Singapore is reported every now and then about how marvellous its education system is.
How 1st world it is in many respects.
How well and highly educated its population is.
How smart the people can save for a rainy day.
How how how...
A population of highly educated people should make the right decision , couldn't it?
Even if not everyone disagrees with the annuity scheme, educated people should have their wish respected if they somehow are not willing to buy the scheme. Afterall , is it not that everyone is different and everyone is an individual living in different circumstances , financial needs and lifestyle needs?
We are already the highest savers, I propose after the age of 62, all cpf money be withdrawable if there are valid reasons to do so such as in life and death situations, financial difficulties, children university fees, hospitalization, surgery , consultation expenses of anyone in the family.
For example, authistic / learning difficulty / mentally challenged / disabled / children need special care and as they grow up, they are financial liabilities to the family. Children born with rare uncurable diseases also require a lot of financial support.
Could someone advise why under these example circumstances, a person cannot use the CPF and withdraw as much as needed ? Lets say he withdraw everything. So, his retirement could be a problem. But he may also have other insurance to and retirement plans he bought to cover him. And given the legalising of older working age, and employment act to encourage employers to continue hiring older workers, this man can continue to retire without problem by continuing to work.
What problem is there? I like a strong rebuttal.
