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Singaporeans can forget about retiring.

neddy

Alfrescian (Inf)
Asset
Retirement
Forget it!
The way world economies are plunging is making retirement in Singapore an impossible dream. By Seah Chiang Nee
Jan 25, 2009


When the government recently proposed extending the retirement age from 62 to 65 - and even beyond - Singaporeans reacted negatively.

But this is one issue I can reluctantly agree with, whether I like it or not, because of the fundamental, perhaps permanent, changes in the world economy.

In other words, the traditional concept of workers retiring at 62 or 65 to play with grandchildren may be becoming impossible in matured economies - especially Singapore with its open economy that's dependent on others.

I wish a permanent recovery will prove me wrong since at 69, and without large savings (like many Singaporeans), I am one of those most adversely affected.

The current economic collapse has resulted in a huge shrinking of Singapore – of its economy, people's savings and future prospects – that have wiped out our achievements in the past one or two decades.

When it blows over as it must one day, the world economy will be very different entity – and so will Singapore.

Singaporeans – and the government - will have to forget about our ambition of fast growth and go back to basics of working hard for a living. No more "one-step-to-Heaven" type of investments to get rich.

For years, Temasek and GIC (Government Investment Corporation) have invested many billions to get a fatter returns.

This fast money attitude has also been prevalent among many Singaporeans, who have been relying on investments on “safe” stocks and properties to for a means of survival or accumulating wealth without labour.

Just sit at home and collect dividends or sell at a fast premium! Well, this road will now be unsafe for a long time to come.

The people will have to go back fundamentals of our forefathers of working hard for our living. There will be no “safe” investments to take the place of working for a living.

Retirement

The next lession in these troubled times, we are learning, is the current erosion of our dream that we can retire at 62 or 65 to enjoy life with our grandchildren.

That will, of course, still be possible for those who can afford it. But for the rest of the others, it is fast become a pipe dream and people will have to go on wroking until their health gives up on them - like Americans.

I was moved to write this after reading a recent article by Chris Farrell, in The Business Week, in which he said: “There is a major social and cultural message in the current economic collapse for the future retirees of America: Forget retirement.

“That's right. The recession is making clear what we've suspected for a long time.

“The concept of not working and embracing leisure for the last third of one's life isn't practical for most people.”

Many of the economic and social trends in America, sooner or later, generally flow into Singapore.

From the Singapore government’s action putting off retirement, this issue is no exception.

Unlike Asians, the Americans are straight talkers, who say things harshly even if they hurt.

He added: “Put it this way: Survey after survey has shown that a majority of aging baby boomers plan on working in retirement. Well, that plan is coming true.”

Since Littlespeck.com centres on reporting trends I thought people will do well to be aware of this trend – considering Singapore is one of the most expensive countries in Asia (next to Japan) to retire in.

The way to avoid this is, of course, to ensure you have at least half a million dollars cash if you want early retirement – an impossible task for most wage earners.
 

Satan

Alfrescian
Loyal
.

The way to avoid this is, of course, to ensure you have at least half a million dollars cash if you want early retirement – an impossible task for most wage earners.

Even half a million $$$ is not enough to retire in Singapore. Assume a person retires at even 65 and if he lives till say 80, he'll probably need at least $1,200- $1,500 per month to afford a comfortable living assuming he has a house. That works up to about $270,000 without adding inflation in. If we were to add inflation, hyperinflation as the Sinkee government goes on increasing everything to its own whims and fancies, it is going to be even more,and even that assumes that he will be healthy without any health problems. If he has any health problem and requires hospitlaization or operation, there goes his money. There was once when Wooden Goh has said that Sinkees require at least $2 million to retire. Just how many of them will have this kind of money? :eek:
 

neddy

Alfrescian (Inf)
Asset
Even half a million $$$ is not enough to retire in Singapore. Assume a person retires at even 65 and if he lives till say 80, he'll probably need at least $1,200- $1,500 per month to afford a comfortable living assuming he has a house. That works up to about $270,000 without adding inflation in. If we were to add inflation, hyperinflation as the Sinkee government goes on increasing everything to its own whims and fancies, it is going to be even more,and even that assumes that he will be healthy without any health problems. If he has any health problem and requires hospitlaization or operation, there goes his money. There was once when Wooden Goh has said that Sinkees require at least $2 million to retire. Just how many of them will have this kind of money? :eek:

UK is also in deep shit.
If Australia follow the UK in expanding the welfare system, we will also be in the same deep shit.

But so far, the OZ govt has learnt from its lessons in the 70s.

http://www.futurefund.gov.au/ - see how transparent this retirement fund is, compared to the CPF.
 

po2wq

Alfrescian (Inf)
Asset
... There was once when Wooden Goh has said that Sinkees require at least $2 million to retire. Just how many of them will have this kind of money? :eek:
he has much mor dan dat ...

dat sum is a tiny sum 2 him ...

so, he tot every1 oso hv dat ...
 

IWC2006

Alfrescian
Loyal
UK is also in deep shit.
If Australia follow the UK in expanding the welfare system, we will also be in the same deep shit.

But so far, the OZ govt has learnt from its lessons in the 70s.

http://www.futurefund.gov.au/ - see how transparent this retirement fund is, compared to the CPF.

One of the reason OZ is popular with immigrants is because of its welfare system and the perceived possibility of retire early. However, millions of Australians have lost of their retirement savings in superfunds due to the global crisis, there'll be more people delaying retirement or force to continue working. Of course, they have the choice of moving away from city to the country for retirement which something cannot be done in Singapore.
 

neddy

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One of the reason OZ is popular with immigrants is because of its welfare system and the perceived possibility of retire early. However, millions of Australians have lost of their retirement savings in superfunds due to the global crisis, there'll be more people delaying retirement or force to continue working. Of course, they have the choice of moving away from city to the country for retirement which something cannot be done in Singapore.

