Singaporeans are very lucky. Most of them (95% I think) are home owners. Many bought cheap BTOs and now the value of their flats have gone up. The older folks who bought their flats in the 1980s for less than $100k, now see their flat's value gone up to $500k and above. Some sell their flat and retire, many rent out their rooms to get passive income.

Our home ownership policy and asset enhancement programe is a huge success. These policies have enabled many Singaporeans to retire, even for those who don't earn so much. But there are those who sell their flat and gamble it away or got conned or scammed. That is why we must have the minimum sum and CPF Life schemes to protect these people.

We must continue to support our asset enhancement programe to enable us to retire happily.