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Only 1 in 5 feels parents have enough retirement savings


Aaronlkl
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If you have live in the 1950 and compared to today Singapore, our material gains have improved substantially. In terms of food, housing, transportation, sanitation, education's, you name it.

 

It is also common for people to retire at 55. Why aren't we the same today and are we happier?

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If you have live in the 1950 and compared to today Singapore, our material gains have improved substantially. In terms of food, housing, transportation, sanitation, education's, you name it.

 

It is also common for people to retire at 55. Why aren't we the same today and are we happier?

Previous gen mostly retire by 55

Still healthy can enjoy life and lower stress

 

Today minimum 65 for most

 

I think

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(edited)

No choice but to wait. For those who continue to fall through the cracks, I think there are still some form of support available.

 

But from 1960s there has been better education and work opportunities. I think you are doing very well, may not need the package.

 

If don't need then rely on our own hands better.

 

I also wish for

 

壮国一代

or Merlion Generation...

 

Let's work towards a better tomorrow for all.

How abt...

草莓族

Or strawberry Generation?

Edited by Aaronlkl
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In my line, I see patients in late 60s and even 70 still employed and working. 

 

Some will say they are just working to pass time.... 

 

I ask myself this, why can't they retire at 55yrs and have their own choice of what to do to pass time? They might travel the world, do their own gardening, volunteer and many many more options. 

 

Previous gen mostly retire by 55
Still healthy can enjoy life and lower stress

Today minimum 65 for most

I think

 

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In my line, I see patients in late 60s and even 70 still employed and working.

 

Some will say they are just working to pass time....

 

I ask myself this, why can't they retire at 55yrs and have their own choice of what to do to pass time? They might travel the world, do their own gardening, volunteer and many many more options.

If you are a Minster and retire to be and Minster or don't know what they gave to some to pass time, that is perfectly fine. If you have to clean tables at hawker centres, I wonder how to pass those time.

 

My observation is, most couldn't keep it with the standard of living, while some know they just need to supplement their next generation.you can say they didn't plan. Many simply got no chance to plan.

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Turbocharged

In my line, I see patients in late 60s and even 70 still employed and working.

 

Some will say they are just working to pass time....

 

I ask myself this, why can't they retire at 55yrs and have their own choice of what to do to pass time? They might travel the world, do their own gardening, volunteer and many many more options.

The straight answer (I think): Boh Lui.
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In my line, I see patients in late 60s and even 70 still employed and working.

 

Some will say they are just working to pass time....

 

I ask myself this, why can't they retire at 55yrs and have their own choice of what to do to pass time? They might travel the world, do their own gardening, volunteer and many many more options.

It’s ok for them to be working — it’s like a sudden withdrawal as they fell the mind remains engaged and they know the home is an empty nest and as the saying goes “an idle mind is an evil mind “ ... this are not the very rich or well heeled to afford travel or long trips as they are just not comfortable with new things / weather/ unfamiliar food / health issues .... they’d rather be in Singapore
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In my line, I see patients in late 60s and even 70 still employed and working.

 

Some will say they are just working to pass time....

 

I ask myself this, why can't they retire at 55yrs and have their own choice of what to do to pass time? They might travel the world, do their own gardening, volunteer and many many more options.

Have to catch up with the cost of living.

Some children also don't want to take care of them.

So have to fend for themselves.

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I agree with you too in terms of the sudden retirement can be detrimental. 

 

But the whole idea of having a well planned and supported retirement is that say you plan to retire at 55, give your self another 2-3 years to slow down and ease into a new lifestyle without the pressure of income. At 55 most people will be still be at least 80-90% of their peak of fitness. 

 

But situation I see is such that if a person is forced to work till 65/70, by then his health condition would have deteriorated such that when he finally can retire, he would become immediately sedentary and less mobile... Ultimately less options as to what he activities he can do to fill in the time. 

 

That's why it pissed me off when I see the ruling government just keep pushing the limit with each increase in retirement age and cpf withdrawal age. All based on their idea of what it is like to be working at age of 65 from their ivory towers where they themselves have no idea what the 98 % of the population does in real life. 

 

It’s ok for them to be working — it’s like a sudden withdrawal as they fell the mind remains engaged and they know the home is an empty nest and as the saying goes “an idle mind is an evil mind “ ... this are not the very rich or well heeled to afford travel or long trips as they are just not comfortable with new things / weather/ unfamiliar food / health issues .... they’d rather be in Singapore

 

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I agree with you too in terms of the sudden retirement can be detrimental.

 

But the whole idea of having a well planned and supported retirement is that say you plan to retire at 55, give your self another 2-3 years to slow down and ease into a new lifestyle without the pressure of income. At 55 most people will be still be at least 80-90% of their peak of fitness.

 

But situation I see is such that if a person is forced to work till 65/70, by then his health condition would have deteriorated such that when he finally can retire, he would become immediately sedentary and less mobile... Ultimately less options as to what he activities he can do to fill in the time.

 

That's why it pissed me off when I see the ruling government just keep pushing the limit with each increase in retirement age and cpf withdrawal age. All based on their idea of what it is like to be working at age of 65 from their ivory towers where they themselves have no idea what the 98 % of the population does in real life.

Dear doctor, what are their ailments when they visit you?

 

What are their bills like each time they visit?

 

How many times do they visit per month on average?

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I don't have the figures (I can if I want to bug my HQ for statistics). Just a ground feel ballpark from daily operations. 

 

Bill size is not a good gauge because of the multiple layers of company health insurance coverage and medical benefits. All of them will still go to polyclinic for their chronic medications.

