Only 1 in 5 feels parents have enough retirement savings

[Ct3833]

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.

Thanks for your clarification.

[Jman888]

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?

 

 

it is not a comparison, it is how the whole world been changing.

 

I once chat with a guy from Netherlander in a holiday trip, always thought Europe must be very shiok with their social welfare and pension. He was like late 50s or early 60 so i ask him if this is his retirement travel. He laughed and say far from retirement, still have many things to deal with and their retirement age is 67 (now 68). Pension only come after retirement which is similar to the scheme that we have at 65.

[Vratenza]

Yes, I understand the world is changing. Not expecting to retire at 55 yrs on the dot.

 

The crux of the matter is do we really think we have a choice in when we retire in Singapore?

 

You may think that you do, but already worked into the machinery are high cost of living, housing loans that takes away a lot of options for many.

 

on the side note: if I am like the Dutch guy only works 5 days 8hrs week with over the top social welfare support and full pension in waiting, I also don't mind working till 65. And that is because I can choose to. Having a choice is a powerful commodity.

 

it is not a comparison, it is how the whole world been changing.

 

I once chat with a guy from Netherlander in a holiday trip, always thought Europe must be very shiok with their social welfare and pension. He was like late 50s or early 60 so i ask him if this is his retirement travel. He laughed and say far from retirement, still have many things to deal with and their retirement age is 67 (now 68). Pension only come after retirement which is similar to the scheme that we have at 65.

 

[Showster]

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.

To be brutally frank with you, medical bills and worry over future increases are what’s keeping many people of that age profile working. Your patients have been very kind not to tell it in your face.

 

It has never been about housing. Assuming they never spent that 50K or 100K n housing 30 years ago, they still wouldn’t be able to retire today.

 

In fact, those who had spent more 30-40 years ago (landed or private or large HDB) are in a much better position to retire today than those who had opted for the smallest housing they needed then. This is because of the potential for cashing out.

 

The Pioneer generation were finally on safe grounds to feel more secure. For Merdeka generation, more security will come next year.

 

It has always been medical insecurity.

[Vratenza]

There is nothing brutal about the fact which we all know. Healthcare cost is raising and we all know that. Who's fault is that? What goes into medical cost? Do you have any idea what are the layers of cost involved in the healthcare industry? Killer rentals, medical insurance/heallth management middlemans, drug costs (it by itself is another separate economy topic)........any of which is not directly or indirectly due to governent policies?

 

From the way you worded your opening paragraph, it seem to be suggesting that I am the cause of the raising cost such that the patients have to be kind to not tell things in my face? Just short of saying that the raising medical cost is because I am being paid too much?  Do you even know how much I am paid to make such an insinuation?

 

Do you see swathe of  healthcare workers buying up GCBs/Sentosa Cove properties? 

 

Should healthcare workers be paid more than currently? If we look towards the MIW, by extrapolation, the answer seem to be the case since politicians need to be compensated "properly" before they are considered non-mediocre and non-corruptible.

 

I am in frontline primary healthcare and can feel the pulse of the people by observation without them telling me things in my face. Reading of body language, non verbal cues are honed over the years of patient interactions.

 

Don't get me started about how KBK messed up the policies while he was the MOH which we are still reeling from the effect.

 

 

To be brutally frank with you, medical bills and worry over future increases are what’s keeping many people of that age profile working. Your patients have been very kind not to tell it in your face.

It has never been about housing. Assuming they never spent that 50K or 100K n housing 30 years ago, they still wouldn’t be able to retire today.

In fact, those who had spent more 30-40 years ago (landed or private or large HDB) are in a much better position to retire today than those who had opted for the smallest housing they needed then. This is because of the potential for cashing out.

The Pioneer generation were finally on safe grounds to feel more secure. For Merdeka generation, more security will come next year.

It has always been medical insecurity.

