Just one in five Singaporeans are confident their CPF savings will meet their retirement needs. This was reported in a survey released by insurance company Manulife.
63%: there should be greater flexibility in the withdrawal of their CPF savings
56%: CPF contributions from employers and the Government should be raised
47%: CPF savings wouldn’t be enough to cover their retirement expenses
44%: felt the returns were too low
32%: actively managed their CPF
18%: satisfied with the range of investment choices currently available for CPF funds
This data was compiled by Manulife from an online survey of 500 respondents.
About 45 per cent of respondents said they would withdraw a lump sum from their CPF savings at age 55 after leaving the required Minimum Sum. On average, this is how they plan to manage that lump sum:
31% will be passed on to children or used to buy an annuity
30% goes into a bank account
18% used for stock investments
11% for travelling
10% to buy property