Something interesting happened when I turned 55. Some people who knew and those who happened to find out, other than wishing me the traditional way, also added ' so, got cpf liao'.
It is a uniquely Singaporean occurrence.
Many of us who turned 55, of course were reminded 6 months earlier when CPF Board sent us a booklet explaining the various schemes that we have to consider in respect of our retirement plans.
Interestingly and perhaps deliberately, the booklet highlighted the ways we should retain our money in the Retirement Account to earn more interest - and exhorted those who have more than ample funds to increase the amount to be set aside (i.e. enhanced amount of S$240k). What is subtly left out is tell us how to withdraw any excess.
This is not to say nobody did. In fact, I know of some friends or their friends who did the most shiok (fun) thing when they reached 55 - applied to draw down their excess funds (of the retirement sum). Some even went ahead to purchase their dream overseas properties or go for that dream holiday.
Most feel that these hard earned monies have been too long overdue - hack, after so many decades of slogging at their jobs, the money is the proverbial pot of gold - though frankly its not nothing to sing about. But for many, they have never (including me) got their hands on such a large amount of money before.
So what options do we have now by way of investing - interest rates are dismal. Any other number of investment schemes have turned awry - recent reports of fellow Singaporeans losing hundreds of thousands and even millions in ponzi-like schemes overseas are just tip of the iceberg. The property market if believe reports, is supposed to recovering (I never felt it was down at any rate over the past few years). If the recent enbloc frenzy is anything to go by, a bubble might yet be building again.
Most I think would just leave the money in their CPF Retirement Account. After all, the interest offered is not low by any measure.
Hope you are making use of your CPF savings in productive ways.....
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