 

[Showster]

There is nothing brutal about the fact which we all know. Healthcare cost is raising and we all know that. Who's fault is that? What goes into medical cost? Do you have any idea what are the layers of cost involved in the healthcare industry? Killer rentals, medical insurance/heallth management middlemans, drug costs (it by itself is another separate economy topic)........any of which is not directly or indirectly due to governent policies?

 

From the way you worded your opening paragraph, it seem to be suggesting that I am the cause of the raising cost such that the patients have to be kind to not tell things in my face? Just short of saying that the raising medical cost is because I am being paid too much? Do you even know how much I am paid to make such an insinuation?

 

Do you see swathe of healthcare workers buying up GCBs/Sentosa Cove properties?

 

Should healthcare workers be paid more than currently? If we look towards the MIW, by extrapolation, the answer seem to be the case since politicians need to be compensated "properly" before they are considered non-mediocre and non-corruptible.

 

I am in frontline primary healthcare and can feel the pulse of the people by observation without them telling me things in my face. Reading of body language, non verbal cues are honed over the years of patient interactions.

 

Don't get me started about how KBK messed up the policies while he was the MOH which we are still reeling from the effect.

Dear doctor, I never target any single person.

 

Just raising the fact that housing is a great buffer against future inflation and is never the source of the problem you highlighted.

 

Retirement is readiness against emergencies especially medical emergencies. Housing prepares us. This is the perspectives of most patients.

[Jamesc]

Any of the 14% are good looking young ladies looking for a partner

 

to accompany them to go around the world? Eat in those restaurants

 

featured on TV and stay in those resorts on Japan hour?

 

[EWander]

We seem to forget the fact that 80% of those is not ready for retirement. Both my parents are still around and my dad is still working. So I belong to the group people say not taking care of their parents. Given that he been self employed in the majority of this younger working life, he didn't hv much in his CPF to speak of. Both him n my mum has their health issues and medical cost comes up to a few hundreds a month for both. Assume they didn't have much saving, the $ I gave them every month probably is just enuff to cover their medical expenses. How about food, utilities, phone bills, ang bao $ for weddings and 'white gold'. There is still a lot of hidden expenses even at their age. There is a lot of people from avg imcome family tat struggled thru their working life not saving enough for retirement while trying to gv the best to their children growing up. A lot of our parents belongs there. Looking at myself now, I wonder if I will be in the same shoes as my parents, working and giving the best to our children (more than our parents shame to say tat) and didn't have enough to retire when the time comes and have to keep working. Sometimes to continue working or not or retire early is only for certain privilege percentage (14% in this case) or we can all go to JB    

[Vratenza]

So.. . When you reach your parent's age, and realised that you do not have enough for retirement, can you pat yourself on your back and say to yourself, "it's ok, I did my best during my productive working life". 

 

Perhaps that's why we still see long queues at Singapore Pools outlet each mega Toto draw. 

 

Many of us are striving hard now just so that we can hopefully retire earlier than 65yrs old and making sure we are comfortable in retirement and not having to rely on our children or state handouts. 

 

Most of the population are not skivvers by nature although our leaders seem to think we are living beyond our means by asking us to use WiFi instead of 4G and eat porridge if possible. 

 

We seem to forget the fact that 80% of those is not ready for retirement. Both my parents are still around and my dad is still working. So I belong to the group people say not taking care of their parents. Given that he been self employed in the majority of this younger working life, he didn't hv much in his CPF to speak of. Both him n my mum has their health issues and medical cost comes up to a few hundreds a month for both. Assume they didn't have much saving, the $ I gave them every month probably is just enuff to cover their medical expenses. How about food, utilities, phone bills, ang bao $ for weddings and 'white gold'. There is still a lot of hidden expenses even at their age. There is a lot of people from avg imcome family tat struggled thru their working life not saving enough for retirement while trying to gv the best to their children growing up. A lot of our parents belongs there. Looking at myself now, I wonder if I will be in the same shoes as my parents, working and giving the best to our children (more than our parents shame to say tat) and didn't have enough to retire when the time comes and have to keep working. Sometimes to continue working or not or retire early is only for certain privilege percentage (14% in this case) or we can all go to JB    

 

[EWander]

So.. . When you reach your parent's age, and realised that you do not have enough for retirement, can you pat yourself on your back and say to yourself, "it's ok, I did my best during my productive working life". 