 

Hypertensions, diabetes, high cholesterols are commonly seen at that age group. More delipidating will be age related wear and tear conditions such as osteoarthritis of the knees and hips. Depending on painkillers to get through a working day on a bad flare day. MCs will be more common but a portion will stubbornly refuse MCs even when I think they need it more than the next 25yr old guy requesting for 2days  mc for a headache. 

 

Slower reflexes and less acute eyesight makes them more susceptible to injuries at work.

 

I am talking about the rank and file workers. Not those high ranking management 60yr olds who never did a day of manual labour job. Yes I am insinuating the policy makers. 

 

 

Dear doctor, what are their ailments when they visit you?

What are their bills like each time they visit?

How many times do they visit per month on average?

 

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In my line, I see patients in late 60s and even 70 still employed and working.

 

Some will say they are just working to pass time....

 

I ask myself this, why can't they retire at 55yrs and have their own choice of what to do to pass time? They might travel the world, do their own gardening, volunteer and many many more options.

If you are in a private hospital, private healthcare or private clinic, then your question of why dont they retire at 55 and go travel the world would be valid, because financially this group of people are in a better position generally.

But if you are in a public healthcare service, asking those patients to reitre at 55 is a big problem , letting alone having them to travel the world. The take home of many in this group barely meet their end needs, have very minimum saving or even no saving. Asking them to retire is as good as killing their lifeline. Those who said want to pass time are different story , i dont know how many of them are real.

You need to engage these people more and have more heart to heart talk with them to understand their situation. I can roughly guess that you live in a very different comfort zone that you have failed to see their real challenges completely.

Of course i knowthere are some very rich would still go queue up in the polyclinic but thoses are of lower %, i am

Speaking in general terms.

Edited by Ct3833
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In my line, I see patients in late 60s and even 70 still employed and working.

 

Some will say they are just working to pass time....

 

I ask myself this, why can't they retire at 55yrs and have their own choice of what to do to pass time? They might travel the world, do their own gardening, volunteer and many many more options.

I dont know what profile of patients you are seeing. It is hard to imagine if an elder tells me he/she working as cleaner, coffeeshop pang kopi, or taxi driver just bcos to pass time.

But if he/she choose to work as part time teacher to impart knowledge to next generation, for example, i say this is meaningful to pass time.

Edited by Roh96
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I agree with you too in terms of the sudden retirement can be detrimental.

 

But the whole idea of having a well planned and supported retirement is that say you plan to retire at 55, give your self another 2-3 years to slow down and ease into a new lifestyle without the pressure of income. At 55 most people will be still be at least 80-90% of their peak of fitness.

 

But situation I see is such that if a person is forced to work till 65/70, by then his health condition would have deteriorated such that when he finally can retire, he would become immediately sedentary and less mobile... Ultimately less options as to what he activities he can do to fill in the time.

 

That's why it pissed me off when I see the ruling government just keep pushing the limit with each increase in retirement age and cpf withdrawal age. All based on their idea of what it is like to be working at age of 65 from their ivory towers where they themselves have no idea what the 98 % of the population does in real life.

Progressive retirement ?? I would feel too .... come think about it .... it’s the same as money ... got milion in the bank , still will want to make it double and so on and so forth .... .. it’s an addiction ....of course some will stop
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If you are in a private hospital, private healthcare or private clinic, then your question of why dont they retire at 55 and go travel the world would be valid, because financially this group of people are in a better position generally.

But if you are in a public healthcare service, asking those patients to reitre at 55 is a big problem , letting alone having them to travel the world. The take home of many in this group barely meet their end needs, have very minimum saving or even no saving. Asking them to retire is as good as killing their lifeline. Those who said want to pass time are different story , i dont know how many of them are real.

You need to engage these people more and have more heart to heart talk with them to understand their situation. I can roughly guess that you live in a very different comfort zone that you have failed to see their real challenges completely.

Of course i knowthere are some very rich would still go queue up in the polyclinic but thoses are of lower %, i am

Speaking in general terms.

It’s ok for the rich to go polyclinics or be warded in class C or B2 (becos of means testing ) ... they know the value of money .... even Warren Buffet would do it .... after all our primary health care system is pretty good and this old people have all the time to wait and pass time and they can chit chat in the clinics .... i’ve seen them do
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It was a rhetorical question. I totally know why they cannot retire at 55. That's because of how our government structure the economy and flog and force all peasants to commit to large HDB housing loans for 99yrs lease so that they can work till 65yr.

 

If you are in a private hospital, private healthcare or private clinic, then your question of why dont they retire at 55 and go travel the world would be valid, because financially this group of people are in a better position generally.
But if you are in a public healthcare service, asking those patients to reitre at 55 is a big problem , letting alone having them to travel the world. The take home of many in this group barely meet their end needs, have very minimum saving or even no saving. Asking them to retire is as good as killing their lifeline. Those who said want to pass time are different story , i dont know how many of them are real.
You need to engage these people more and have more heart to heart talk with them to understand their situation. I can roughly guess that you live in a very different comfort zone that you have failed to see their real challenges completely.
Of course i knowthere are some very rich would still go queue up in the polyclinic but thoses are of lower %, i am
Speaking in general terms.

 

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It was a rhetorical question. I totally know why they cannot retire at 55. That's because of how our government structure the economy and flog and force all peasants to commit to large HDB housing loans for 99yrs lease so that they can work till 65yr.

 

 

which country in the world retire at 55?

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Again, 55 is just a figure that was correlated to historical CPF withdrawal age

 

https://www.straitstimes.com/singapore/manpower/retirement-and-re-employment-rules-through-the-years

 

Do we really need to compare it to any other countries in the world to determine how we should treat ourselves as a human being with biological limitations when it comes to aging?

 

 

which country in the world retire at 55?

 

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