Early CPF withdrawals should not burden others

I read the article “Advisory panel’s proposals a ‘step in the right direction’” (Feb 7) on the proposed changes to Central Provident Fund (CPF) withdrawals with some interest.

The interviewee said: “For people who are closer to 65, they are unlikely to want a lot of interest, knowing that their days are numbered.

“You have saved for so long, so hard, and at 65, you take it out. By 67, you are dead.”

Since I am 66 years old, his comments were immediately relevant to me, especially as the obituaries would occasionally feature someone who is 67. What if I get run over or struck by a virus that kills me?

Then I would be unable to use my hard-earned CPF savings to go on a holiday, buy my dream car or spend it as I wish. I would have to leave it to my family, instead of fulfilling “life aspirations”.

But what if I do not die when I am 67, or 68 or even for the next 20 years? Is the chance of that happening higher than my dying soon? Then what happens? Would anyone look after me afterwards?

Also, would not my family need the money more when I am gone? What should I do now? Maybe I should look at how much longer those who are 66 now live for, on average.

Now, we move from the realm of possibility to probability. Anything can happen, but we must also look at the probability of it happening, using averages and trends. This shows that I have a higher chance of living until 85 than dropping dead at 67.

So, for me at least, it makes sense to let my nest egg grow as much and as safely as possible, so as not to trouble my children or the Government.

I hope those who withdraw their CPF early and end up with little to live on will not tax the declining number of working people to fund them in their old age. Our children need to save for their own old age.