CPF savings 'may not be enough for old age'

[KopiKat]

"What the wise do in the beginning, fools do in the end."

There was a time when retirees could count on CPF for retirement.
That was the time when THEY started CPF for retirement.
Now, the street knows that CPF is NOT for retirement.
But THEY are the one who want to insist that CPF is for retirement.

I thought it's pretty obvious that the government have realised this and must have done some brainstorming internally to come out with a work around to their self created problem.

It started with their idea of Reverse Mortgage some years back. This time round (Budget 2012), we get to hear about their latest brainwave, namely, $20k Silver Housing Bonus and Enhanced Lease Back Scheme. As a last backup plan, they're giving more incentives for oldies to work longer (those who can get a job) with higher CPF rates and Tax Relief. Yup, we must really give them credit for trying their best to ensure all of us don't end up as their burden when we get old.

Come to think of it. It may actually be a good idea to allow everyone to use up the bulk of their CPF for housing as Property Prices seems to be outpacing both inflation / CPF rates!