I will not spend too much time explaining my justifications..

— j4: complexity .. confusions, mis-information
— j4: liquidity … severe constraints
— j4: high compound interest in SA/RA + payout rate in CPF-life
Zooming into cpf-life, I would say this payout rate is one of the 3 pillars [1] of my retirement planning from 65 onward.

[1] The others include career longevity, health and healthcare.

— j4: high credit rating … The safest long-term investment
I won’t describe in details. CPF-life (and SA/RA) as securities are safer than properties, stocks, gold