You have no confidence that the Super will be regained? Remember, delaying retirement has tax incentives.

Anyway, Kevin Rudd has said to the retirees, check with Centrelink if you are in financial trouble.

Moreover, I have not seen the widespread employer discriminating against older workers like in Singapore, and there are plenty of jobs in the regional centres, and babyboomers seems to be happy there (fresh air, slower pace of life, more "remote area" pay)

One soon-to-be retired even started writing a book on Australian Olives, and enjoying fresh food and the community lifestyle in Nanyup.
 

neddy

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Asset
the moment when i arrived oz, i can "smell" my retirement.. all thanks to my cpf.. and my never surrender attitude :smile:

With chicken, CPF $ and a can-do spirit, you are all set, mate. :biggrin:

Unfortunately, a forummer is still stuck in a sinking island and very very angry with me for exposing him/her/it .
 

neddy

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Asset
One of the nice things about Singapore is the excellent opacity of the PAP government.

At least Singaporeans do not need to worry if their retirement savings are gone. All they need is for the government there to panick now and replenish the money later when the good times roll.

Alternatively, the government can raise the retirement age to 68, 70, 75 and hope the problem go away.

Otherwise, bring in more FTs to replenish the vanishing money.
 

axe168

Alfrescian
Loyal
One of the nice things about Singapore is the excellent opacity of the PAP government.

At least Singaporeans do not need to worry if their retirement savings are gone. All they need is for the government there to panick now and replenish the money later when the good times roll.

Alternatively, the government can raise the retirement age to 68, 70, 75 and hope the problem go away.

Otherwise, bring in more FTs to replenish the vanishing money.

Ppl juz cant get it.. Money in your safe hands is far better than money in someone's hand.. Sinkies are holding on to their "future money".. which they may not even see it at all... rules may change and ppl may die..

As for us... living happily ever after.. someday we may die too.. but we enjoy to the fullest ! 3 cheers for quitters !
 

IWC2006

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Loyal
You have no confidence that the Super will be regained? Remember, delaying retirement has tax incentives.

Anyway, Kevin Rudd has said to the retirees, check with Centrelink if you are in financial trouble.

Moreover, I have not seen the widespread employer discriminating against older workers like in Singapore, and there are plenty of jobs in the regional centres, and babyboomers seems to be happy there (fresh air, slower pace of life, more "remote area" pay)

One soon-to-be retired even started writing a book on Australian Olives, and enjoying fresh food and the community lifestyle in Nanyup.

It will regain, but it would take years, and might not regain its peak , those are in the milst or have reached the retired age are badly affected. This is a global issue, not just in OZ.

I agreed with the almost non-existence of age discrimation in Spore, but it has become a very serious issue in Singiepore.

In Spore, is not just the age, but racial and flavouritism of FTs over locals. Eg. indian managers like to hire indian subordinates, ang mors hire ang mors...In OZ, is more about capability, and of course, English Language & communication skills is a absolute must.
 

neddy

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Asset
In Spore, is not just the age, but racial and flavouritism of FTs over locals. Eg. indian managers like to hire indian subordinates, ang mors hire ang mors...In OZ, is more about capability, and of course, English Language & communication skills is a absolute must.

I do not like the sound of it at all. Why do Singaporeans want to do that to their own people. Something is definitely wrong with nation-building Singapore style.

Even over here, I heard of Indian Singaporeans complaining to the angmo about Chinese Singaporeans discriminating against them - The angmo, as usual, very direct - ask me about it. That is how I know.

As for the Super, just keep my fingers cross. Because I am able to switch funds without penalty, I will find the right time to switch to risker funds. But the good thing about the low unit price for those going to retire is that 1-2 years down the recesion, I can put in 100% of my pay into my Super without incurring income tax, and wait for the unit price to go up.
 

neddy

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Asset
Retirement is not a good term.. in another word "Financial Independent" is the key to a comfort life..

Financial Independent

clap! clap! clap!

By the time we get financial independence, :eek: Gen Y or Z :eek: will be messing up < i mean > running the economy.
 

imperialarms

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Loyal
Retirement is not a good term.. in another word "Financial Independent" is the key to a comfort life..

most retirees have nothing to do, so they get bored and then nag at their children end up their children fed up at the tekan, take drugs and u kena punched!
 

jw5

Moderator
Moderator
Loyal
Even half a million $$$ is not enough to retire in Singapore. Assume a person retires at even 65 and if he lives till say 80, he'll probably need at least $1,200- $1,500 per month to afford a comfortable living assuming he has a house. That works up to about $270,000 without adding inflation in. If we were to add inflation, hyperinflation as the Sinkee government goes on increasing everything to its own whims and fancies, it is going to be even more,and even that assumes that he will be healthy without any health problems. If he has any health problem and requires hospitlaization or operation, there goes his money. There was once when Wooden Goh has said that Sinkees require at least $2 million to retire. Just how many of them will have this kind of money? :eek:
The ministers will certainly have much more than that.
Perhaps we can ask them nicely for some.
 

neddy

Alfrescian (Inf)
Asset
The ministers will certainly have much more than that.
Perhaps we can ask them nicely for some.

Be careful, they give you some with one hand, and take some more away with another hand. If they show their 3rd "hand or leg", you are screwed. :biggrin:

The ministers have no accountability. I see the OZ govt do things, the Opposition is also doing its job - Then I compare to the rubber-stamping in Singapore, I feel so sad for Singaporeans and the type of half-truths spread by PAP about western govts.

Much much more are Singapore ministers earning?
 
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