CPF is enough for retirement but Only if we work till we drop!

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:

1. The act of retiring.
2. The state of being retired.
3. Withdrawal from one’s occupation, business, or office.
4. Withdrawal into privacy or seclusion.

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”.

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4 Responses to CPF is enough for retirement but Only if we work till we drop!

  1. dotseng says:

    A very wonderful morning to you!

    This reminds me of the incredulous story of the 1k salary man being able to own a HDB flat. What the propagandist ST didn’t mention was how his entire family had to wear magnetic boots sleep hanging upside down like bats to maximize renting out all the space. Survive on sunflower seeds and KFC carcasses. Learn to appreciate the simple things in life during the weekends like watch the grass grow. Take up Tibetan Yoga to slow down their heart to one beat per minute to save on groceries. Develop the uncanny ability to see in the dark like owls to save electricity. After doing all this, then and only then is it possible to own a HDB on a paltry salary of 1K.

    I really must go to the field now. Otherwise, I will puke on my cat again.

    A very good morning to you gentrified gentlemen, btw where have you been?

    Darkness 2012

  2. Ah… JC, I’m hearing voices in my head. Perhaps some higher mortals can whisper directly into my primitive head.

    The voices said ‘Goodness gracious! We’ve been misunderstood, misconstrued and misinterpreted again! On Catch 3, what we meant was to continue working until retirement age! Yes. Work work work… no breaks. No stoppage. All the way for 40 years! Then again, maybe it’s not so bad if one continues to work beyond retirement age… and it’s really not work but doing things you enjoy. Say supposing pre-retirement, your job is sitting at your desk answering stupid emails but you actually enjoy flipping burgers, so when you hit retirement, you go flip burgers. Or maybe you hate flipping burgers because that’s your pre-retirement job and when you retire, you pursue your passion of answering stupid emails…’

    My primitive brain can’t take the whisper anymore so I drown myself in fermented coconut juice. I’ve been hearing lots of incredulous stories lately so please excuse me for speaking incoherently. Come tomorrow, like JC, I’ll also be busy making a living so that hopefully, I’ll have enough to retire too.

  3. @ape@kinjioleaf. good luck with saving enough for retirement. and enjoye your femented cononut juice.

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