My dream job is be PAP MP, not elite enough be meanie stars, too busy to do grassroot those type.
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Chitchat Jobless at 50 years old
- Thread starter Poor Guy
- Start date
To Mr PoorGuy.
There is no such thing as a poor Singaporean citizen if he still owns a property here, even a 2 room flat - one bedroom, one hall type. Here, we would consider you middle class, but in 3rd world nations such as Philippines, Laos, Vietnam, Thailand, etc, you would be considered rich as your home asset alone is worth at the least $250,000, with CPF account of at least $50,000, not to mention your personal savings.
Thus, it is my hope that you will find a financial Advisor, working in the Banking or Insurance industry to find out your true gross & nett financial worth, so that you may plan ahead. Although most of them will probably be too busy, & may seek that you invest in them, you will most certainly have friends whom have friends in the industry to work on pro-bono basis, with no strings attached to help you work out the sums & then a financial plan for your future, no matter what age you are in, as we, citizens, true to our National pledge, will leave NO ONE behind.
However, never ever reveal such financial worth to anyone, or else you may be scammed. If they know & are perceptive, they will come like flies to you, even sweet young things.
Do allow me to work out a plausible scenario for you, based on the little info that you had revealed here.
A) Financial gross & nett worth:-
1. Should you be working for the last past 5 yrs as data entry worker earning $2,000 a mth, your CPF contribution from you & employer would be $1000/mth. 1 yr = $12,000. 5 yrs = $12,000 X 5 = $60,000 today, including Medisave, etc.
2. You own a HDB 2 rm flat, had been servicing it & probably still needs to service it for another 15yrs. You would had probably bought it years back when it was only $100,000, but today, it is worth $250,000 min TODAY. More if it had been a choice area such as Redhill estate. No matter what, it is a FIXED asset, regardless if you are still paying off the mortgage.
Even if it has left than 50yrs on the lease, it will attract buyers. If not, you can still get a decent rental rent of $2500/mth. In a year = $30,000. In 50 yrs time =$1,500,000 worth of rent money for yourself if you live long enough, or for those whom will INHERIT your property. And that's based upon current rental rate, which is expected to rise with better economic factors & population growth, despite turmoil in our World, as NO leader would be foolish enough to destroy our planet, our only Home, & only usual sabre rattling.
B) Jobs
At your age, the chances are very slim to be hired, even if you upgrade yourself to PHD status, as there are MANY more youngsters, let alone foreign talents, whom will challenge for that role. Let's be realistic. Furthermore, at such age, it is time to chill, you had slogged long enough. We all make mistakes in life, as no mortal is perfect. Age too is catching up & our body cells will never be able to take on the stress levels of ambition, more so as our World becomes more competitive.
As you do not have any driving license, or a bike, which will limit you to jobs that require mobility, & your experiences are mainly indoor, perhaps you can try hospitality or security trade which requires little physical energy, but just mental alertness & for long hrs. Despite the long hrs, the mind does get rest, as this is Singapore & a relatively safe country. It only needs you to take up a course, subsidized by the rest of us citizens, takes only a few weeks, & you will start earning a salary (est min $2000/mth) & CPF contribution from employers to grow your nest egg for retirement.
C) Retirement Plan
No Human lives forever, at least based upon current med knowledge & tech. You will still be able to take on simple jobs, & by age 65, you can retire, based upon your financial nett worth, to a simple life. At retirement, do a total health checkup, to find out any ailments so that you can be prepared, & take on medication to prolong your life.
Should you have no ailments, you do not need to sell off your house. Your CPF retirement funds will be enough to see you through - simple hawker fare, cheap kopi o, talk with friends, the occasional monetary splurge for goods or services.
However, if there are critical ailments, then & only then should you consider selling away your house or rent it out. With those sums, you will then will be able to pay for a place in a retirement home, under the care of nurses, to live out the rest of your life & medical support that you will need. It costs today from $700 to $1500/mth, & set up by public or Charity organizations.