 

Perhaps that's why we still see long queues at Singapore Pools outlet each mega Toto draw. 

 

Many of us are striving hard now just so that we can hopefully retire earlier than 65yrs old and making sure we are comfortable in retirement and not having to rely on our children or state handouts. 

 

Most of the population are not skivvers by nature although our leaders seem to think we are living beyond our means by asking us to use WiFi instead of 4G and eat porridge if possible. 

Given the rate I m going now, no chance for a comfy retirement except to MY. N yes I q for toto every week hahaha.

 

N I for one strongly disagree for ABSD to be applied to locals ( I dun care if u tax foreigners 50 or 100%). I still think to be able to buy a second property to collect passive income while I m still striving hard is a bonus (let our $ work for us) and somehow our G prefers to keep the working ants working and deprive many such an options and there is people thinking G did this for our goodness sake  I will think I m the typical middle class Singaporean and think many is in similar situations but prefer to believe in G and their expert planning ....

[Throttle2]

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 believe those days are long gone

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.

Ministers got pension.

We got hypertension

[Ct3833]

Given the rate I m going now, no chance for a comfy retirement except to MY. N yes I q for toto every week hahaha.

 

N I for one strongly disagree for ABSD to be applied to locals ( I dun care if u tax foreigners 50 or 100%). I still think to be able to buy a second property to collect passive income while I m still striving hard is a bonus (let our $ work for us) and somehow our G prefers to keep the working ants working and deprive many such an options and there is people thinking G did this for our goodness sake  I will think I m the typical middle class Singaporean and think many is in similar situations but prefer to believe in G and their expert planning ....

if you are middle class  and are concerned about ABSD , then you should be in the higher middle class  bracket who should not be in the group that are not ready for retirement. Meaning you should be ready for retirement.  Those who cannot afford to retire will never worry about ABSD because they dont have the problem to begin with...... like me .

[Aaronlkl]

I believe those days are long gone

 

Ministers got pension.

We got hypertension

Insanely high paid and still have pension. The best job in the world. Cant beat them? Join them! Thats what always advise my 11 yo.

[Neutrino]

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.

 

Reading a book last night which stated that in 1968 the Singapore Cabinet was the lowest paid of any similar in the world.

 

Just stating not implying anything.

[Vratenza]

I do know for a fact that all the cabinet members have hypertension..... and no...  I don't have access to the leaked Singhealth data. 

 

 

 

 

 

 

 

 

 

 

 

High - Paid - Pension . .... Read it fast....

 

Insanely high paid and still have pension. The best job in the world. Cant beat them? Join them! Thats what always advise my 11 yo.

 

Edited August 31, 2018 by Vratenza

[Throttle2]

I do know for a fact that all the cabinet members have hypertension..... and no... I don't have access to the leaked Singhealth data.

 

 

 

High - Paid - Pension . .... Read it fast....

 

Muayhahaha

A cigar to that!

[Solar]

I do know for a fact that all the cabinet members have hypertension..... and no... I don't have access to the leaked Singhealth data.

 

 

 

 

 

 

 

 

 

 

 

High - Paid - Pension . .... Read it fast....

I do have some reading issues.. at first glance thought I saw hyperpension

[Victor68]

Insanely high paid and still have pension. The best job in the world. Cant beat them? Join them! Thats what always advise my 11 yo.

So are you already in RC going to CC? Enroll your 11 yr old in one of the old boys of the elite? Even with all these, your son will still be in the outest circle hor