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Old 09-09-2019, 09:41 PM   #3
BBCWatcher
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Join Date: Jun 2010
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Was wondering if majority of Singaporeans will be able to achieve FRS when they turn 55....
A slight majority of today's Singaporeans, yes, probably. Older cohorts are different. For perspective, the $3,500/month figure you picked is a little below the 2018 median of $3,792. (Note: The Ministry of Manpower reports median wages inclusive of the employer's CPF contribution. Take that MOM reported figure and divide by 1.17 if you want the more common wage figure that most employees talk about.)

Based on this, will it be safe to say that majority of singaporeans (those who work consistently) will be able to meet the min sum?
I think you mean the Full Retirement Sum.

Today's Singaporeans, probably. However, there are significant numbers of stay-at-home parents, self-employed individuals, and disabled adults. These individuals often end up with low or zero CPF balances (except for MediSave for self-employed individuals, which is compulsory).

I have yet to read a story of anyone who says that CPF is good and he is now a rich man due to the govt's forced savings.
Actually, there are such stories. Look for stories about Loo Cheng Chuan, for example.
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