Reducing the age of first monthly payouts from CPF life to 60 years of age instead of the current 65 years of age.
Currently one can only withdraw the first monthly payouts from the CPF life scheme when he/she reaches age 65.
At age 55, money from CPF ordinary and special accounts will be moved to the retirement account (RA).
Then on 10 years later at age 65 it will mature and can be withdrawn on a monthly basis.
I suggest the age to move the funds to the RA account be at 50 years old instead, then seniors will be able to withdraw the mature payouts earlier at age 60.
This will help more seniors to get an earlier monthly payouts at age 60, many of whom may not be able to work due to pre-existing medical conditions or are frail due to old age.
Note that this is not in any way related to the retirement age. Seniors can still chose to work if they wanted to despite withdrawing payouts from their CPF Life.
