CPF savings not enough

‘According to a recent survey by Manulife, only one in 5 Singaporeans feel confident that their CPF savings will be sufficient for them to retire comfortably.
 
The survey, which was conducted online with over 500 respondents over the last three months, found that almost half (47%) believed that they didn't have enough CPF savings to meet even their basic retirement needs.’ Posted in TheRealSingapore
 
What to make out of this survey? The first thought, let’s make sure that the 80% would have enough CPF savings when they retired. Let’s help them! One way is to make sure that they save more. If 50% of their income not enough, make them save 60%. This should help. If not, increase to 70%. This should be easy. The second option is spend less, to stop them from buying properties that they cannot afford and at too high a price. This option may be a bit difficult to implement as all of them would swear the properties they are buying are affordable, especially HDB flats. And they will quote the ministers as the authority that HDB properties are affordable. The problem part is that the 80% most probably bought HDB flat and now say they would not have sufficient savings for retirement. Don’t ask me why. The third option, make sure they can only take out their CPF savings 5 years before they are about to die. As an example, if they are to live to 100 years, allow them to take out their savings at 95. Like that sure got enough. But problem is how to know they will expire in 5 years? Maybe can ask god.
 
Another way to look at this problem is to question what they meant by not enough? Are they thinking of living like a king, a minister, a civil servant or an ex PME? If they are thinking of living like the first 3, then even if they contribute 80% of their income to CPF also not enough. But if they think like living like an ex PME, willing to be taxi drivers until they expire, then whatever they have in their CPF, or don’t have, also got enough. Ex PMEs are more down to earth and would probably downgrade to eat in the hawker centres. They would also be happy to drive their taxis till the last day. So got or no got CPF, never mind as long as they can drive their taxis. Can’t imagine them be cleaners or security guards at 90 years old,
 
So, looks like the problem is about explanations or is it expectations. Want to eat in restaurant sure not enough. Want to eat in foodcourt maybe enough, maybe not enough. But if happy to eat in hawker centre, sure enough.
 
So, what is the problem with the survey findings? Want to tell them not enough and then help them by increasing their savings to 60% or 70%? Or want to tell them the hard truth, everything is enough if don’t buy expensive affordable HDB flats and eat in hawker centres? See, no problem right? Or shall I con them by agreeing with them that money not enough so that I can help them, to save more for the future and eat lesser now?
 
Tiok boh?
 
PS: I have not told them the secret formula…sell their homes, sure enough.

Kopi Level - Green