CPF proposals: Facts and figures in the CPF Advisory Panel report

The CPF Advisory Panel holding a press conference on Feb 4, 2015 at the Ministry of Manpower. -- ST PHOTO: ALPHONSUS CHERN
The CPF Advisory Panel holding a press conference on Feb 4, 2015 at the Ministry of Manpower. -- ST PHOTO: ALPHONSUS CHERN

SINGAPORE - The report by the CPF Advisory Panel set out some recommendations to make the withdrawal of Central Provident Fund savings more flexible in the future.

The report also included some nuggets of information about the Singaporeans' life expectancy, and other population statistics:

1. Living longer

According to data from the Department of Statistics (DOS), someone who turned 65 in 1980 could expect to live 14 more years, but someone who turned 65 in 2013 could expect to live 21 more years.

In addition, among those turning 65 years old today, one in two will live beyond 85, and one in three beyond 90.

2. Difference between men and women

Women's average life expectancy at age 65 is three years longer than men's.

Among married couples in resident households where both spouses are aged 60 and above, the wife is typically the younger one, with a median age difference of three years.

3. Most own their homes

More than 90 per cent of resident households own a home, according to the Department of Statistics.

4. Many not meeting Basic Retirement Sum

Some 55 per cent of active members who turned 55 in 2013 had accumulated enough CPF savings to meet their Basic Retirement Sum.

It is expected that among the cohort of CPF members turning 55 in 2020, about seven in 10 active members will be able to accumulate enough CPF savings to meet their Basic Retirement Sum.

5. Expenditure for retiree households

Each member of a retiree household in the lowest 20 per cent of households in Singapore spends an average of $316.70 a month.

That average rises to S$2,450.60 a month for a member of the wealthiest 20 per cent of retiree households.

A member of a household in the 41st to 60th quintile spends $720.40 a month.

This is based on the DOS's household expenditure survey for 2012/2013.

Lower-middle retiree household expenditure grew at an average of about 5 per cent annually over the past decade, the report said.

Source: Report by the CPF Advisory Panel