https://www.singstat.gov.sg/docs/de...atistics/visualising_data/Life-Expectancy.pdf
In just 10 years (from 2003 to 2013), the average lifespan went up by 3 years. So for us, 20-25 years down the road there is a chance the average lifespan would go up by another 5 years. Everyone hitting 65 at the same time or not is not the issue. The issue is everyone on average is living longer and so the payout for everyone on average needs to be more.
We are already saving for retirement right from the day we starting working. The problem though is we are only putting 6% of our salary into this special account thus making it very difficult to even hit the minimum sum on this account alone.
CPF Life is a government scheme for the masses. For political reason, it is sometimes difficult to adjust the number without incurring the wrath of the people. I think if we want a better retirement, don't rely just on CPF Life. Do our own planning.
In just 10 years (from 2003 to 2013), the average lifespan went up by 3 years. So for us, 20-25 years down the road there is a chance the average lifespan would go up by another 5 years. Everyone hitting 65 at the same time or not is not the issue. The issue is everyone on average is living longer and so the payout for everyone on average needs to be more.
We are already saving for retirement right from the day we starting working. The problem though is we are only putting 6% of our salary into this special account thus making it very difficult to even hit the minimum sum on this account alone.
CPF Life is a government scheme for the masses. For political reason, it is sometimes difficult to adjust the number without incurring the wrath of the people. I think if we want a better retirement, don't rely just on CPF Life. Do our own planning.
