CPF members who turn 55 between July 1st. 2008 and June 30th 2009, will have to set aside
$106,000 in their Retirement Accounts. The CPF Board said in a statement that these individuals will receive monthly payouts of $910 starting from the age of 64, for about 20 years.
From age 55 on our retirement day, to age 64, a total of 9 solid years, we have to depend on ourself to survive. What about the rest of our family ? ( Not forgetting at this crucial period, our children may be in university )
At the same time, accounts will be raised gradually to reach
$120,000 in year 2013. If in year 2013 our balance in CPF is $120,500 at age 55..........
on our faithful retirement day at age 55, we can only draw a mere $ 500..........maybe not enough to go for a trip to the Genting Highlands.
Today, parents are spending hefty sums of money on their kid's tuition. ( not sure if it is necessary )......of course part of our salary goes to CPF. It will accumulate when it is not used. But.....what about paying for housing ? house upgrade, insurance, investments losses etc. At time of retirement, how much do we actually have ?
Sometimes when the authorities made certain announcements, it is always wise to sit down and do some calculations. What say you ??