Singaporean worried he has no money for retirement after paying
for over-priced HDB flats
A Singaporean by the name of Kang Choon Tian has written a
letter to the Straits Times Forum today expressing the concerns,
worries and fears of many Singaporeans on the sky-rocketing prices
of HDB flats – that they may not have any money left in their CPF
when the grow old.
Mr Kang revealed that he took a loan of $80,000 some 20 years
back and the interest came up to $70,000 after he had
finished paying for his flat.
He is concerned that many Singaporeans may end up with
little in their CPF accounts at current prices of HDB
flats:
First, the title doesn't even fit this article. Mr. Kang is
concerned about other Singaporeans; he himself paid much less than
the current market price.
Second, unless you are born with a silver spoon (or gold),
financial planning should be started as soon as possible. Why only
worry after buying the property? Or who in the right mind would buy
something they can't afford? Serves those right who over exert
their financial muscle.
Third, as baby hunter said, Singaporeans can always downgrade to
a smaller flat and pocket the difference for their retirement. The
maths doesn't really work out in favour at all for Mr Kang's
argument. Suppose property prices continue rising, the downgrade
would put more money into their pockets actually.
Four, work hard, work smart, save more and invest well when
young. There are so many ways to get additional income sources. Cry
and complain that no one helps you when you do not even attempt to
start building a retirement nest early enough? What for? You want
anything, you work for it, not stretch your hand and demand it.
