Monday, August 20, 2018

Allow CPF to be fully withdrawn at 55

Most people are expected to work to age 65 and beyond. Those that are still healthy will prefer to continue working.

But we should give them the option to withdraw their CPF savings at age 55, if they wish to.

Here are the reasons:

a) Some of them need to use the savings to pay off debts, due to medical bills, children's education and other reasons.
b) Those who do not need the money can still keep them in CPF to earn interest.
c) Many may want the chance to travel to other countries, while they are still healthy and can walk.

There is the risk that some of them will squander off their savings, or will make bad investments. This risk can be better through giving proper financial counselling.

Considering the pros and cons, we should ask the government to revert to the old scheme to allow CPF to be withdrawn at age 55.

Tan Kin Lian


Anonymous said...

Withdraw whatever amount their property can pledge.

Anonymous said...

After proper financial counseling, increase GST.

Blog Archive