Do you consider CPF monies as part of your net worth?

Net worth = assets - liabilities. Is CPF an asset? Theoretically, yes - because as it sits in CPF accounts it still earns 2.5%. Also, at 65 it turns into an annuity so technically, income-producing right?

But CPF is also used to fund housing needs. Not that everyone has to do it, but most people will. Are there people who can pay their homes off entirely in cash? Can. But far and few between. So let's say most people pay for homes with their CPF.

Some will sell their homes to net a profit, but how about those who choose to live there permanently? The price of your home when you are 85 will not be higher than when you bought it at 25. So your CPF money is locked up in your depreciating home.

So now by using this income-producing asset to pay for the mortgage on housing that's depreciating day by day, what is it? Is it still an asset?

I don't know. But it's very complex in my opinion, and I don't want to base my retirement on a fund that might or might not be there when I'm 65, so I'm building my retirement in cash and just using CPF for housing.

Personally, I don't. But this is specifically because I intend to retire early at 40 (hopefully). At that age, CPF is non-withdrawable so it would be meaningless for me to add it into my net-worth. I generally see it as more of a bonus that I'll have access to at 55 and also to pay my house down with.

But if you're the normal Singaporean, retiring in late 50s to 60s, I don't see why you shouldn't.