Parties’ S&CC quarrel: Focus on the "mother of all our problems"?

[Sammyboy RSS Feed]

An honorable member of the Coffee Shop Has Just Posted the Following:

Two political parties are wasting their time and resources, and the people's time - quarrelling about one town council's service and conservancy charges' (S & CC) arrears.

They should focus on more important issues affecting the nation and every Singaporean, like CPF.

If the people had received the returns derived from our CPF funds like every other country in the world, instead of just part of the returns - we would all have more money - and everybody can pay their S & CC and not be in arrears.

And if your children have problems paying their S & CC - since you have money - you can help them to pay as well.

If you started work at 20 years old, 45 years ago, with a starting salary of $200 a month increasing at 4 per cent a year - assuming an average CPF total contribution rate of 37 per cent and a return of 6.5 per cent - you would have $442,865 in your CPF at age 65 now.

If the average weighted interest on your CPF was 3.5 per cent - you would only have $222,479.

In other words you have been shortchanged by $220,386.

Go to moneyforums.co.uk/savings_calculator.php and enter your total monthly CPF contribution amount (for example $80) when you first started work to calculate how much you have lost from the day you started working until now?

Savings Calculator
Current Savings - lump sum (£) 0
How much will you save per month (£) 80
Interest Rate on savings (%) 6.5
How many years will you save for ? 45
Do you want to increase the amount saved each year ? (%) 4

Results after saving for 45 years $442,865

Savings Calculator
Current Savings - lump sum (£) 0
How much will you save per month (£) 80
Interest Rate on savings (%) 3.5
How many years will you save for ? 45
Do you want to increase the amount saved each year ? (%) 4

Results after saving for 45 years $222,479

Win battles lose war


Click here to view the whole thread at www.sammyboy.com.