sum pays out for 20 years. But annuities pay out for as long as you live. Choo: If I could tell when God was going to get bored with me on earth, it would help me decide if I should live it up or be careful with my savings. Is there a surer way to spend the silver years without looking to handouts? Ching: There is no sure thing. As PM puts it, in insurance, the risk to the financial organisation is death; in annuities, the risk is long life. But I think most people are not familiar with annuities and just want to leave their CPF savings as they are. And for them, the Government will pay them higher interest. One percentage point more. Someone who starts work today at 21, earns $1,700 per month, and buys a four-room HDB flat will earn about $20,000 more interest at age 55. Choo: I'm typical, we want more money now from our savings. After all, it is expected that everything is going to cost more, like vitamins you'll need at the new retirement age of 67. Ching: That one percentage point hike is going to cost the Government $700 million a year initially - almost as much as the HDB programme. So it is like the Government is spending on another new HDB programme - except the money goes to your retirement accounts. Do you think it suka-suka hands out this money? PM said that they did their calculations, ran it by the President and everything works out. Choo: Everything works out. But what concerns me more is what work there will be for me, say between 62 and 67. Fair enough, golden oldies can be employed in lighter work and earn less pay. I mean, we also don't want to block the young from rising in their jobs. I know if I could teach taiji and operate karaoke machines and deliver finger food to mahjong parties, at least I can also keep Alzheimer's at bay. Ching: Syl, you are not going to get away with pulling your weight that easily! You write more and faster than most of us in the newsroom. The 'less work, less pay' is for those who need to 'change gears', so to speak. The legal retirement age is now 62, so you have at least one more year. And already you are in the minority - only two-thirds of men are working up to 62, women are even fewer. To encourage more people to work longer, the Government is going to try and pass a new law. Choo: Oh-oh, is this going to be one of those conditions-apply things? Ching: Well, it's going to be one of those 'apply for a job' things. The Government is not going to take the easy route of raising the retirement age. It is going to legislate for re-employment. Going back to the office - but maybe with a different job. It does not of course mean that every worker will definitely get a job - but the employer must make an offer. Choo: So I can be offered to return to the same workplace to do something less stressful but the pay will be less as well. Like that got any subsidy or not - wardrobe money? We want to still look decent, lah! Ching: Got subsidy, but you don't qualify, since your pay is too high. For low-wage workers, the Government will have a higher tier of Workfare for older workers. Double! For example, a 60-year-old worker earning $1,000 a month now gets $100 more a month. Under the revised scheme, he will get $200. Quite a lot! Choo: Good news and good to know. No one will be left out, that's what I went away with from the PM's speech.

 

A old man once told me, good people life shorter, bad people live longer. I asked him why he said that, he said, the answer is simple how come I dun know. I asked him for the answer and buy him a cup of coffee. He told me, if you are good, god want you because they are short of talent up there, if you are bad nobody want you, even the hade king oso avoid you.He further said he has nothing against those who are good and old and still alive, maybe their name is not in their god register book yet.

 

Look around us. How many things around us are Made in China?  How many things are coated with toxic paint or whatever toxic? The amount of processed food we consume daily? The kind of air around us? The kind of virus surfacing? The level of stress escalating? The no. of natural disasters around the globe?

Living to 85 years old for people who are currently around that age range is possible, but with the younger generation, we really do not know. For next generation, I am really afraid to think that far.

Timewatch:  Cannot climb tree. Cos tree may fall.

 

With lot of  $$$ don't let us live longer.

If Hade king want you to die at 12mn, nobody dare to keep you beyond that time.

 

Why the government so scare that maybe some of us can live beyond 85 and got no money to spend? What's the statistics on people who live beyond 85? Anyone knows? What's the base of all this? Long long ago tell people to raise two children and close down Chinese schools. Now give people money with 3rd and 4th child and tell people Chinese is cool. I mean give us a break. Let nature take its own course. Don't outsmart it.

 

solving old age problem is a headache, I think we should let the problem resolve by itself. If we really want to break the guniness world record and ensure the record stay for a decade, there is one cheapest way. whoever live past 120, 1 million dollar will be credit into your cpf account, one bunglow in sentosa by the sea, free food, free medical and free entertainment.

 

I saw in newpaper yesterday that the village with longest average age group only has average age of 85.

So is singapore going to be in guniness world record in order for the citizen to enjoy their annunities?

 

so to live longer, avoid pyjama make it china, it prone to fire hazard.

 

Today's world is all about money, you got money you get respect. don't have money nobody cares, not even relations. Guess the man who lived in the stone age period was more happy, he ate good organic food, good meat, wore clothes made by bark of trees, or leaves,and lived on trees or caves..Today if want to feel like a relaxed stone age man, can just sit under a tree.If want to climb up a tree, first check your weight. ha ha

 

Report said that those who live past 65 has 50% chance to live past 85.

So is there any report that state what is the % of population that can live past 65?

Even our former minister, who is well taken care of, can't go beyond 85 and pass away yesterday.

