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Our CPF money is not our money?

Sunday, July 31, 2022

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.

Guess what?

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.


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SgFire said...

How liddat

AK71 said...

Hi SgFire,

How liddat?

Very cham liddat lor. (TmT)

keng said...

It's hard to change some pple's mindset about CPF. Many of them will still believe that it is some conspiracy theory.

FYI, just found out that one of my friends has started following your blog. Your treasure trove of good financial knowledge and attitude is still attracting interest :)

Please do continue to share your thoughts about wealth and games!

AK71 said...

Hi Keng,

Unfortunately so.

What to do?

Thanks for letting me know that ASSI has a new follower. :D

Rather surprising as I been having the feeling that my philosophy and methods might not be as appealing these days.

AK is a plodder when it comes to wealth building (and gaming.) ;p

keng said...

Probably you lost a few followers during the 2 years of pandemic where everyone went gambling with Mr Market.

Now reality hits and everyone needs a calm and logical figure who went through financial trial by fire, to look to, and that person can only be you :D

The Dreamzola Traveller said...

I viewed our CPF Life as a life annuity. Something which would pay us during our retirement years for life.

Some people just cannot save money lor, they spend money like no tomorrow. Got a friend in this group, bought a Rolex watch 10k, saving account drop to a few hundreds and don't dare to tell his wife. LOL....pretty scary. This CPF system will make sure they save money, earn interest and gets some money to spend during retirement. Where to find a life annuity that pays an interest 4% while we were sleeping? LOL.

AK71 said...

Hi Keng,

Ah, that could be it.

Coincidentally, I will be publishing a blog related to what you have said this evening or maybe tomorrow.

So strange how things just cross paths sometimes. :D

AK71 said...


Oh, I know what you mean.

I have or had friends like that too.

I published a blog on the subject before:
Don't see money, won't spend money. LOL

Some people just need to have their money locked up.

Hard truth.

Oh, yes, I agree that CPF LIFE is the best annuity there is because it really isn't commercially viable. ;p

CPF LIFE is not commercially viable.

Rellangis said...

Hi AK,

SSB for Sep is out now and the average interest rate surprisingly dropped to 2.8% as compared to the previous month of 3%. Looking at your bowling ball which thinks it is a crystal ball, can you advise whether the subsequent interest will be higher or lower? ;P

AK71 said...

Hi Rellangis,

My bowling ball that thinks it is a crystal ball is just as surprised as you are.

It has gone into hiding. LOL. ;p

Siew Mun said...

1st year 'interest' is 2.63% attractive. U can use 10y SGS daily prices as a crystal ball for next month interest.

AK71 said...

Hi Siew Mun,

Yes, 2.63% interest for a 1 year "fixed deposit" is not bad at all. :D


Well, been bothered by it when ppl talk about it until I take a deep dive in what is CPF and how it help individual. Most older generation will be blinded by someone against cpf contributions and always say the money can't touched. Technically a gold force saving specially for ppl who can save and always employer need to foot the additional bill. I the psst, the negative feedback normally from employer, they trick the older generation to have cash salary rather than keep in CPF. WE SHLULD HAVE cpf unless the cpf collapse where the risk is extremely low unless...

AK71 said...

Hi 风,

It is unfortunate that there are still people who distrust the CPF and also people who would make use of this distrust to trick others for whatever reason.

Fake news galore.

CPF members should max out the benefits of their membership. :)

1. A river called "CPF" and the stubborn horses.
2. CPF fake news.
3. Purpose of CPF is to make the rich richer!

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