Daily Lessons from Life 17 August 2014 - PM's NDR Speech 2014

Lots going on in this year NDR Speech 2014. More details will emerge tomorrow and I have just a few off-the-head comments on some of the topics:

1. PM Lee went from a Real Estate agent to a Financial Planner this year as the real estate market is not doing too well. YET, the financial planner places a lot of faith and emphasis on 'cashing in on the HBD flat' for retirement fund. This has been one of my major concerns as the government is SO fixated on 'the last line of defence for retirement is your HDB flat that had appreciated over the last 2 decades' for the newly and soon to retired Singaporeans.

Question is: will the current young generation who own a HDB flat will get similar 'appreciation' in the value of their HDB flat and rely on the same 'cashing in on the appreciating HDB flat prices'?;

2. life examples of how non-graduates can further themselves and be just as, if not more, successful than those with a undergraduate degree folks from Keppel Corp. It is a bit strange as the Minister of Laws just expressed his concern about a potential, or real, glut of lawyers in a recent event. This in the light of more and more cohorts from the primary 1 making it to university studies.

Conflicting or confusing signals been sent?

OR the intent is to highlight that you can still move up the career and social ladder if you adopt a continuous learning approach and you will be ok even if you started without a university degree?;

3. setting up of a Municipal Services Office to be helm by a Minister from the PM Office due to 'unclear roles and responsibilities' of 3 government agencies in the particular case cite seems a bit extreme to me. If NEA is to 'take care of all', which was the decision after the multi-agencies had decided after multi-meeting, has it NOT clarified who is responsible for the 'fishball stick'?;

4. What are the purposes of CFP, its use and the Minimal Sum (MS) were elaborated upon by the PM. A situation that the CPF Board had actually provided fairly good explanation and illustration in its official website. It seems that many CPF members just want to hear it from the PM himself. There are much new input on what is CPF, what is and how to compute and why the MS is conceptualised.

I am not sure those CPF members who want their CPF saving to be taken out in one lump sum can appreciate the explanation as their question is: it is my money and why can't I have it and use/spend it as I wish? While the government is saying: we are NOT prepared to fund your retirement IF you lost all your CPF money!

Also, I think the word: 'retirement income' may be an anomaly as it is really a 'retirement withdrawal of saving' after 65 years old as the money comes from the CPF member's saving, albeit with the employers contributing too as mandated by laws!

Will be interesting to learn of the responses from the citizens ...