No need for CPF
Why is there a need for CPF? Singaporeans have been so used to this concept that even when they lay dying on their deathbeds they will still find it not right for not having money in the CPF. They have this mindset that is conditioned overtime to accept things without questioning. And this stupidity extends to all levels. Can’t disagree with Li Ao. CPF is a saving for retirement. It is money that one sets aside and needs when one is no longer working. When one retires younger, at 55, one needs more savings as one has more unproductive years ahead. When one retires at an older age, the savings needed should be proportionately smaller. And if one is to work till one dies, say at 70 or 80, why is there a need for a huge savings in the CPF? Medical needs? Why should one be so obsessed about that huge hospitalization bill when one is past 60? All of us will die one way or another, sooner or later. After 60 it is fair game. What is the point of having $100k to be spent in a 30 day hospital bill and still alive but no job and no money? Or is this a justification to have $200k in the CPF? Do we need to pay top dollars to idiots to tell us that we must keep on contributing money to our savings till the day we drop dead? Setting aside the need for hospital bills, as one ages, the physical needs for food and other frivolous items will fall. One probably can hardly eat, hear or see and be lying in bed or slouching in a chair waiting for the maker to call. Why should people in the 60s or 70s and working, be made to save more? At 55, and retiring, one has another 20 years to go. Working till 70, how many more years to go? Oh we need to save to live till 90. What crap? There is no need for more contribution to the CPF if one can work till he drops dead. A formula can easily be worked out to determine on a reducing scale, the amount of money needed for safety reasons so that a person can live on his savings without being a burden to the state. The need for unlimited contribution to the CPF regardless of age is silly.