LONG LIFE? I won't last that long, leh
Our poll shows more than half don't believe they'll live till 85
By Ng Tze Yong and Elysa Chan

September 19, 2007

ME? Live past 85? Such was the snorts and scoffs of Singaporeans polled when told they had a 50 per cent shot at fulfilling one of their biggest wishes - a long life.

Longevity, the ubiquitous greeting at birthdays, weddings, new year celebrations, the stuff of many a prayer, is now no longer wishful thinking.

According to the Department of Statistics, 1 in 2 Singaporeans alive at 62 in 2006 will go on to live beyond 85.

Statistics don't lie.

But disbelief was how the majority reacted in a poll of 50 done by The New Paper yesterday.

The question was: Do you think you will live till 85?

'Impossible!' was 36-year-old taxi-driver S T Toh's prompt response.

'Even young people running in marathons are dying,' pointed out 70-year-old retiree Tan Qiao Kuane.

'All my body parts have started to spoil. I think 70 will be enough for me,' lamented Mr H S Leow, a 53-year-old manager.

Madam Linda Wah, a 47-year-old kindergarten teacher, pointed to the obituaries.

'Many people say goodbye even before they hit 85 leh,' she said.

More than half - 54 per cent - of the respondents said they didn't believe they would make it to 85. Half of the people polled were aged 62 and above.

That's the golden number, the age when you will start reaping dividends from the compulsory annuities scheme that Singaporeans aged now 50 and below will have to take up.

Only 26 per cent said yes. The remaining 20 per cent said they didn't know.

You may be headed for the long life you always wished for.

But prosperity - longevity's twin wish - may take a bit more wishing, and working.

That's what the Government's recent initiatives are addressing.

Speaking in Parliament yesterday, Manpower Minister Ng Eng Hen pointed out: 'Some still do not believe that we are living so long.'

Ask them why, he said, and 'you get a potpourri of urban myths, some quite fascinating'.

He mentioned one of the best he has heard.

One group told him the present life expectancy of 80 years may be correct, but that's only because 'the elderly that we have now were born in China, India or wherever they came from.

'They were farm-folk. True Singaporeans, born and bred in modern Singapore, won't live as long!'

Belief, or the lack of it, stands at the centre of the debate over annuities.

Why? Because unless you believe you will live long, you'll think annuities are just 'a way for the Gahmen to take my money'.

But time waits for no man. By the time Singaporeans start believing they can live till 80, that might be only because there're too many 80-year-olds walking around already.

Dr Ng said: 'Longevity is a blessing, something that every one of us hopes for... we want to see our children graduate, get married and play with our grandchildren, and even see them graduate and get married.

'It is precisely because so many individuals do not anticipate how much longer they will live that we have to act now and ensure that all Singaporeans make provision for their old age.'

But belief isn't everything. You'll need the health to go along.

'Frankly, at 85,' said 61-year-old Du Bai Zhu, 'I doubt I'd have my marbles about me even if I did receive the money.'

- additional reporting by Prashant Ashoka

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More CPF returns

1% EXTRA

From 1 Jan 2008, earn extra 1% interest on first $60,000 in CPF accounts. Only up to $20,000 can come from Ordinary Account (OA), so at least $40,000 or all $60,000 can come from Special, Medisave and Retirement Accounts (SMRA).

Extra interest will go into Special or Retirement Accounts.

Now, OA earns minimum 2.5% interest yearly, while SMRA yields at least 4%.

With the extra interest, from 1 Apr 2008, the first $20,000 in CPF accounts will not be allowed for CPF investment schemes.

RE-PEG TO GOVT SECURITIES

From 1 Jan 2008, SMRA interest rate will be re-pegged to 10-year Singapore Government Securities (10YSGS) yield, plus 1%.

New SMRA rate likely to be 4% (taking into account the extra 1%), since average 10YSGS rate for past 12 months is 3%.

To help CPF members adjust to floating rate, Government will keep 4% floor for SMRA rate for first two years.

to the PAP,

i think the statistic is crap.

i seriously dont see many people in their 80s around anywhere.

PAP should really start doing something REALISTIC about the Aging Populace instead of dancing around the CPF Totem Pole all year long, all decades long...!!!

DO SOME REAL WORK, COME UP WITH SOME REAL SOLUTIONS, PAP!!!

Already friends and associates Iof mine have redefined what PAP stands for:

Peoples Actors Party...

I still think it’s a plot to makan our money.

i guess tha gahmen is only looking at this in their own shoes rather than as a commoner. afterall with all the money accumulated, they would wanna live past 85 and still collect pensions.. etc..

but do the common folks really want to live past 85? especially when they know they'll never get to enjoy that 'dream retirement' plan like wat the gahmen portrays and having to work their arse off each and every single day till god knows when??

PAP, Party of Arsewipe Pretenders.

Originally posted by HyperFocal:

PAP should really start doing something REALISTIC about the Aging Populace instead of dancing around the CPF Totem Pole all year long, all decades long...!!!

DO SOME REAL WORK, COME UP WITH SOME REAL SOLUTIONS, PAP!!!

PAP is trying to fool us up 1% CPF O Acc but SAcc change to less than 4% they thought can fool us, next election they sure lose Aljunid GRC, WP pls work harder deny them the majority

Originally posted by 4getmenot:

i guess tha gahmen is only looking at this in their own shoes rather than as a commoner. afterall with all the money accumulated, they would wanna live past 85 and still collect pensions.. etc..

but do the common folks really want to live past 85? especially when they know they'll never get to enjoy that 'dream retirement' plan like wat the gahmen portrays and having to work their arse off each and every single day till god knows when??

past 85 u r most likely lying in bed, how to go bank withdraw annuity, end up goverement collect our annuity

the new cpf interest rate will be higher or lower based on the new plan?

