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Monday, 29 March 2010

Resident wants ban on CPF cash for investments

"Trading appears deceptively easy. When a beginner wins, he feels brilliant and invincible. Then he takes wild risks and loses everything" - Dr. Alexander Elder

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder.


If you ask me should you invest your CPF investment fund: Using CPF Investment Fund For Investing

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Kor Kian Beng

Mon, Mar 29, 2010
The Straits Times

RETIRED sailor Goh Tor Zin said he lost $350,000 of his Central Provident Fund savings through bad stock market investments, and yesterday made a radical suggestion at a ministerial dialogue.

The 59-year-old Kampong Kembangan resident sought a ban on using CPF money for such investments, saying the CPF scheme should stick to its original aims of helping Singaporeans save for their retirement, medical and housing needs: 'When I retired, I collected only $35,000. I lost $350,000. The sum may be small for some, but for me, I can buy many packets of chicken rice.'

Mr Goh, who is unmarried and lives with his 91-year-old father in a five-room Lengkong Tiga flat, said he made a similar suggestion to the CPF when he collected his CPF money on turning 55: 'They told me that I don't have to buy (shares), and that no one forced me to do so. I said, 'Yes if you don't sell drugs, I won't buy drugs. So you are not wrong, I am also not wrong'.'

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