At no frills $700/mth for a place in a retirement home, it will be $8,400/yr , $84,000/ yr or $168,000 for 20yrs, which the sale of your 2rm flat would be more than enough to cover, let alone any retirement sum from CPF or any of your savings used. Should you rent your house out, then you can upgrade to a better retirement home.
You are one of us. We will leave no one behind, if they do not wish to.
There is no such thing as a poor Singaporean citizen if he still owns a property here, even a 2 room flat - one bedroom, one hall type. Here, we would consider you middle class, but in 3rd world nations such as Philippines, Laos, Vietnam, Thailand, etc, you would be considered rich as your home asset alone is worth at the least $250,000, with CPF account of at least $50,000, not to mention your personal savings.
Thus, it is my hope that you will find a financial Advisor, working in the Banking or Insurance industry to find out your true gross & nett financial worth, so that you may plan ahead. Although most of them will probably be too busy, & may seek that you invest in them, you will most certainly have friends whom have friends in the industry to work on pro-bono basis, with no strings attached to help you work out the sums & then a financial plan for your future, no matter what age you are in, as we, citizens, true to our National pledge, will leave NO ONE behind.
However, never ever reveal such financial worth to anyone, or else you may be scammed. If they know & are perceptive, they will come like flies to you, even sweet young things.
Do allow me to work out a plausible scenario for you, based on the little info that you had revealed here.
A) Financial gross & nett worth:-
1. Should you be working for the last past 5 yrs as data entry worker earning $2,000 a mth, your CPF contribution from you & employer would be $1000/mth. 1 yr = $12,000. 5 yrs = $12,000 X 5 = $60,000 today, including Medisave, etc.
2. You own a HDB 2 rm flat, had been servicing it & probably still needs to service it for another 15yrs. You would had probably bought it years back when it was only $100,000, but today, it is worth $250,000 min TODAY. More if it had been a choice area such as Redhill estate. No matter what, it is a FIXED asset, regardless if you are still paying off the mortgage.
Even if it has left than 50yrs on the lease, it will attract buyers. If not, you can still get a decent rental rent of $2500/mth. In a year = $30,000. In 50 yrs time =$1,500,000 worth of rent money for yourself if you live long enough, or for those whom will INHERIT your property. And that's based upon current rental rate, which is expected to rise with better economic factors & population growth, despite turmoil in our World, as NO leader would be foolish enough to destroy our planet, our only Home, & only usual sabre rattling.
B) Jobs
At your age, the chances are very slim to be hired, even if you upgrade yourself to PHD status, as there are MANY more youngsters, let alone foreign talents, whom will challenge for that role. Let's be realistic. Furthermore, at such age, it is time to chill, you had slogged long enough. We all make mistakes in life, as no mortal is perfect. Age too is catching up & our body cells will never be able to take on the stress levels of ambition, more so as our World becomes more competitive.
As you do not have any driving license, or a bike, which will limit you to jobs that require mobility, & your experiences are mainly indoor, perhaps you can try hospitality or security trade which requires little physical energy, but just mental alertness & for long hrs. Despite the long hrs, the mind does get rest, as this is Singapore & a relatively safe country. It only needs you to take up a course, subsidized by the rest of us citizens, takes only a few weeks, & you will start earning a salary (est min $2000/mth) & CPF contribution from employers to grow your nest egg for retirement.
C) Retirement Plan
No Human lives forever, at least based upon current med knowledge & tech. You will still be able to take on simple jobs, & by age 65, you can retire, based upon your financial nett worth, to a simple life. At retirement, do a total health checkup, to find out any ailments so that you can be prepared, & take on medication to prolong your life.
Should you have no ailments, you do not need to sell off your house. Your CPF retirement funds will be enough to see you through - simple hawker fare, cheap kopi o, talk with friends, the occasional monetary splurge for goods or services.
However, if there are critical ailments, then & only then should you consider selling away your house or rent it out. With those sums, you will then will be able to pay for a place in a retirement home, under the care of nurses, to live out the rest of your life & medical support that you will need. It costs today from $700 to $1500/mth, & set up by public or Charity organizations.