Originally posted by t_a_s:

past 85 u r most likely lying in bed, how to go bank withdraw annuity, end up goverement collect our annuity

Originally posted by play_n_play:

the new cpf interest rate will be higher or lower based on the new plan?

It's just another fancy mathematical BullCrap masterpiece...

keep your hopes on the ground better...

cos many old man kena cheat thier CPF cos they go other country to play adult games, so at a higher age, harder to play cos no drive liao..

Every opportunity they get, whether under good economic climates or bad ones, they play with our CPF.

Since WHEN, have they (our so called 'Leaders' or 'Government') EVER made any sacrifice themselves instead of ALWAY ordering us to tighten our belts, bite some bullets. How many bullets have they bitten??? How many bitter pills have they themselves swallowed???

What the fark are they good for, apart from playing with our money and increasing living costs???

.....NOTHING.

Do we really need a longevity scheme for Singaporeans?

A survey by UN shows that Singapore's life expectancy at birth in 2006 is at age 80.

In other words, a Singaporean born in 2006 would live to 80 based on mean calculations. What about those born pre-2000? Simple maths would show that the life expectancy is even lesser, no?

And based on further UN estimates, the percentage of population aged 80 and above by 2050 is only 14.8%.

The only period where a Singaporean's life expectancy hits 85 is between 2045-2050.

The truth is, Singapore's greying population is enlarging but that does not equate to more citizens living beyond 85. See the world of difference?

Thus, is the need for annuities justified?

Source: Population Division of the Department of Economic and Social Affairs of the United Nations Secretariat

http://en.wikipedia.org/wiki/List_of_countries_by_life_expectancy

Originally posted by Slipshade:

I still think it's a plot to makan our money.

Only the minority are not ok.

The vast majority like the way things are.

The above 2 statements are my personal opinions.

The People have the freedom to influence anything.
This is the truth that makes me say what I said above.

No Action is still an Action in itself.

Keeping quiet is Agreeing. Again, my personal opinion.

Good or Bad, its really your singapore LIFE now.
You take ownership.
The Majority have taken ownership.

They have made the choice.

1% EXTRA

From 1 Jan 2008, earn extra 1% interest on first $60,000 in CPF accounts.

So those lower income people with CPF below $60,000 will not be given extra 1%. The way they put it sounds very commercial - sounds like fixed deposit or any other savings service by the banks. 1% is not enough, if they are really doing it with their heart for the people give it at least a 3%.

Still insists they want to go ahead with the annuity/longevity plan. Crap!

Gradually vote them out of power for at the rate they are going, I don't think they will ever change for the better.

Originally posted by 4getmenot:

i guess tha gahmen is only looking at this in their own shoes rather than as a commoner. afterall with all the money accumulated, they would wanna live past 85 and still collect pensions.. etc..

but do the common folks really want to live past 85? especially when they know they'll never get to enjoy that 'dream retirement' plan like wat the gahmen portrays and having to work their arse off each and every single day till god knows when??

They will never put themselves in the positions of the common folks and they will never change for the better. All they are planning and doing are solely to please themselves and not for the very best for the people. Vote them out of power.

Would our ministers agree IF we were to keep their salaries & bonuses for them until they finished their 5th year ?

Then we deduct 30% for charity, 20% so that they can slowly collect if they cannot find a job after civil service, and we also put aside another 20% for national security Insurance ?

Originally posted by NotFromVenus:

Would our ministers agree IF we were to keep their salaries & bonuses for them until they finished their 5th year ?

Then we deduct 30% for charity, 20% so that they can slowly collect if they cannot find a job after civil service, and we also put aside another 20% for national security Insurance ?

We will never have the chance to do so. Just vote them out. Let's just aim to achieve that they have drastic drop in the percentage of votes receive in the next election.

yea. it is only an estimation that ppl living here can live to 85!

anyway once you reach around 55 or 60yrs of age, all you want to do is take back all the damn CPF munny u have and go for a trip round the world! Walau!

Common folks are unlike the ministers who set all these regulations who have "peanuts" for their salaries. We all save up so hard all these years so that once we retire we can live in comfort by living on our CPF.

Furthermore, once you really 85 yrs of age, you are either bedridden or can't a mile without pain in the back. Where else is there to spend the money on? Buy plot of land and engrave gold carvings issit and wait to die izzit!?

Please kindly jump out of the meaningless distraction.

The purpose of the exercise is to get the stupid peasants into useless arguments and disagreement that have no ending.

The main issue is actually what is the poodle doing ???

Is the unnecessary inflation caused by the price increase being discussed in the dog pound ???

Why there are no one to bring out the sufferness of the stupid peasants due to the price increase ???

Why do the poodles have generated useless policies to tell the peasants that they are the life prisoners for this dog country ????

Originally posted by dragg:

i think the statistic is crap.

i seriously dont see many people in their 80s around anywhere.

you are quite right....I would think only about 10% will go on to live past 85....

It's just another way the gahmen screws around with our money and invests them in some other project......Time to throw the Sillypore passport into the Sillypore river and withdraw our CPF 100% before they think up another grand scheme

i bet those people who came up with such great ideas are those who doesnt need their cpf.