There’s always 2 group of people agree and disagree to something. This is how I look at my cpf contribution. First how much interest are we getting from cpf?
If compared to putting in banks, I prefer putting money in cpf but we have a just lock down our own money. It’s not a fixed deposits, it’s a lifetime deposits. Who knows when I’m old, the rules delays the withdrawal age again? Hopefully everyone knows you can topup your own cpf.
I vote not to take out my cpf, only if I’m incapable making my own money grow. Or have an lazy attitude to my own future, having the long given mind set set in Singapore: why work so hard? No money find MP for subsidy lo. Find organisations to help lo. Why work? Why save? I have seen people with more branded goods than me going for subsidy(changed into poor custume) showing MP their bank accounts are low… The MP will check their assets status and grant them subsidy. It’s because of the gorverment giving such subsidy, making the people lazier or big spender but asset poor. Malaysia is a very good example of protecting only one kind of people which makes them lazy.
I choose to take out my cpf if I can. Because I know and I am investing in areas which generates higher interest than Cpf does, with low risk and maximum liquidity.
To my opinion: only those who are incapable will chose to have their money in CPF.
Our gorverment is indirectly making us a lazy citizen/ unneeded burden to tax payer. It’s not their fault, but their actions caused laziness. It’s a cycle…
Trying to help the less advantaged people is good but it will only made them long term dependant on the subsidy, plus those above the cut off point will tend to lower their standard to fit in to get the subsidy scheme. Then the more gorverment have to hold on to our cpf because of an increased amount of such people… What do you think?