If we have planned well, we should be able to meet and even exceed the CPF Minimum Sum when we reach age 55.
If we should exceed the CPF Minimum Sum at age 55, we would be able to withdraw probably much more than a token $5,000 then.
It would depend on whether it is our only source of retirement funding. If it is our only source of retirement funding, then, we should not take much risk with it. Fixed deposits with promotional interest rates (e.g. 1.8% interest per annum) are safe options.
If we have other sources of retirement funding, then, this could be seen as extra money. Then, it might not be that "untouchable". We could take a bit of risk investing in REITs and dividend paying blue chips then.
We could always opt to buy annuities too, of course.
You might want to search ASSI for the blog post "Is it too late to plan for retirement at age 57?" which was published recently.
I am glad you like my blog. :)
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