Anonymous
What is your view on CPF? Is it for retirement planning or home ownership?
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Glenn Toh
19 Jun 2019
Founder at Whatcard.sg
- My view of CPF is that it is simply a forced savings account put in place by the government to help ensure that people have savings for retirement.
- As a form of retirement planning, it is definitely a helpful start and some kind of minimum baseline for people to fallback on, although I would say that for many people CPF alone is probably insufficient and you should still be aiming to have additional savings while working (assuming if you have sufficient extra cashflow for necessities).
- While some will no doubt say that they could do better by managing their savings by themselves, I am going to go out on a limb and say that there is a strong societal value from this forced savings as it lets the majority of people to save much more than they would if you just handed them all the money to manage themselves - how many people would actually go ahead and save 20++% of their salary (combining employer + employee CPF contributions) without this constraint ?
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