Why is it that only an estimated 16% of Singaporeans were able to meet the Full Retirement Sum at age 55?
I refer to the article “Almost half of CPF members in 2016 cohort can’t meet Minimum Sum – can only withdraw up to $5,000” (theonlinecitizen, Jul 16).
It states that “”For the same (2016) cohort, about 53% of active members met their Full Retirement Sum (FRS) in cash and pledge at age 55 in 2016.””
As I understand that about 40 per cent of Singaporeans at age 55 may be inactive CPF members – does it mean that only about 32 per cent (53% x 60%) met their FRS, “in cash and pledge at age 55 in 2016”?
If the percentage who met the FRS without property pledge is about the same as the about half in the past – does it mean that only about 16 per cent (0.5 x 32%) met the FRS?
Leong Sze Hian