Studies have been shown that with the advances in medicine and technology, for every day goes by, our life expectancy will increase by five hours.
It all adds up if you count it all, as compared to those in the previous turn of the century who has a life expectancy that is 25 years lesser than of now.
And with that, it’s logical right that our insurance coverages, to CPF increment rates also goes in tandem with such improvement of life right.
Still with the announcement of CPF Life, once again we’ve not choice in the matter, if you’re 65 years old and has $60,000 in your account, you’re AUTOMATICALLY included in the CPF Life annuity scheme.
Automatic CPF Life at 65
Mar 12, 2010, By Cai Haoxiang
via Straits TimesCENTRAL Provident Fund (CPF) members with $60,000 in their retirement accounts when they turn 65 will be automatically included in the CPF Life annuity scheme, Manpower Minister Gan Kim Yong announced yesterday.
He disclosed the refinement when responding to Mr Sam Tan (Tanjong Pagar GRC), who asked if there was anything that could be done to help those previously not eligible for the scheme – which provides a steady stream of retirement income for life.
Currently, CPF Life will apply automatically to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account.
Those without that amount are left out. But with the announcement, this group will now be included automatically should their CPF savings increase to $60,000 by the time they turn 65.
The CPF savings of such individuals may continue to grow by age 65 if they continue to work or receive refunds from the sale of property, Mr Gan said.
Such was the level of interest in CPF Life that it was opened up last September to Singaporeans and permanent residents aged 55 and older. Since then, some 37,000 people have signed up, committing a total of $1.7 billion.
CPF has always been a stickler of an issues with us locals. It was first set at 55 years old when you’re able to withdraw your CPF, and now it has moved back to 65.
Personally I feel with such a big amount of money that can’t be touched, the returns are rather paltry, at most 4 per cent you’ll get to see on the returns.
With our nest egg that is virtually out of our reach, our gahmen jolly spends it on high-risk investment, or covering the losses made by the GLCs.
Generally thinking and discussing of such matter only makes me feel stuck-in-a-rut kind of feeling ya know.
At the end of the day, we have no choice in the matter, unless of course something drastic happens in the upcoming General Election, but of course, I won’t count on that lah, aside from a miracle, haha.
The only thing we can do, Complain, Adapt, and Trudge-on … Life goes on, move along now people.
