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Retirement Plan to show CPF board launches new study on retirement plans of Singaporeans

Singaporeans are talking about assurance on retirement

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Singaporeans are most concerned about the Central Provident Fund (CPF), retirement and housing issues, according to research from REACH, which has been monitoring discussions on its platforms since National Day.

Since the start of the REACH National Day Rally (NDR) 2014 Feedback Exercise, 37% of 530 feedback inputs were received on the theme of assurance on retirement, including the option for the elderly to take part of the CPD savings in a lump sum, subject to limits.

The other hot topics are the Silver Support Scheme (SSS) and the enhancements to the Housing and Development Board’s (HDB) Lease Buyback Scheme.

A press release from REACH stated the reactions towards the Prime Minister Lee Hsieng Loong’s National Day Rally were mostly positive, with some saying his speech was “caring” and “engaging”.

“They were appreciative that PM had made an effort to relate through the sharing of ordinary Singaporeans’ stories, and also by addressing current hot topics clearly and setting a path towards resolving the issues,” it stated.

Contributors also welcomed PM Lee’s announcement that the Government is considering allowing Singaporeans the option of withdrawing a lump sum subject to limits from their CPF once they reach age 65.

However, there was also recognition that there should be safeguards to prevent over-withdrawal and depletion of CPF funds, and for individuals to take personal responsibility for managing their retirement funds. For this reason, some contributors called for greater public outreach efforts to improve financial literacy among the elderly, REACH said.

 Image: Shutterstock

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