This is a very good thread. Roy and Ravi should read it thoroughly. Heck, everyone should read it.
Leongsam should make this thread a sticky.
CPF is our money and the promise by the govt is that come age 55, it shall be returned in full to us, plus whatever interest accrued all these years. Anything deviating from this is unlawful, no matter if the intention is good or evil. We do not trust the CPF scheme anymore as its goal-posts keep moving and we're not consulted. Any consultation must be through a national referendum, not through parliament, as parliament is fallible, as we all know by now.
As it is our money that the govt is holding on to, if CPF board wants to change any of its salient objectives, a national referendum should be sought for. This is only right, as I say again, CPF is our money and how we do with it is really our business. We do not owe anyone an explanation, and definitely not the govt.
I also do not agree with the lie that our average life-span is now 85, because I see many dying way before 85. So, extending the withdrawal age is just an excuse to hold on to our money. I do not believe in annuity plan because it is profit driven and I will only reap some benefits of it if I live long enough. I do not see myself living beyond 65, at most 70, because it is in my family's genes. So, I do not believe I need any stupid annuity plan.
Withholding my CPF money till 62, 65, 67 is like withholding my money till I'm ready to go. Meanwhile, the money is paid such a low interest that I would rather not have it and instead have the money returned to me so that it can take care of any emergencies that my money can be utilized according to my own money management priorities, which is strictly an individual matter, and I do not owe anyone an explanation, not lest the govt.
As far as I'm concerned, the CPF scheme has not met its original objective and should be scrapped. For those already involved in this scheme in the beginning, just return our money back at age 55. Nothing else to discuss, we do not believe in it anymore.