At no frills $700/mth for a place in a retirement home, it will be $8,400/yr , $84,000/ yr or $168,000 for 20yrs, which the sale of your 2rm flat would be more than enough to cover, let alone any retirement sum from CPF or any of your savings used. Should you rent your house out, then you can upgrade to a better retirement home.
You are one of us. We will leave no one behind, if they do not wish to.
Last edited:
Hi Mr Willam,
Thanks for your personal finance analysis
The main difficulty is to find a permanent job at 50 and those people (managers) working for the capitalists tend to make life difficult for the common people. I need work for another 15 years whether it is temporary jobs or part time works so I have to stay positive and hope to find a good longer-term job.
Money not enough is very scary, so I give up luxury like going on nearby countries for holidays even a cheap one like Thailand. I spend time reading books in the library and jogging in the stadium. My younger female ex-colleagues in their hearts find me a lousy man because I cannot spend this and that always looking for cheaper source of products. Stay in HDB 2-rooms flat and hopping for a lease buyback at 65 cos most of them stayed in EC with nice swimming pools
Poor Guy
Easy to find F&B job if u don’t mind the hard work. That’s always an industry that’s short staffed. The key is to pick the right one. If u work at something that operates based on mass volume u are fucked. The other day I ordered Mr Coconut. The 2 gals at the back were working non-stop continuously at a very fast pace.
I worked F&B job before as a part timer service crew about 6 years back that time I also unemployed.
The bad things about it.
(a) I was scheduled to work for 10 hours a day but my supervisor cut my hours to 6 hours after lunchtime he said we need to save money for the company
(b) Long hours of standing sometimes one week I worked only 1 day with 14 hours of standing
(c) No official break time. I often had a meal for about 10 mins then supervisor keep asking me to work
(d) Always emphasis on split shift .. my supervisor just wanted me to cover people on MC and annual leave
The only good thing about it.
(e) Work in public holidays got double pay (hourly rate)
I worked in that F&B restaurant for about 6 months and most of my paychecks is less than $500 a month.
If TS don't have family commitments, so long he's healthy and able to work, I don't see any problem at all....
I have no family commitments except monthly housing loans, town council fee, water & electricity, mobile data and daily 3 simple meals.
The F&B industry is very short handed.. Look for an outlet that suits u, most of them pays about $12-$14 an hr. If u work 8hrs daily for 6days week, u can have a very comfortable lifestyle.. Having to stand is part n parcel which is not too tough imo n it keeps u fit also.. It's still better than sitting down for 8hrs..
You think these lazy Sinkies want to work ?
At 50, with years of hard slogged work to survive, & decaying Human cells, it's realistically enough. Take a break when at retirement age of 65. You will not be left behinds. Be happy always, with the way of lifestyle that you are fine with & by your own free will & choice. Glad you are contended, & ignored what others say about you. You, a fellow citizen, is not as poor as you presumed, based upon a presumed as best as the info you are willing to provide financial & retirement plan the insignificant nobody me had worked for you, which a professional would do a better job for you.
Your main concern is worries about being without any funds when you retire. Dont stress yourself. While we Singaporeans have no backyards to grow chickens & vegetables, we each have CPF, HDB homes, etc founded & planned by our far sighted leaders, as well as opportunities to work & earn an honest living & medcare.
No mortal can ask more from you, unless you are willing to choose to. You had contributed to our society by being gainfully employed for decades, paid your dues to society for its needed social expenditures - education, homes, hospitals, infrastructure, etc. For the rest of us whom are able to push more physically & mentally, will do so. This is our country, built up thru sweat, toil & tears by generations for our todays. We will not let them down.
Honest mistakes made in life are not yours to bear, but society because if only we could do more, & are trying to do more now, based upon learnt & received feedback, to upgrade, to improve & elevate our Singapore civilization & generations to greater heights, we could have done more as our forefathers & great founding fathers had envision for Singapore, & will only do more, as we the next generation will leave no one behind...
All the best.
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