I am 62 years old and I have a large amount of accrued interest still showing as “owed” by me to my (own) CPF account. Note that my property is fully paid for and I am past retirement age.
I accept that the interest amount can be utilised by me to purchase another property if I sell my existing property. In that case, however, note that I can use only 50% of the minimum sum applicable to the year I turned 55 to pay for the new property. I find this highly objectionable, that as someone past retirement age I am not able to use all the money in my CPF account to finance another property.
I also find it objectionable, as many others do, that I have no control over a significant amount of funds in my CPF account and shall have no control over them for the foreseeable future. If I do not live for the length of time on which CPF Life projections are based (“average or expected lifespans”) I shall not be able to enjoy the money I have earned, even if I happen to need it urgently at some point in time.
The final ignominy is that behind the guise of “providing for Singaporeans in their retirement” and “taking care of their medical needs” this government does not spend a cent from its own pocket (ie from the public pocket: as has been pointed out by many observers, government surpluses belong to the public and some of it should to be used to provide retirement and health benefits, amongst others). In this the PAP is true to its extreme right-wing character. The CPF scheme in Singapore is truly a tax on citizens in that it is compulsory and continuing. As Ben Franklin said “…. in this world nothing can be said to be certain, except death and taxes”.