Even as the government continues to tweak the CPF scheme to make it feel more palatable for citizens, they will not allow the withdrawal of all or even a sizeable amount of CPF savings at age 55.

This much was explained by Prime Minister Lee Hsien Loong during his first-ever radio appearance on Chinese station Capital 95.8FM on Sept. 1, 2014, where he urged CPF members to work longer, until they are 65 if they possible.

He explained that this is so as many Singaporeans are living longer past age 80, and even 90, and CPF savings meant for use during retirement will be depleted if the funds were withdrawn too early, without leaving enough for old age.

At one point during the hour-long radio programme, PM Lee fielded a question from a 53-year-old man doing two jobs to get by, who had a query about his CPF funds.

From AsiaOne on Sept. 2, 2014:

The listener called into Chinese station Capital 95.8FM during a one-hour programme with the Prime Minister.

The 53-year-old man, who said he worked as a delivery man by day and taxi driver by night, said he wished to use his CPF savings for travel. "I hold two jobs and work 365 days a year... I hope I can withdraw my CPF savings so I can see the world when I'm 55.

Now, I can see that there is money in my CPF account, but I cannot use it," he said.

In response, Mr Lee said the man, who identified himself as a senior, was "still young", and that retiring at 55 would be too early based on current life expectancy.

Mr Lee urged the man to work until 65 if he could, adding that he could take out some of the money in his CPF account then to travel, invest or give to his children.

In response, PM Lee said the man, who had identified himself as a senior, was "still young".

Plus, retiring at 55 would be too early based on current life expectancy.

PM Lee then urged the man to work until 65 if he could, adding that he could take out some of the money in his CPF account then to travel, invest or give to his children.

PM Lee also reportedly said: "I feel you should try not to dip into your CPF savings if you can help it, and depend on your other savings first. Because CPF is meant to provide security during retirement."

The CPF withdrawal age of 55 was set more than 50 years ago when life expectancy was around 63.

Top photo via MCI

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