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BEST PAID Gov: Be Greatful If You've Tapiocal to Eat!

makapaaa

Alfrescian (Inf)
Asset
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Oct 26, 2008
recession looming?
</TR><!-- headline one : start --><TR>Old & Worried
</TR><!-- headline one : end --><TR>Retirees plan to tighten their belts so their retirement funds will last longer </TR><!-- show image if available --></TBODY></TABLE>




<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->Having experienced at least five recessions in their lifetime, retirees know all too well that when the economy is in the doldrums, they need to be more thrifty than ever.
This, despite many of them having cash from pension and Central Provident Fund payouts.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story --><STYLE type=text/css> #related .quote {background-color:#E7F7FF; padding:8px;margin:0px 0px 5px 0px;} #related .quote .headline {font-family: Verdana, Arial, Helvetica, sans-serif; font-size:10px;font-weight:bold; border-bottom:3px double #007BFF; color:#036; text-transform:uppercase; padding-bottom:5px;} #related .quote .text {font-size:11px;color:#036;padding:5px 0px;} </STYLE>Scrimping and saving now, with loss of savings
ST_IMAGES_NURECESSION3m.jpg

Mr Toh and his wife have to lead a frugal existence. -- ST PHOTO: CHEW SENG KIM

Each day for the past three weeks, retired airline technician Toh Peng Ting has been glued to the television.

Thrifty ex-teacher is well-prepared
ST_IMAGES_NURECESSION4m.jpg

Debt-free Mr Abdolah saves a few hundred dollars monthly. -- ST PHOTO: CHEW SENG KIM

People have scoffed at Mr Abdolah Lamat for always erring on the side of caution when it comes to money.

TIPS FROM EXPERTS

Make sure your health insurance is in force and provides substantial coverage. A major illness can really drain your finances - something you cannot afford during bad times.



</TD></TR></TBODY></TABLE>The Sunday Times spoke to 15 retirees, aged between 60 and 78. Most are living on their pensions or savings which they have carefully squirrelled away. Their savings range from $50,000 to $600,000.
Almost all the retirees interviewed were anxious about the ailing economy and worried about its impact on them.
Already, financial experts have said retirees may suffer badly from the global financial upheaval.
Mr George Magnus, a UBS Investment Bank senior economic adviser, told The Straits Times last week that for recent retirees and those about to retire, 'the destruction of wealth in terms of housing and pension plans is probably going to be very, very painful'.
The elderly who hold part-time jobs may be the first to be laid off in a downturn, he added.
Worries heightened after Associate Professor Tan Khee Giap, a Nanyang Technological University economist, said in a forum last Monday that the recession will likely be a prolonged one and retirees should prepare to rejoin the workforce.
Said retired civil servant Peter Chin, 71: 'I know this recession is going to affect everybody. But right now, I'm not sure how exactly it's going to affect me.'
Some, having lost faith in banks, have even considered withdrawing all their cash from their savings accounts and keeping it at home.
Said retired secretary Mary Lim, 65: 'I really don't trust the banks right now, especially after the Minibonds case. But after much thought, I decided not to keep my money at home, in case I get robbed.'
Still, some financial experts say retirees may end up better off in a recession.
Said Mr Christopher Tan, chief executive of Providend, a private wealth management firm: 'Prices of everyday goods will be cheaper because inflation is expected to ease.
'The recession will be a much better time for retirees who are living off their savings or pensions."
Most retirees do not plan to take the good news for granted. Instead, many are planning to tighten their belts so that their retirement funds can last longer.
Retired teacher Siti Ahmad is confident she will not have any problems adjusting to tough times.
Said the 73-year-old: 'Whenever I tell my grandchildren about how I had to eat tapioca during the war, they laugh and think I'm joking. But it is difficulties like these which toughened the people of my generation.
'So now when I hear there is going to be a recession, I say to myself 'I've been through worse!' because nothing can compare to those times when I went hungry and had only tapioca to eat.
'Now, even during a recession, everyone can still afford to eat beriani.'
Nur Dianah Suhaimi
 

myfoot123

Alfrescian (Inf)
Asset
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>Oct 26, 2008
recession looming?
</TR><!-- headline one : start --><TR>Old & Worried
</TR><!-- headline one : end --><TR>Retirees plan to tighten their belts so their retirement funds will last longer </TR><!-- show image if available --></TBODY></TABLE>


Still, some financial experts say retirees may end up better off in a recession.
Said Mr Christopher Tan, chief executive of Providend, a private wealth management firm: 'Prices of everyday goods will be cheaper because inflation is expected to ease.
'The recession will be a much better time for retirees who are living off their savings or pensions." Nur Dianah Suhaimi

Can PAP verify this statement? will the price of transport, utilities, conservancy fees, singtel line and housing go down?
 

po2wq

Alfrescian (Inf)
Asset
... Still, some financial experts say retirees may end up better off in a recession.
Said Mr Christopher Tan, chief executive of Providend, a private wealth management firm: 'Prices of everyday goods will be cheaper because inflation is expected to ease.
...
tis guy noe nuts ...
 
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