MICHAEL TOH: CPF is our life time savings for retirement. It is our money saved with CPF. I was asked to retire at age 55 and lived in retirement for 15 years already.
I am now a 70-year-old senior citizen. Luckily my HDB flat loan was full paid off.
CPF recently send me a letter to inform me that my Retirement Account (RA) balance was S$646.86 and with my monthly payout of S$250 from my RA, the last estimated payout will be in May 2019.
On 31/12/2018 my total amount across my CPF was S$67,562.78, which means CPF is keeping S$66,665.92 of my savings in my CPF money away from me for Ordinary Account (OA), Special Account (SA) and Medisave Account(MA).
Why keep so much of life saving money saved in my CPF account away from a 70-year-old healthy senior citizen?
Is my lifetime money reserved for OA, SA and MA account more important than my money for retirement expenses?
Does CPF expect me to die in three months therefore I don’t need money for expenses?