I feel that CPF is not a bad scheme and it especially useful for
those who don't have the habit of saving money. However, they
should let us withdraw part of the money at the age of around 45
and withdraw the total balance amount at the age of 60. 62 years
old to start withdrawing is a bit too late. I wonder will I ever
live long enough to get my money back.
Not only that, other factors like foreigns talents invading,
recession, retrechment will increase the higher chances of us being
jobless at a younger age. Maybe at around 45 years old we may need
a sum of money to overcome such crisis..
Anyway, think bout the reason why gov actually increase the age
of withdrawing from 55 to 62. U think it because of the increasing
life span, encouraging employers to hire old folks? It defintely
more than meets the eye... 7 years can make a great difference in
government investments..
for many singapore uncles and aunties alike, 45 yo to them is a
golden age for spending, CPF is a welfare of Singaporeans,
basically from the middle class to the lower income class, the rich
dun even bother about it. Since the 90s, i think CPF have
become so flexible that it can be use to buy AAA class shares and
bonds and also personal insurance, i think at that time, any profit
gain from share can be withdraw out, that was what my Dad told me.
But due to people using up their whole CPF on share, lost badly and
even gain, spent lavishly end up CPF their CPF got nothing in it,
so govt tightened the flexibility by not allowing profit
gain to be withdraw.
Basically, today is unlike our ancestor yesterday, our average
age of death is at 60 to 65, today, with better hygience, good
healthcare, good life and education on health, our life span
had increased to average 76 yo. Couple with an aging population
that needs to work if not will die at the void deck, and a economy
that needs both experiences and manpower, the official
retirement was moved from 55 to 60 then to 62yo. You can withdraw
your CPF at 55 partially and another time at 62yo if
you meet the criteria of having enough self saving and assets.
CPF have never failed to pay any one who have meet it
critieria to withdraw his/her CPF, it had alway fulfil
it trust to all. Whatever the govt used it or not is not an
issue, but for 7 extra years of providing the funds, you also gain
tremendously.
To think that you will die before 65yo will be sad. Still young
ya
