I just had to blog about this glaring laughable oxymoronic claim. Read in The Straits Times today that young Singaporeans supposedly have enough CPF savings for their retirement according to a study done by two NUS professors. Ah but the catch is, sorry the three catches according to the study are:
1. They Must be prudent in their choice of homes and buy HDB flats within their means (read – don’t dream big, dream small).
2. Any CPF above the Minimum Sum (the money we kiss goodbye to thanks to our OTT CPF laws) that they withdraw Must be invested to generate a steady stream of retirement income (if someone knows surefire investment moneymakers please PM me).
3. And they MUST continue to remain in the workforce!
Hello! What does Retirement mean? According to all dictionaries including the freedictionary.com, retirement generally means:
Most normal people who have slogged long and hard in their lives (and Singaporeans work one of the longest hours in the world), look forward to retirement which represents a time when they don’t have to slave 8-14 hours a day. Think of the poor multi-tasking mums and dads who can’t afford maids and yet have to work, clean and cook and take care of their kids. Don’t they deserve to retire if they have enough savings? It is a time when the elderly finally have space for themselves and personal pursuits and more time for their family and friends.
It doesn’t mean all silver-haired folks will stop work completely of course, as some may like to do lighter work that they enjoy and to keep their minds occupied.But to Have to continue eking out a living even when we are old and tired defeats the purpose of having CPF Retirement funds doesn’t it? Think of all the weathered faces of elderly cleaners manning the toilets and food courts. Do they look happy and rested? Do they look like they enjoy working while shuffling along with aching joints and backs?
It is such a joke for the survey to claim that we have enough CPF savings for retirement Only if we continue to work after retirement age. It’s like saying I will have enough savings to last me if I continue to work till I die. Duh! And these are professors who did this mind-blowing survey? And ST ran it as a lead story in the Top of the News Page today? Wonder why.
Oh wait, just re-read the article and it says this study by the professors was “commissioned by the Ministry of Manpower”.