What hope do you have when there is more stress in living, more polluted environment, more unhealthy food, and best of all, more china unethical products?!

 

to make it more unreachable, age 108. I think we are trying to break guninees world record to live longer. 

 

now everybody worried if reach 85 years, next target will be if reach 100 years.

 

I think the insurance companies or banks will be desperately going after the program, they may oso consider add in rider for the annunities. I think we should open the market for competition so we can have better return for annunities.

 

Singapore: If you are a Singaporean aged 50 or younger, you will have a "small portion" of your Central Provident Fund (CPF) minimum sum set aside for compulsory annuities.

This contribution will be pooled with others and once you hit the age of 85 and your minimum sum is exhausted, the annuity payouts will begin - possibly a monthly sum of $250 to $300 - assuring you a financial lifeline until the day you die.

For the first time since Minister Lim Boon Heng hinted that the Government was looking at making annuities compulsory and Prime Minister Lee Hsien Loong confirmed it on 19th August, citizens have been given an idea of what shape the scheme will likely take.

The actual premium amount has yet to be decided. But Manpower Minister Ng Eng Hen gave the reassurance that a major portion of the minimum sum will still be meant for CPF members to withdraw when they reach the official draw-down age.

Also not fixed: How the money will be drawn out, whether as a lump sum or monthly premiums.

But the tentative plan is to pay out $250 to $300 a month from the time members hit 85 - when the 20-year payouts from the minimum sum cease - until the day they die, said Dr Ng. "I'm trying to protect you for very long life expectancy," he added.

But should one not live to 85, the premium would be used to support others in the pool still alive. You can have the money transferred to your family members instead, but at the price of a higher premium.

Observers say the Government now has to "sell" the scheme to Singaporeans.

"To my knowledge, no country has ever made it compulsory for such a large chunk of the population to contribute to a pool in this manner. Most of us are waiting to see how much the premium will be," said Mr Leong Sze Hian, president of the Society of Financial Service Professionals.

Minister-in-Charge of ageing issues Lim Boon Heng urged insurance companies to come up with "creative" annuity products.

"They could have variations of life annuities, they could pay the person's estate in case he passes on too quickly after buying a life annuity. If those kinds of products came onto the market, more people would accept the idea of buying an annuity," he said.

Said a group manager from Great Eastern Life: "This compulsory scheme is a chance for insurance companies to 'wake up their ideas'. Annuities are big in the west, but have never taken off in Singapore. The returns on annuities are now averaging just 2.3 per cent... The take-up was poor. Companies should now take advantage of the upcoming demand for annuities and come up with good products with better returns, say, 5 per cent."

The Ministry of Manpower is still "consulting widely" on the fine print of the compulsory annuity scheme, such as whether it would be managed by the CPF Board or the private sector.

 

SINGAPORE: Many Singaporeans agree that the compulsory annuity is a logical scheme, but some still hope the government will consider lowering the payout age from 85 to about 70 years old.

They have also suggested that inflation be taken into consideration when deciding on the amount of monthly payout.

49-year-old Chua Seng Kee, a security supervisor, feels that the compulsory annuity is generally a good idea as the monthly annuity payout will help him with his daily expenses.

But he still has certain reservations about the scheme.

"We will probably not live until 85, so I think the government should consider an earlier payout between the age of 70 and 75. As for the amount, I think the government should factor inflation into their studies. When we reach that age, I think we should have at least S$500 per month."

If the annuity payout age is lowered from 85 years old, Mr Chua is confident another scheme will be in place by then, if the funds run out. - This fella is brainless...how can the fund run out when it's contributed by all workers while sooooo few will live beyond 85.

He said: "By that time, they would probably have another scheme like from 75 (years old) onwards or 85 onwards."

As Mr Chua was previously self-employed, he does not have much money in his CPF.

In planning for his old age, he has a private insurance policy that will pay him about S$100,000 when he turns 65 years old.

Mr Chua said he would probably keep that money for his two children.

As for Mr Foong Foo Kheong, he will not have to buy the compulsory annuity as he is now 70 years old.

At this age, he knows just how important it is to continue working and to have sufficient savings.

He said: "You're forced to save. If you're not careful, you may lose all your CPF money in shares."  - Another brainless guy ...forced to save or force to give away ?

Mr Foong earns about S$1,300 monthly and does not have any insurance, but he believes he has enough savings to last him through.

He said: "My money's invested in stocks and shares. I have my own property. I think that's enough for me to live on for the rest of my life. I have my children, I think they can also look after me.

"My savings can last me till 90 years old. I don't think I'll run out of money. My mother, who is about 88 years old, still has savings and we're looking after her as well. We can still help her pay for her expenses."

The government will be gathering more feedback over the coming months before deciding on the precise mechanics of the compulsory annuity scheme.

Who was it said ? Put aside part of the GST, ERP, COE bla bla bla instead of keep squeezing from us poor citizens mah !!! 

 

 

You can do voluntary contribution to her CPF and then use this CPF to buy lor.

I think annunity not transferable one, so if the husband die before the housewife, cannot transfer.