Come to think of it, the CPF scheme is a mess.
I have money locked up in my flat.
I have money locked up in the MediSave accout.
I have money locked up in the Special Account.
Later I will have money locked up in the Retirement Account.
The Minimum Sum Scheme.
The Annuity for Others (and Maybe, just Maybe Me) Scheme
In the end, my CPF have not enough money.
It is like having several credit cards, and having your purchase
points spread out over all of them. You have points, but not enough
in anyone of them to redeem anything.
The CPF scheme should go back to its basic purpose. To save for
retirement.
Allow for only the purchase of a flat, thats all.
Pension should kick in at the 'official' retirement age, 62, 65 or
67.
We should not be discussing whether age 85 or 80, at all.
Medical insurance and annuities are to be bought privately, at own
option.
Its your own responsibility.
Presently, some of those who have reached retirement age are caught
short. That's because The CPF scheme was introduced compulsorily
only in the 1970s. There are 'many' who would have significant
savings if not for the various subdividing.
The future generations would have sufficient money in their CPF
accounts as they would start saving as soon as they start
working.
The self employed should be advised to contribute to their CPF
accounts.
Those who fell through the cracks would be those who are unemployed
for life, like housewives and the handicapped. These would be
helped by families members in the first line, and by government
welfare on the second line.
Those rich or lazy who do work and therefore do not have CPF
accounts, they are on their own.
We are now embroiled in a discussion that should not have come into
being, in the first place.
