Before you bash our government any further, please ask yourselves the following questions:

1. How many countries can be like Singapore, where we have everything and self-sufficiency in retirement funds? Pension systems in Western countries are all running deficits due to insufficient contributions from members, plus poor returns from investments. We should be thankful for what our government and GIC have done for us.

2. For those who think CPF is insufficient for retirement, why don’t you contribute more during your working lives at the peak of your careers, when your earning power is at its max? Why blame our government for your own unwillingness to save?

3. For those who spend a lot and demand everything, why don’t you cut back on your own extravagant lifestyles instead of blaming our government?

Retirement adequacy is each individual’s responsibility. Our government has been very careful not to tax the citizens too much. If you want more for retirement, be prepared for a higher CPF Minimum Sum. There is no free lunch. And most Singaporeans are against the idea of any lump sum withdrawal of CPF. Our CPF Minimum Sum has been vindicated. Take responsibility for your own actions instead of blaming our widely-lauded retirement fund.

social security

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