An email from our regular CPF insider, ES

May 30, 2014

The following is being published (with slight edits) with the permission of our regular CPF insider, ES:-

Hi Sze Hian,

Hot topic – CPF min sums.

First – the money belongs to the account holders, just an excuse to take control of it.

Second – the min sums will cross the $400k mark by 2030, not sure that many can qualify.

Third – a policy with no capped ends (min sums) is simply stupid.

Fourth – account holders have very diversified spending and needs.

Fifth – how many did live to use the retirement pay outs.

Sixth – an excuse that people withdraw money at 55, and no sense of money control, then why not a monthly pay out instead.

Seventh – the so-called retirement at 65, was discussed in the past and was thrown out.  There was a committee back then.

Eighth – Why not allow account holders to buy their own pension scheme using the CPF money.  They can decide when they want to retire.

Ninth – They can even let those at 55 to buy another property so when rented out they could have a monthly income of $1,500 or more.  Another option is foreign property which is much cheaper but higher risk.

Tenth – The Government seem to run out of ideas and are now turning back to the public to discuss.

Sad that Roy is being sued – it hits hard on him.

There are many thoughts in my head so I thought by sending to you could be useful.

Best Regards

ES

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.