S'poreans ranked lowest

[nhyone]

If you read the article carefully, it says 13.1% in earmarked retirement account. If the general account is counted, it becomes 82%.

I suspect it is talking about SA and OA. So, as long as you don't use your OA for housing, it is very adequate for retirement. And then the article also said using CPF for housing isn't necessarily bad, just a risk of being asset-rich and income-poor.

 

[Pablo]

even cat also facepalm

:bsmilie::bsmilie::bsmilie::thumbsup:

 

[Godzilla Invades]

I don't see HOMER SIMPSON....."DOH":bsmilie:

 

[ConnorMcLeod]

eeerrrr did the report/article state what is the amount ($) for SGPean?

S'poreans ranked lowest

The Republic is at the bottom of a ranking of retirement income from pensions in the Asia-Pac region. -ST

Fri, Jan 09, 2009
The Straits Times

SINGAPOREANS are at the bottom of a ranking of retirement income from pensions in the Asia-Pacific region, says the Organisation for Economic Cooperation and Development (OECD).

And this is true at all income levels, according to the study, which covered 19 locations including Hong Kong, Taipei and Japan, The Business Times reported on Friday.

The Pensions at a Glance study, which also involved the World Bank, found that Singapore's average gross replacement rate - the value of the pension as a percentage of earnings when working - is just 13.1 per cent.

source :- http://news.asiaone.com/print/News/AsiaOne+News/Singapore/Story/A1Story20090109-113489.html

 

[dreaming]

Must pay GST or not?

haha. GST excluded. by then, any idea what is the GST?

Dole system, ppl laze ard, abuse the system
Pension system, ppl also laze ard, wait for retirement

 

[JacePhoto]

Thanks for sharing. I am not surprised. We are just after cattles reared for our meat and labour. When we are gone, they will do something to our body to make money (still) from it.

 

[AlteredVision]

Thanks for sharing. I am not surprised. We are just after cattles reared for our meat and labour. When we are gone, they will do something to our body to make money (still) from it.

Like this? (Need to play it a bit to see why I say "like this?")
http://www.addictinggames.com/oiligarchy.html

It's such a cynical game isn't it?

 

[sORe-EyEz]

money is not important.
I rather be poor happy than be rich stresssed and unhappy.

look at the millionaire who had committed sucide... he still have about 100 millions!

u so unhappy meh? :bigeyes:

its easier to be poor than rich loh. quite job get a modest & tiny home, turn ur fixed assets to liquid.

 

[Lady Ice]

money is not important.
I rather be poor happy than be rich stresssed and unhappy.

look at the millionaire who had committed sucide... he still have about 100 millions!

not everything is as it seems. Newspapers give you an idea but make up a lot of the stuff to get an article out.

 

[WuffRuff]

Since when did we have any pension scheme for retirees?
CPF is not a pension from the garmen ok?!! It is our own earned money that the garmen forcefully take from us all our lives until we are near our grave, then they return us a measly handout each month! :cry:

In other words, Work until you die!

This is disgusting! I did not come to this world just to make money for the garmen ok!
And yes, as long as you work, you are making money for the garmen cos u have to pay CPF and that is garmen's money!!!

money is not important.
I rather be poor happy than be rich stresssed and unhappy.

Only someone who has never experienced poverty will say this... ask anyone who has ever experienced poverty... they will tell you they will never want to be poor again and want to be rich. Think about why poor people envy the rich and want to be like them... why do they think of means to earn more money, to get rich, work hard in making money, if they are really so happy being poor? Sure, there are rich people who envy the poor for their 'simple life' too... but that's because they have NO IDEA! Let them live a day in the shoes of the poor people and they will immediately want to go back to being rich.

Rich people who are stressed and unhappy are those who have the wrong mindset or do not know how to manage their wealth... but this can be learnt and changed.
Poor people are stressed and unhappy because they don't even have any finances to manage! How to do anything about something that you don't even have?!? Without the finances/ resources to manage their life and necessities, they have to stress about every thing in their life... all the things that you take for granted like food, shelter, water even, health... are a daily struggle for them.

At age 25, you rent a flat from garment.
You stay there for 50 years = 75 Year old.
Total rent = 50 years x 12 months x $300 = $180,000.

Today, what flat can you buy with $180k?
If you really can buy one at $180k, what about the interest you have to pay over the loan period? = $79,420 for a 30 year loan at 2.6%

The stupidest will think they own an asset, while in fact they are just renting from HDB.
Those who buy 40 years resale flat are paying a monthly rent of $600 for a $300k flat.

