THOSE with terminal illnesses at age 55 or later should be allowed to withdraw all of their Central Provident Fund (CPF) savings for medical bills or to see them through their finals days, just as how insurers pay out a lump sum in cases of critical or terminal illnesses.
The Government should also look into allowing those with sufficient CPF and personal savings before age 65 to invest in risk-free government instruments, instead of risky financial products, to boost their retirement savings further. The alternative is to give this group priority to purchase Singapore Government Securities that offer good coupon rates in small lots of 1,000 and above for a defined period, depending on whether it is a new or reopened bond.
Francis Cheng
*Letter first appeared on ST Forums (6 Feb)