Allow CPF savings to be fully withdrawn at age 55

Many people wants to have the right to take out their CPF savings at age 55.

The government wants them to convert a “minimum sum” into a life annuity, call CPF Life, to be withdrawn as a monthly income from age 65 until death.

I support the call for CPF to be allowed to be withdrawn in full from age 55 for the following reasons:

a) As most members start work before age 25, it would already represent more than 30 years of savings, which is a long time.

b) Although members can withdraw their savings at age 55, CPF can offer attractive schemes for them to re-invest their savings with CPF voluntarily. These schemes include a term deposit to earn a guaranteed rate of interest, a monthly payout scheme over a fixed term to earn an guaranteed rate of interest or a life annuity. The monthly payout or life annuity can start at a later date, to be selected by the member. The range of choice can better meet the individual needs of the members.

c) CPF can employ mentors who can give advice to guide members on making their choices.

d) Some members may need to take out some of the savings for other urgent personal needs, such as repaying a debt incurred earlier or go on a vacation. They should be allowed this choice.

There is the risk that the member can spend too much of the savings on other purpose and does not leave enough for their future needs after retirement. This risk can be reduced by advise given by the mentors.

It is likely that the major portion of the CPF savings will be re-invested with CPF and the members would be better aware about the financial transaction that they opted for. This will improve the literacy level.

It will also avoid the complicated rules that CPF now has to adopt to “force” members into the CPF Life annuity against their choice. it raised too many questions, including some that are “unreasonable”, such as why interest is not allowed to be accumulated on the CPF Life.

On balance, I prefer that CPF members be allowed to take out their savings in full at age 55.

 

Tan Kin Lian

 

 

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18 Responses to “Allow CPF savings to be fully withdrawn at age 55”

  • ganeshsk:

    THERE ARE SCHEMES THAT GIVE HIGHER THAN 4 % INTEREST RATE THAT THE RA ACCOUNTS CURRENTLY GIVES.

    PAP HAS HIJACKED THE FUNDS FOR THEIR OWN BENEFITS.

    ONLY WAY TO VTO THE G. TO GET BACK OUR CPF.

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  • TruBlu:

    many good and hardworking sgs especially PMEs have oredy been rendered JOBLESS N CHRONICALLY UNEMPLOYABLE IN THE PROFESSIONS( due to long periods of lay-off and fast changing world) and mostly have depleted their meager savings after paying children’s education,aged parents medicals etc and the CPF taken away from them literally.
    all this is rather immoral of any decent govt that has been elected by the PEOPLE to work for the PEOPLE.
    our gahmen IS NO MORE BY THE PEOPLE,it looks more like THE PAPple???

    not just return our CPF,TAXPAYER MONEY ALLOTED TO OSTENTATIOUS SPENDINGS MUST BE RE-ALLOCATED TO HELP OUR IMPOVERISHED PEOPLE!!!
    IT IS OUR CITIZENS RIGHTS TO BE ABLE TO ENJOY SOCIAL BENEFITS AFTER HAVING PAID OUR DUES FOR SOCIAL COSTS?

    WHY SHOULD SOME ALIENS BENEFIT FROM OUR OWN PAST CONTRIBUTIONS WHICH WE NOW,AS MARGINALISED SGS,CANNOT ENJOY???

    THE GOVT IS ON THE WRONG FOOTING AND THIS MUST BE CORRECTED!
    PS: grassLOOTERS,as a GROUP,ARE LARGELY TO BE BLMED AS WELL FOR BEING SELF-SERVING AND MISLEADING THE GAHMEN TO SOME GREAT EXTENT BY FURNISHING FAKE ‘NEWS’ OF THE PEOPLE ON THE GROUND .

    OUR GRASSROOTS ARE NOW MOSTLY GRASS-WEEDS FEEDING ON THE PEOPLE INSTEAD.
    WHO HAVE NOT COME ACROSS BULLYING BY GRASSLOOTERS,EVEN CIVIL SERVANTS ARE AFRAID TO ‘OFFEND’ THEM IN THE COURSE OF THEIR PUBLIC /CIVIL DUTIES???
    THIS MUST BE INVESTIGATED BY AGO,OR OTHER RELEVANT GOVT AGENCIES,AND BE CORRECTED OR SOCIETY WILL DISINTEGRATE FURTHER AND FURTHER.

    THINGS ON THE GROUND ARE OREDY QUITE BAD!
    ONLY OUR PM AND MINISTERS THINK HIGHLY OF THEIR GRASS-LOOTERS WHO ARE GOOD AT COVERING THEIR REAL FACES BY A FACADE OF FAKE FACE!

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  • Singaporean Kong Come:

    CPF is a pillar for the PaP to generation wealth for themselves. They B able to pay U at 6.5% interest rate for an ordinary account. (In the 80′s interest rate was 6.5%) Now they split your account n it sound very convincing, different account should have different interest rate. They has no right to split your account with out your acknoledgement n option. When ever those CPF aacount holder shout at them, their cleveness is to turn a deaf ear on U. That CEO incharge of your CPF is getting triple money every month, U on get a small amount back. They “Huat” u suffer n struggle.

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  • True facts:

    The problem is whether can they pay back?

    A big question mark????

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  • Ah Long San:

    Many people strongly suspect that is it because no money liao thus cannot return to members at 55….if not just O$P$ and stop giving all kinds of excuses. Enough is enough.

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  • opposition dude:

    If PAP didn’t have so much to hide all that would be needed was an option for what you want to do with your CPF at 55.

    Take out 100% and watch how you spend it or keep aside an amount of your choice to continue earning interest. Of course there will be some who will lose the money since they wouldn’t know how to slowly spend their life savings and the newspaper would capitalise on this and say that the government should help people with their life savings.

