This post is going to be short but maybe not so sweet.
I was out doing my 10,000 steps last evening and took a break at a public exercise station.
We are so lucky that HDB estates have exercise stations and not just playgrounds for noisy kids.
There was a group of old men on a couple of benches nearby.
They were even noisier than the noisy kids on the playground.
“CPF money cannot take out one lah.”
“PAP wants to control our money till we die mah.”
“What control? They take and use liao!”
“Our CPF money machiam their money like that lor.”
“Cham liao lor. No wonder cannot take out all at 55.”
They looked like people in their 70s to me.
Blessed with longevity but not wisdom.
Anyway, it is a fact that we are all living longer and we are fortunate that our government is not only aware of this but decided to act by coming up with CPF LIFE.
Not allowing CPF members to withdraw all their CPF savings at age 55 is the right thing to do because when that withdrawal age was set so many decades ago, longevity was not what it is today.
“When the CPF system was introduced in 1955, the retirement age was 55.
“Life expectancy then, was between 60 and 62.
“Today, for those turning 65, one in two will live beyond 85, and one in three will live beyond 90.”
Even those of us who are savvy when it comes to investing for income should consider taking full advantage of our CPF membership if we can.
While the CPF is not an equity and isn’t a bond in the purest form, I do consider it an essential part of my retirement funding plan.
I cannot see how something that gives me peace of mind is giving so many people grief.
If the reason is because they have no money apart from what they have in their CPF accounts, then, they must have bungled pretty badly financially.
If their dire situation is not due to any bad decision on their part, then, there is room for sympathy and help is available if they should seek it.