S'pore may need to raise retirement age to 68

last SG · 2010-10-28T22:06:00+00:00

The retirement age is not for you to work until. You work until you want to stop (you can quit anytime), until you cannot anymore. The retirement age does no...

likeyou SG

Now it is really true that pple need to work till 68, with more and more NEW TAXES coming. Just like new buffet for pap to feast on.

angel7030 SG

Let there be light, and there is light.

For PAP is, Let there be Cash, and there are cash flowing in..ERP $4, my goodness, drive into town get sucked $4 for nothing..wow!

Rock^Star SG

Don't you people feel conned? LOL Earning 80% of your salary every month. Just when you think you've got a good deal having your employer contribute your CPF, they raise the HDB prices. Your money is not really yours.

charlize SG

Shhh.

Let them enjoy their lives until their eyes are finally opened to what is happening.

Rock^Star SG

I think in today's context, with the rising CPF retirement age and HDB prices.....everyone is being conned 20% of their salary every single month for the rest of their lives.

You cant touch your money till you are very very old......technically it's your money but it's not. Haha sounds bizarre?

charlize SG

http://www.temasekreview.com/2010/10/31/can-singaporeans-work-longer-as-their-life-span-increases/

Working is good.

Even if you are 80 or 90 years old.

charlize SG

http://theonlinecitizen.com/2010/11/a-contrast-of-two-schemes-the-annuity-scheme-and-the-pension-scheme/

Annuities vs pensions.

This is really worth reading and understanding.

sgdiehard SG

I think in today's context, with the rising CPF retirement age and HDB prices.....everyone is being conned 20% of their salary every single month for the rest of their lives.

You cant touch your money till you are very very old......technically it's your money but it's not. Haha sounds bizarre?

it depends on how you look at it. At 55 or earlier, I can sell my HDB and take my CPF and go places and enjoy life.

today you leave your money in CPF you get 2.5% interest for ordinary account, 4% for special and medisave account, how much money you put in bank? if you don't trust CPF, then put in bank, if you don't trust bank, then put under your pillow.

You have a choice, are you capable of making a wise decision? don't expect the government to do financial planning for you. sounds bizarre?

eagle SG

it depends on how you look at it. At 55 or earlier, I can sell my HDB and take my CPF and go places and enjoy life.

You have a choice, are you capable of making a wise decision? don't expect the government to do financial planning for you. sounds bizarre?

The irony is, CPF is there because Singaporeans don't know how to save!

sgdiehard SG

The irony is, CPF is there because Singaporeans don't know how to save!

It is true that not everybody knows how to save, or to invest, or simply take care of their money.

I think all the women in china knows that singaporean men get a big sum of money when they reach 55, i know of a few a peh who went to china with their china girlfriends with cpf money, song for a few months then come back with many stories to tell but have to continue working for a living. Now with IR, I hope not many old folks are making the bosses of the casino happy at the expense of their retirement fund.

eagle SG

And all it needs is a handful who don't know how to save or invest

Let me share with u a blog post via pm ;)

Deino SG

more lame excuses....

raise retirement age becoz of higher life expectancy..
raise it becoz scared they won't have enough to live by...

BULLSHIT....the scared not enough part is one made by the government themselves...

They just want more capital from citizens to be punched in from their CPFs....
Singapore was and is being built from the sweat and money of its own people. Ministers and etc. Yet we see our minister having nice good dinners and enjoying seven digit salaries whilst we still see beggars and homeless people around...

The next gen ministers should be people who are connected with the people.

angel7030 SG

save?? buy house also got problem liao..what save are you talking about, even if you save a $100k, in 5 years time, what is 100k, cannot even buy a car..Singaporeans do appreciate saving, just that they are earning not enuf to save. Invest can be a better choice, but if invest failed, that is it, saving is not so practical anymore, when young, i look at a million as so big, but today, i see nothing in it, what is a million in singapore today..almost normal.

Rock^Star SG

it depends on how you look at it. At 55 or earlier, I can sell my HDB and take my CPF and go places and enjoy life.

You have a choice, are you capable of making a wise decision? don't expect the government to do financial planning for you. sounds bizarre?

How old are you? 55 is such a long wait to enjoy your life. And HDB and CPF rules are ever changing, you may not even be able to liquidate your house come retirement? God knows. Who would have thought the retirement age would one day be 68? HDB prices to hit $1m?

What makes one so sure that by around 55, one can easily liquidate the HDB and go elsewhere like a swashbuckling adventurer to enjoy life?

I'm not based in singapore and where i am, the interest ranges from 6-10% in a public bank. I dont expect the govt to do my financial planning for me. Which chap expects so? lol. Doesnt sound too bizarre?

Come migrate overseas dude.

Shotgun SG

Extending the retirement age is a good thing. 50 years down the road, we WILL need it.

When a country faces a serious ageing population issue, there only so few policy options available. 1. Allow poverty among the aged, 2. Increase welfare spending.

1, is of course, not very good. 2. Money doesn't appear from thin air. When the population ages, the economy ALSO shrinks, because theres less available workforce.

Hence, extending retirement age HELPS to prevent the available workforce from contracting too much and hopefully, prevent the economy from shrinking too much. The less the economy shrinks, the more $ available for welfare spending to cushion our old boney asses.

Makes sense?

Now... on the other hand, if we had "guai guai" had more children, and have enough people to replace our population, we wouldn't have to extend our retirement age cos the workforce doesn't shrink.

Migrate all you want, but just make sure u pick a place that doesn't have an ageing population.

sgdiehard SG

And all it needs is a handful who don't know how to save or invest

Let me share with u a blog post via pm ;)

got it, thanks.

sgdiehard SG

What makes one so sure that by around 55, one can easily liquidate the HDB and go elsewhere like a swashbuckling adventurer to enjoy life?

Come migrate overseas dude.

how old are you? if you are very far away from 55, you are not likely to have much money in your cpf, so dont' talk about money you don't have.

why is there a fear that you may not be able to even liquidate your house? which country are you in? Here in singapore, except for the HDB flat which you had to live for 5 years if you bought with subsidy, you can sell any of your property anytime!! so when HDB flat hits 1 million, it only means that my current HDB flat will cash in a lot more for me.

you don't trust cpf hdb, you fear you cannot liquidate your hse, you scared this worry that, it suits you to have money put in a public bank and earn interest. Indonesian banks used to offer 24% interest, not sure about it now. Here in singapore, we have a lot of options to manage our money, but it needs brain and guts to win big.

I am enjoying my life now in Singapore, it will take a lot of convincing about how good the other places can be for me to think about migrating there. I won't flee, just because you have no confidence in singapore.

enjoy your life.

charlize SG

Retirement is a dirty word in Singapore.

They might look to ban it soon.

TPS Timothy Mok SG

Retirement is a dirty word in Singapore.

They might look to ban it soon.

No. Retirement is not a dirty words. There are some vulgar words in Singapore. Some of them I may not put due to, some users online. If they put then people will lock it.

Everybody is at this area.

Rock^Star SG

how old are you? if you are very far away from 55, you are not likely to have much money in your cpf, so dont' talk about money you don't have.

enjoy your life.

Gd luck then :) The day where retirement age of 70 and above beckons. And many Singaporeans think like you, selling their HDBs in their golden years....let's wait and see from now.

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