How u know garmen flat rental is $300? It's standard rate?
If you buy a house, you can sell and earn profit or at worst, recoup part of the payment you have made.
But garmen house is poor investment indeed. If possible, better to buy private... much better investment value.

So, as long as you don't use your OA for housing, it is very adequate for retirement.

Don't use CPF for housing... and then where will you stay?!?
Use your own money for housing instead of CPF... then what is the difference to your funds?!?

 

[azul123]

money is not important.
I rather be poor happy than be rich stresssed and unhappy.

look at the millionaire who had committed sucide... he still have about 100 millions!

I disagree.. money is not most important but nonetheless it is important, I rather be rich, happy and unstressed.

../azul123

 

[Nisa]

I disagree.. money is not most important but nonetheless it is important, I rather be rich, happy and unstressed.
../azul123

I rather be happy period. be it poor or rich. I just find people with more money, seemed to have more problems.

Only someone who has never experienced poverty will say this... ask anyone who has ever experienced poverty... they will tell you they will never want to be poor again and want to be rich. Think about why poor people envy the rich and want to be like them... why do they think of means to earn more money, to get rich, work hard in making money, if they are really so happy being poor? Sure, there are rich people who envy the poor for their 'simple life' too... but that's because they have NO IDEA! Let them live a day in the shoes of the poor people and they will immediately want to go back to being rich.

not me. I rather be not be a wealthy, go to my 9 - 5 job, get enough to eat 2 meals a day or less.
Free that time, go to the library and read books. walk around the city.
And u talk as if u understand what is living in without abundance of wealth.

Rich people who are stressed and unhappy are those who have the wrong mindset or do not know how to manage their wealth... but this can be learnt and changed.
Poor people are stressed and unhappy because they don't even have any finances to manage! How to do anything about something that you don't even have?!? Without the finances/ resources to manage their life and necessities, they have to stress about every thing in their life... all the things that you take for granted like food, shelter, water even, health... are a daily struggle for them.

I acknowledged your point of view. But that's your pt of view.
I rather have no finances to manage. If i don't have, i don't have to worry.

things like food, shelter and water and EVEN health, I do not take for granted. I do struggle about such issues DAILY.

How u know garmen flat rental is $300? It's standard rate?
If you buy a house, you can sell and earn profit or at worst, recoup part of the payment you have made.
But garmen house is poor investment indeed. If possible, better to buy private... much better investment value.

I know cause i asked.
I rather not have a house, I rather not earn that profit.
How many people can afford private housing. The houses that claimed to be "free hold" changed to 999 years and left 700+ years when the house is not EVEN standing for more than 30 years?!?!!? good investment meh?

Don't use CPF for housing... and then where will you stay?!?
Use your own money for housing instead of CPF... then what is the difference to your funds?!?

CPF is supposed to be used somewhat like a pension. and not a housing payment plan.
Don't buy house lor, rent from the gov't at a much lower rate.

not everything is as it seems. Newspapers give you an idea but make up a lot of the stuff to get an article out.

Life is not as it seems. But I am just saying that with 100 millions, alot of people will be really happy with the money, they can simply just not work any more and live off it. But for that person, 100 million might not even last him for a few months with all the expenses he might have.

u so unhappy meh? :bigeyes:

its easier to be poor than rich loh. quite job get a modest & tiny home, turn ur fixed assets to liquid.

Yes i am unhappy.
*sigh* the modest and tiny home part is not a choice.
fixed simi assets? my life is my asset.

 

[fv18m]

Look at it this way - The car your drive belongs to the Bank. Only becomes yours after the loan is fully paid. If you're on 10-year loan, you're merely "renting" the car - YOU DO NOT own it.

The flat/ housing you stay in, also belongs to the bank (if you take a bank loan). And with bank loans now stretching into 40-year loans, one can ONLY retire at 71, supposing he/ she buys their housing unit at 30. SO you own your house from 70years old onwards - probably for another 15 year before you kick the bucket...;p

For those who thinks we are asset RICH, think again. Your House and car are your 2 BIGGEST LIABILITY, especially the latter, as it depreciates. You may consider your house an asset after the loan is fully paid. Else, the owner is the bank - think of sub-prime woes, and maybe one will see the LIGHT - we do not own the house, the Bank owns them.

