The whole CPF scheme depend on the logic the member live long life. If say you short life then that scheme don't benefit you instead is your next of kin. Twisted logic. My own hard earned monies give other ppl shiok? They no leg no hand cannot earn monies must wait for other ppl CPF monies give them?
This is why I feel CPF scheme is flawed. The earlier return all at age 55 still the best but they keep delaying so they can take and invest in the name say for our retirement. It is like vaccination is not mandatory but yet is it?
whose twisted logic? yours of the logic of the CPF scheme?
The other ppl are your NOK and not some strangers no unless you somehow have a very estrange relationship. In that case you can always nominate someone else you think that deserve to use it other than you.
yes agree with you, you may not want your NOK to have over-reliance on you, and they should make their own living. maybe that's more for kids. but if it goes to your spouse where you all have decided long ago that he/she doesn't work but to take care of the kids, will you say the same?
The flawed logic of yours is that everybody cares about their own retirement and knows how to be financially savvy. the reality is not the case. You say this because you think you can managed. But what if you somehow got scammed of your money down the road, and you no more money for your retirement how? then expect tax payers to pay?
What about those who aren't financially savvy and splurge, then who end up suffer? tax payers.
Not as if the entire amount that you earn goes into CPF. our existing CPF is already complicated enough, imagine there are so many more exceptions. it will even be more complicated.
So it is only societal good that everybody take one for each other (from the perspective of time rather than whether you own the money or not) so that we wouldn't unnecessarily be burdened by others.
Only in Singapore we have people who hates social security. in other countries no such issue.
So not sure which is more flawed
