Myth 117 Is CPF a saving scheme for retirement? After saving for a life time at between 33-50% of a person's income, many Singaporeans ended up with little money left in the CPF for retirement? How can that be? Where have all the money gone to? In the first place housing eg a 4 room HDB flat, will take away between $200k to $300 for a 20 year instalment plan. A person who contributes $1000 to the CPF a month will find the bulk of his savings going to the flat. How could there be excess savings when flats are priced according to affordability, which means how much the buyer has in his CPF saving. Now we have a better scheme called Medisave. But before anyone can save enough, there are all kinds of great schemes to spend this money. There are insurance schemes for self, for spouse and for children. This is another effort by the govt to plan for the people using their CPF money. Very laudable. But how much money will be left for retirement? Retirement is a time to spend money on self to live a more carefree life, not just about paying expensive medical fees to struggle to be alive. People will die and it is a natural way of saying that the body cannot take it anymore. Nothing to cry about when it is time to go. The artificial extension of life is not necessarily a good thing as it is against nature. What would be better is to make CPF and Medisave a voluntary contribution after 55. Medical insurance can be made compulsory up to 60. After that the people must have a life of their own to decide for themselves what is good for them. How can the govt compel the people with so many compulsory schemes even at their twilight years? Let the people be free to be themselves, to do what is right for themselves with their money when they are old and a little wiser. Can the people be allowed to be free during the last lap of the lives? Let's not treat the people as children for the rest of their life, to be managed, controlled and legislated on how to live their life. What govt control? Never heard of it. The govt is all doing for the good of the people, taking care of the people with the people's own money. Even after providing for their medical insurance, they still have to keep a large chunk of their money in Medisave till they die.