CPF for old age
With the increasing uses of the CPF savings, and with the runaway cost of living, it is necessary to decide what is more important. Is it retirement fund or a flat, or education for children? For many, their CPF savings will never be enough for any one of these big ticket items, and worst if they are going to use it for so many things. Ng Eng Hen is right to say that those who have a lot of CPF savings have no need to use them as they are mostly very rich and have a lot of money for many other things. It is the 'eat not full, hunger cannot die' heartlanders that have to juggle on what to spend and how much to spend. They are the ones that have little in their CPF savings but stupidly insisting on using them for the education of their children. But what choices do they have when they are struggling to make ends meet and education is not cheap? And there are many other bills to pay too. One good solution is to follow the policy of the old NKF. Save for the future and forget about the now. If they cannot manage their day to day living, it is their problem. They will be very thankful if they live old enough and see a big nest egg waiting for them. Their golden years, provided their money is still worth what they are and have some purchasing power left. These poor people are real irritants and irresponsible. Not enough money still want to take out their retirement funds to spend. Why can't they think and behave like the rich, don't touch their CPF savings? It it for their own good.