    So since PAP won’t budge on the CPF issue the only option is to have more opposition in parliament and less PAP turkeys. Why have so many of PAP in parliament when they all pontang parliament sittings, keep quiet and don’t ask questions and vote yes to everything that goondu Loong wants?

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  • ED Tongue:

    One pap guy said, SUPER MAJORITY support the POFMA law because only a small group dissed about it.

    This is like saying super majority don’t want withdrawal at 55 and like the current Frankenstein version.

    People are timid and that’s why they say boh bian and accept it by swallowing their pride.

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  • patriot of TUMASIK:

    The VAULT is EMPTY lah!!!…

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  • Can sgrean become west MY?:

    https://dollarsandsense.sg/migrating-overseas-heres-what-would-happen-to-your-cpf-monies/

    This article is very well written except the following paragraph which I am confused :

    Quote :

    What Happens If You’re Leaving Singapore For Good
    If you plan to leave Singapore and West Malaysia for good and wish to renounce your citizenship or PR status, you can withdraw all your CPF savings. Malaysians who wish to leave Singapore but still reside in West Malaysia can also make CPF withdrawals.

    End quote

    DOES THIS MEAN :

    1. WEST MALAYSIANS CAN WITHDRAW ENTIRE CPF AND RETURN TO WEST MALAYSIA WITH THE MONEY.

    BUT

    2. SINGAPOREANS ARE NOT ABLE TO IF THEY WANT RO WITHDRAW their cpf and migrate to west Malaysia?

    WHAT HAPPENS IF THE LAW ADDS AUSTRALIA, CHINA, THAILAND, SKOREA , AMERICA AND JAPAN AND CANADA? IF SUCH A CASE, IS SOMEONE WHO WANTS TO RENOUNCE SG CITIZENSHIP UNABLE TO WITHDRAW CPF IF MIGRATING TO THESE COUNTRIES ?

    IS THIS FAIR?

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  • Asd:

    This CPF thingy was in which year’s election manifesto ? No ???

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  • RDB:

    “Can sgrean become west MY?:
    July 23, 2019 at 5:35 pm (Quote)

    https://dollarsandsense.sg/migrating-overseas-heres-what-would-happen-to-your-cpf-monies/
    ================
    It is not about being fair. But being JUST! Which the pap farty has not been at all. Blame the idiotic voters who still keep returning them into political power at every election!

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  • lying pap thieves:

    ganeshsk:
    THERE ARE SCHEMES THAT GIVE HIGHER THAN 4 % INTEREST RATE THAT THE RA ACCOUNTS CURRENTLY GIVES.

    PAP HAS HIJACKED THE FUNDS FOR THEIR OWN BENEFITS.

    ONLY WAY TO VTO THE G. TO GET BACK OUR CPF.

    The RA interests earned go to the CPF pool when CPF member dies on or after 65 years and 1 day. Also, the interests earned between 55 and 64 years 11 months 30 days do NOT go to CPF member estate too.

    So whether 4% or 5% or 6%, it is stealing pure and simple. Because the same sum deposited in any local bank gives REAL interest which goes to family members when depositor dies, whether 55 or 65 or whatever.

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  • Boh Bian:

    True facts:
    The problem is whether can they pay back?

    A big question mark????

    Why Singaporeans being well educated and all dare not get clarification ?
    Democracy?
    Timid?

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  • Boh Bian Pore:

    Can sgrean become west MY?:
    https://dollarsandsense.sg/migrating-overseas-heres-what-would-happen-to-your-cpf-monies/

    This article is very well written except the following paragraph which I am confused :

    Quote :

    What Happens If You’re Leaving Singapore For Good
    If you plan to leave Singapore and West Malaysia for good and wish to renounce your citizenship or PR status, you can withdraw all your CPF savings. Malaysians who wish to leave Singapore but still reside in West Malaysia can also make CPF withdrawals.

    End quote

    DOES THIS MEAN :

    1. WEST MALAYSIANS CAN WITHDRAW ENTIRE CPF AND RETURN TO WEST MALAYSIA WITH THE MONEY.

    BUT

    2. SINGAPOREANS ARE NOT ABLE TO IF THEY WANT RO WITHDRAW their cpf and migrate to west Malaysia?

    WHAT HAPPENS IF THE LAW ADDS AUSTRALIA, CHINA, THAILAND, SKOREA , AMERICA AND JAPAN AND CANADA? IF SUCH A CASE, IS SOMEONE WHO WANTS TO RENOUNCE SG CITIZENSHIP UNABLE TO WITHDRAW CPF IF MIGRATING TO THESE COUNTRIES ?

    IS THIS FAIR?

    Many Malay SG retire in Malaysia but did not give up citizenship. Maybe due to the cpf policy?

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  • Bobo:

    Try talking to monkies? No way, they will still snatch your food from your hands and ran away. The situation now is no one is left behind, all must show-hand. 70% had dragged all to hell.

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  • MOE HUM KA CHAN:

    Foreigners should subsidie locals’ CPF.

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  • Singaporean Kong Come:

    MOE HUM KA CHAN:
    Foreigners should subsidie locals’ CPF. What U n your familt memember should do. First must kick out PaP in this coming GE. OK.

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  • MOE HUM KA CHAN:

    The 70% must also kick out PAP what. Only my family enough meh? What about you and your family? Oppo voters?

    Singaporean Kong Come:
    MOE HUM KA CHAN:
    Foreigners should subsidie locals’ CPF. What U n your familt memember should do. First must kick out PaP in this coming GE. OK.

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