SO what do we really own? OUR time. And that is one commodity that we all receive in similar quantity regardless of our financial position. Make the best of your 24-hrs, and enrich your life in the process.:thumbsup:

Cheers

 

[dreaming]

Only someone who has never experienced poverty will say this... ask anyone who has ever experienced poverty... they will tell you they will never want to be poor again and want to be rich. Think about why poor people envy the rich and want to be like them... why do they think of means to earn more money, to get rich, work hard in making money, if they are really so happy being poor? Sure, there are rich people who envy the poor for their 'simple life' too... but that's because they have NO IDEA! Let them live a day in the shoes of the poor people and they will immediately want to go back to being rich.

ya. no money = no food. no food = starving.

during childhood, no money to bag, no money to buy book, pen, pencil, milk, etc..

those were the days, where family need to make ends meet..

hope those days will stay away from us. far far away...

 

[dreaming]

Since when did we have any pension scheme for retirees?

FYI, the earlier batch of local have pension scheme.

 

[Silence Sky]

Look at it this way - The car your drive belongs to the Bank. Only becomes yours after the loan is fully paid. If you're on 10-year loan, you're merely "renting" the car - YOU DO NOT own it.

The flat/ housing you stay in, also belongs to the bank (if you take a bank loan). And with bank loans now stretching into 40-year loans, one can ONLY retire at 71, supposing he/ she buys their housing unit at 30. SO you own your house from 70years old onwards - probably for another 15 year before you kick the bucket...;p

For those who thinks we are asset RICH, think again. Your House and car are your 2 BIGGEST LIABILITY, especially the latter, as it depreciates. You may consider your house an asset after the loan is fully paid. Else, the owner is the bank - think of sub-prime woes, and maybe one will see the LIGHT - we do not own the house, the Bank owns them.

SO what do we really own? OUR time. And that is one commodity that we all receive in similar quantity regardless of our financial position. Make the best of your 24-hrs, and enrich your life in the process.:thumbsup:

Cheers

You have put up very good points.

I look at it this way.
When you pay up the loan for the car and house, you still do not own it.
It is not like in Malaysia, where you can buy a car and drive it for many decades until the car falls apart.
For the Singapore car, your CEO will expire and you have to scrap the car. It is like paying for the right to use the car for ten years.
For the house, your lease will expire too after 99 years and you have to surrender it without any returns.

 

[CYRN]

Yes i am unhappy.
*sigh* the modest and tiny home part is not a choice.
fixed simi assets? my life is my asset.

u juz answered yourself....

your can be POOR... but still UNHAPPY.

So...

There are still (quite a lot) of RICH and HAPPY.

It's all a matter of perspective.

 

[CYRN]

Look at it this way - The car your drive belongs to the Bank. Only becomes yours after the loan is fully paid. If you're on 10-year loan, you're merely "renting" the car - YOU DO NOT own it.

The flat/ housing you stay in, also belongs to the bank (if you take a bank loan). And with bank loans now stretching into 40-year loans, one can ONLY retire at 71, supposing he/ she buys their housing unit at 30. SO you own your house from 70years old onwards - probably for another 15 year before you kick the bucket...;p

For those who thinks we are asset RICH, think again. Your House and car are your 2 BIGGEST LIABILITY, especially the latter, as it depreciates. You may consider your house an asset after the loan is fully paid. Else, the owner is the bank - think of sub-prime woes, and maybe one will see the LIGHT - we do not own the house, the Bank owns them.

SO what do we really own? OUR time. And that is one commodity that we all receive in similar quantity regardless of our financial position. Make the best of your 24-hrs, and enrich your life in the process.:thumbsup:

Cheers

Technically, not really correct.

The difference between your line of thought of "leasing" means that at the end of the day, you do not have any value, asset or cash.

Let me give you an example... lets say you paid almost all your loans...mabbe say left $10K default... what happens when the bank seize your house? they sell for $500K and pocket the difference? :think:

 

[Nisa]

u juz answered yourself....
your can be POOR... but still UNHAPPY.
So...
There are still (quite a lot) of RICH and HAPPY.
It's all a matter of perspective.

i just need to let out some of my unhappiness and hopefully the stress of it as well.
Sometimes i am not looking for a solution, but just an avenue to let out some angst.

life goes on, when i am poor or when i am rich.
It even goes on, if i die.

 

[Nisa]

Technically, not really correct.

The difference between your line of thought of "leasing" means that at the end of the day, you do not have any value, asset or cash.

Let me give you an example... lets say you paid almost all your loans...mabbe say left $10K default... what happens when the bank seize your house? they sell for $500K and pocket the difference? :think:

at the end of the day 500 - 10 = 490K would that get u a place to stay? that should be the question.