The Singapore People's Party (SPP) has called for alternative retirement schemes, in response to the President's address.
"Raising the CPF minimum sum is not the only way - it makes retirement tougher," it said in a statement on Saturday.
"Many Singaporeans are also deeply unhappy about the compulsory annuity CPF scheme. We need alternative retirement schemes to build an inclusive society."
The country, it added, needs a complex mix of policies, such as alternative investment options to ensure a sufficient pool of funds in CPF.
The SPP was the first opposition party to respond to President Tony Tan Keng Yam's address to Parliament, delivered on Friday.
In his speech, which laid out the Government's key priorities in its second term, Dr Tan had said more will be done to ensure that Singaporeans do not have to worry about their finances when they retire.
The Government will improve the existing CPF savings and CPF Life annuity schemes, and develop more options for Singaporeans to unlock the value of their homes on their retirement, he added.
The SPP, which is led by secretary-general Chiam See Tong, also highlighted the importance of diverse voices in society and urged the Government to launch more national conversations and be more light-handed in regulating online discourse.
"If the Government is sincere about hearing people's voices, the SPP urges them to take an even-handed approach in reviewing the Broadcasting Act in the remaining term of Parliament before the next General Election," it said.