Currently, there are three type of plans for CPF withdrawals. They are the Standard, Basic and Escalating Plans. Most of the people in Singapore have the dilemma of choosing the appropriate plan for themselves. There are about 30 years before I am due to make my choice. This is with the assumption of me reaching the age of 70. I will opt for the Standard Plan which will result in higher level monthly payouts for myself. I feel that such plan is suitable for me based on the prevailing circumstance given that I do not have the dependants at this juncture. Of course, things might change as the years proceed along and I make the choice based on the best possible choice in my views.
There are also possibilities of the policy changes in the years to come. Hence, I am of view that there is a need for the flexibility in the retirement plan. The flexibility in the plan will allow one to be able to adapt to the likely changing dynamics of the Government Policy.