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This guy has 800K in his CPF. (AK responds to HWZ Forum.)

A reader pointed me to a thread in HWZ Forum which discussed about my CPF savings being more than $800K. He wanted to clarify certain que...

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Longevity should be a blessing and not a curse.

Thursday, August 9, 2018

"One in two Singaporeans aged 65 today is expected to live beyond 85, and one in three will live beyond 90.

"Tripartite Workgroup on Older Workers to look into whether changes are needed on the retirement age of 62 and re-employment age of up to 67, and if so, when they should be made.

"It will also relook the impact of Central Provident Fund contribution rates on retirement adequacy of older workers."

Read full article: HERE.

Reader says...
"I know one person in Singapore who could not care less about this review. LOL."

Who? Who?

What I want to draw fellow Singaporeans to is the first line of this blog.

What? You speed reading and missed it?

Go see the numbers again.

And what is also important to note is the word "today".

People are living longer and 10 years from now, people aged 65 would probably be living even longer.

Making sure that we have enough to fund our retirement and that we won't be a burden to our family and society at large is a serious matter.

There are still many people who are of the Y.O.L.O. mentality.

"I can afford the Y.O.L.O. lifestyle lah.

"What is your problem, AK?

Ask yourself if you can afford the lifestyle now AND in the future.

If your future is secure too, then, go ahead.

You shouldn't let AK the miser stop you!

What? You didn't think about the future?

Cham liao lah like that.

Don't play play.

As we live longer, we need to have even more certainty when it comes to funding our golden years because there will be many more of those years to fund.

All of us know that there are those who think that CPF Life is just another way the government is stealing our money.

Regular readers know what AK would say.

1. A lot of the money in my CPF is actually from the government.

A lot of money in my CPF-SA.

2. If you should ever be blessed with longevity and chances are more than 50/50 that you would be, you would be more than happy you had an annuity like CPF Life which pays you a monthly income for as long as you live.

CPF Life Payout Estimator,

Unless we are born with a spoon made of some precious metal in our mouth, when legitimate help is offered, we should take it.

Make longevity a blessing, not a curse.


See: CPF grew $200K in 3 years!

Related post:
1. How much money can you save?
2. Are we worried about retirement adequacy the right way?


Ben said...

Hi AK,

My views are as follows:

My take is that most of people have such mindset because of the stress of living in Singapore, People have too much financial commitment in terms of parents, children, property instalment etc. I believe that this makes things too complicated. Such circumstances make people feel that longevity is a curse and cause more burden to the breadwinners.


AK71 said...

Hi Ben,

Well, although not always true, most of the time, we have choices in life and we should make sure we know the ramifications of our choices.

Make good choices in life and life will be easier. ;)

Ben said...

Hi AK,

I agree with your view. I feel that one knows what is best for himself and herself. Making the appropriate decision (which is closer to the heart and preference) is the way to go. I make decision based my own preference. I am more inclined to simplicity and minimalist lifestyle. Hence, I try to make things simple and easy in my lifestyle. Simple means less stress and happier mood.


AK71 said...

Hi Ben,

Keep our lifestyle simple and there will be less complicated situations in life.

Amen to that. :D

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