CPF Min. age may be raised to 65.
This is definitely not a surprise, especially for people in the Financial Industry such as Insurance. Day in day out, these group of people is always on the go, educating people on the importance of risk management, wealth management, retirement planning.
I remembered I was asked by one of my advisers on tips on how to sell. Ironically, I was using this example.
Our generation (70s era and above) will definitely face this issue. Its just a matter of time because our CPF min, age is to be 62 and min. sum is $120, 000. Unlike our parents, their min. age was 55 and the min. sum was not as high as ours. Therefore, we should all be planning for our retirement. Of course there will be people who are able to have this amount of money in their CPF, but how many of them? Will you be one of them? Don't forget you have housing loan, education loan to pay off.
So now you realise that you may not be able to get your hard-earned money out from CPF. What do you do? Invest your CPF money, give it the potential to grow, to make better returns, so that when you reach age 62 or now age 65 you will have money to take out.
Therefore, whoever is complaining about this change, have you seriously listened to what your adviser told you or you always take them for granted when these are the people that can give proper advice?