Do you think the CPF system is flawed with its over complications such that most Singaporeans don't even know what's going on anymore?

Hi anon,

CPF's fundamental purpose has always been to provide for retirement. It was set up in 1955 with that in mind. However, over the years, its scope has been expanded, first to allow home ownership, and secondly, to cater to healthcare needs.

Due to the expanding scope, new regulations had to be put in place to provide guidelines for usage in each scenario (retirement, housing and healthcare). Over the years, this adds up to a lot of regulations. So it's not a surprise that many Singaporeans are very lost when it comes to the regulations of CPF.

It will take time, but it is still possible to digest and understand the key regulations of CPF. However, they will also change in time (such as BHS or FRS changing yearly, or new schemes like Careshield Life coming on board), so one must also actively keep abreast of the news.

Not doing anything will still get them somewhere. But it needs some comprehensive understanding to make full use of it.