The government will provide targeted state support to those who need it, such as lower-income workers and those who have not been in the workforce, Senior Minister Lee Hsien Loong added.
New: You can now listen to articles.SINGAPORE: As Singaporeans live longer, the Central Provident Fund’s philosophy of self-reliance remains as pertinent as ever, Senior Minister Lee Hsien Loong said on Saturday .As society’s needs and working patterns change, and life expectancies lengthen further, the government will have to adapt and update the CPF scheme to keep it"fit-for-purpose" for new generations, he said.
At the launch, CPF also introduced a new one-stop financial guidance platform, Plan Life Ahead, Now! , where members can access a personalised dashboard of financial planners.“While self-reliance works well for the majority of the population, we recognise its limits for lower-income workers and for those who have not been in the workforce, such as housewives,” he added.
Looking back at the past 70 years of CPF’s history, SM Lee said"some very tough choices" were made in adjusting CPF rules and schemes. "He explained to me bluntly that with people living longer, there were basically only three ways for them to still have enough for retirement: One, save more while working. Two, spend less every month, to make their retirement savings last longer; or three, work longer and retire later," he said.All countries are confronted with this trilemma, and Singapore is no exception.
Even when members reach 65 years old - when CPF payouts start - about 30 per cent do not make any withdrawals.
Lee Hsien Loong Retirement Financial Planning
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