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Assurance in retirement a hot topic on REACH platforms

Assurance in retirement was the most-discussed topic on REACH platforms since the start of a feedback exercise on Prime Minister Lee Hsien Loong’s National Day Rally on Aug 17.

Assurance in retirement was the most-discussed topic on REACH platforms since the start of a feedback exercise on Prime Minister Lee Hsien Loong’s National Day Rally on Aug 17.

Government feedback portal REACH said yesterday about 37 per cent of 530 feedback inputs touched on the Housing and Development Board’s Lease Buyback Scheme, the option for the elderly to take part of their Central Provident Fund savings in a lump sum, subject to limits, and the Silver Support Scheme.

Achieving one’s potential was the next-most-discussed topic (20 per cent) followed by the topic of a “home for all ages” (19 per cent). Many felt the HDB Lease Buyback Scheme would provide a welcome additional monetisation option to more elderly, but a handful of them said they would still prefer to leave their house as inheritance for their family. Some suggested the scheme be extended to all public housing to benefit more Singaporeans.

The Silver Support Scheme, which provides low-income elderly with an annual bonus, was also welcomed by many as a good way to help those in need.

Contributors also gave a nod of approval for Prime Minister Lee’s announcement that the Government is allowing Singaporeans the option of withdrawing a lump sum — subject to limits - from their CPF, once they reach 65. However, there was recognition that there should be safeguards to prevent over-withdrawal and depletion of CPF funds, and for individuals to take personal responsibility for managing their retirement funds, said REACH. VIMITA MOHANDAS

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