In short, I knew I was screwed. I knew I would not be able to withdraw a single cent from my CPF account at age 55. Dont get me wrong, Im not implying that I would be able to withdraw a healthy pension fund elsewhere at the same age. Lets not go there and stick to the topic. What was truly disappointing was that I knew I would not even hit my Minimum Sum if I took an average career path. I might have a chance if I burst a gut (I tried for a few years and got bladder cancer as the prize) but even if I worked that hard, did better than the average and made it, what about the rest of the Singaporeans? Is there any meaning to this if the majority of the population will not be able to make it? Now for the worse news, even if you hit the Minimum Sum, you will still withdraw nothing at 55 years old because the CPF board only allows you to withdraw anything beyond your Minimum Sum. So yeah, you burst your gut and made it at the last minute. Well done, thank you here is $16.88 for your effort. The rest of your money had been used for purchase an annuity whether you agree to it or not. You will be paid $600 a month for your effort thereafter. Thank you for your participation. In my opinion, no one should be penalised for failing to amass a certain amount of money in their working career. Singaporeans grow up being guided to a selection of schools (because the rest are deemed shit), channeled to certain units during National Service (whether they like it or not), herded to take up a selection of jobs (because the rest could not pay enough to fulfill your Minimum Sum) and when we finally exhausted all our life capital to head towards the final chapters of life, we cannot even decide the way we want to die. Is that what life is about as a Singaporean?
Posted on: Fri, 06 Jun 2014 12:17:42 +0000
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