Agree. Of course everyone thinks that he or she is the wise one in society and thus will not deplete the savings in CPF (if given a chance to withdraw). But sad fact of life is when given a chance to draw out one lump sum (look at our neighboring country - Malaysia),  many ll just splurge it away on gambling, one off entertainment expenses and set aside too little for retirement needs. This is why although I also believe in the wiser one and hope to have the flexibility to draw out, I think it’s better for the system to remain as it is, which provide a partial withdrawal option at 55 above certain min threshold