Page 1 of 3 123 LastLast
Results 1 to 20 of 48

Thread: S'poreans most concerned with saving for retirement

  1. #1
    Member
    Join Date
    Dec 2008
    Location
    Singapore, Singapore
    Posts
    392

    Default S'poreans most concerned with saving for retirement

    Feb 5, 2011
    S'poreans most concerned with saving for retirement
    By Lorna Tan, Senior Correspondent

    -- ST PHOTO: ABDUL AZIZ HUSSIN

    NOW the financial crisis has passed, people here are most concerned with putting more cash aside for retirement and rebuilding their savings, according to a new survey.

    About 70 per cent of respondents believed their Central Provident Fund (CPF) savings will provide only some or a little of their retirement income.

    Of this group, 70 per cent said they already had an alternative plan to supplement their nest egg, although only 27 per cent of the total number of respondents had a formal retirement plan.

    The survey, commissioned by global financial services company Citi, found that continuing to work and relying on insurance and investments were the most popular ways chosen by people to add to their retirement fund.

    About 52 per cent indicated that they would continue to work as long as possible. The same number also said they would rely on insurance proceeds, while 51 per cent would turn to investment products.

    About 41 per cent said the total amount of their retirement savings was still behind where it was two years ago, before the crisis, while 45 per cent said this amount remained the same as it was before the crisis.
    5D MKII,1000D,16-35mm f/2.8 L USMII,75-300mm,18-55mm,EF 50mm f/1.8 II,EF 85mm f/1.8 USM

  2. #2
    Member
    Join Date
    Dec 2008
    Location
    Singapore, Singapore
    Posts
    392

    Default Re: S'poreans most concerned with saving for retirement

    Whats your say
    5D MKII,1000D,16-35mm f/2.8 L USMII,75-300mm,18-55mm,EF 50mm f/1.8 II,EF 85mm f/1.8 USM

  3. #3

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by cqprime View Post
    Feb 5, 2011
    S'poreans most concerned with saving for retirement
    By Lorna Tan, Senior Correspondent

    -- ST PHOTO: ABDUL AZIZ HUSSIN

    NOW the financial crisis has passed, people here are most concerned with putting more cash aside for retirement and rebuilding their savings, according to a new survey.

    About 70 per cent of respondents believed their Central Provident Fund (CPF) savings will provide only some or a little of their retirement income.

    Of this group, 70 per cent said they already had an alternative plan to supplement their nest egg, although only 27 per cent of the total number of respondents had a formal retirement plan.

    The survey, commissioned by global financial services company Citi, found that continuing to work and relying on insurance and investments were the most popular ways chosen by people to add to their retirement fund.

    About 52 per cent indicated that they would continue to work as long as possible. The same number also said they would rely on insurance proceeds, while 51 per cent would turn to investment products.

    About 41 per cent said the total amount of their retirement savings was still behind where it was two years ago, before the crisis, while 45 per cent said this amount remained the same as it was before the crisis.

    With increase HDB price and medical fee. CPF is irrelevant nowadays. It just another way of taxing the people. Actually Singapore tax system "like" Australia, 20% tax every month.

  4. #4

    Default Re: S'poreans most concerned with saving for retirement

    Let's not forget about the increase in retirement age too
    Nikon D300 | MB-D10 | AF-S 17-55mm f2.8 | 35mm f1.8 | SB-900

  5. #5
    Senior Member
    Join Date
    Mar 2002
    Location
    Hong Kong
    Posts
    3,688

    Default Re: S'poreans most concerned with saving for retirement

    Generally people live longer now, so if you retire too early, your CPF is not going to be enough.........keep working longer if you can't afford it, no choice, unless you want to die earlier

  6. #6

    Default Re: S'poreans most concerned with saving for retirement

    I'd just say that, a heck lot of SGreans are not living within their means. "Nice to look at, but not nice to eat".

  7. #7

    Default Re: S'poreans most concerned with saving for retirement

    the report should have been S'poreans most concerned with keeping their job

    must be some smart greedy ppl trying to milk the poor commoner again

  8. #8

    Default Re: S'poreans most concerned with saving for retirement

    Yes agree people are living longer, but we also need to take into account the quality of life we are having too.
    How many of us will fall sick by the time we are 50 or have lingering medical illness that require vast amount of medical expense by then?
    Even if one would like to continue working as long as we can, our body simply does not allow us to do so. And how many companies out there willing to hire 'senior citizens' to work for them?
    The only jobs that don't mind are dish cleaners at food courts or sell tissue papers.
    Nikon D300 | MB-D10 | AF-S 17-55mm f2.8 | 35mm f1.8 | SB-900

  9. #9
    Member 9V-Orion Images's Avatar
    Join Date
    Apr 2009
    Location
    Autenticate ALGRN @ 7987.8270
    Posts
    1,760

    Default Re: S'poreans most concerned with saving for retirement

    Ah Gong says work till you die while receiving a lower and lower salary as you age so as to be fair to your employers.


    (Source)
    CS Aviation / Flickr
    Per aspera ad astra

  10. #10

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by 9V-Orion Images View Post
    Ah Gong says work till you die while receiving a lower and lower salary as you age so as to be fair to your employers.

    (Source)
    The message that got lost in this denigration is that the main reason for working beyond retirement age should not be about money. It should be about keeping the mind active, maintaining your social circle and network (as your friends start to die one by one) etc. The retirement planning should be done while you are start to work, not when you are about to retire. Adjustment must be made to the lifestyle while you still have a choice.

  11. #11
    Member 9V-Orion Images's Avatar
    Join Date
    Apr 2009
    Location
    Autenticate ALGRN @ 7987.8270
    Posts
    1,760

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by theonlyone View Post
    The message that got lost in this denigration is that the main reason for working beyond retirement age should not be about money. It should be about keeping the mind active, maintaining your social circle and network (as your friends start to die one by one) etc. The retirement planning should be done while you are start to work, not when you are about to retire. Adjustment must be made to the lifestyle while you still have a choice.
    So you meant to say a senior citizen in retirement cannot keep their mind active, maintain their social circle and network outside of their working environment?

    Ever wonder what the statistics on karōshi in Singapore will be like?
    Last edited by 9V-Orion Images; 6th February 2011 at 02:47 AM.
    CS Aviation / Flickr
    Per aspera ad astra

  12. #12
    Senior Member
    Join Date
    Mar 2002
    Location
    Hong Kong
    Posts
    3,688

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by 9V-Orion Images View Post
    So you meant to say a senior citizen in retirement cannot keep their mind active, maintain their social circle and network outside of their working environment?

    Ever wonder what the statistics on karōshi in Singapore will be like?
    You have never seen those oldies wandering around chinatown, nothing to do, sitting and smoking? Or sitting and eye gogling in geylang.........???

  13. #13
    Senior Member
    Join Date
    Mar 2002
    Location
    Hong Kong
    Posts
    3,688

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by 2100 View Post
    I'd just say that, a heck lot of SGreans are not living within their means. "Nice to look at, but not nice to eat".
    Majority of the young ones yes, but not all lah. They think they have to impress girls, so die die must have a car or a D3s.....


    There are many who do live within their means, usually the middle aged ones.......

  14. #14
    Member 9V-Orion Images's Avatar
    Join Date
    Apr 2009
    Location
    Autenticate ALGRN @ 7987.8270
    Posts
    1,760

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by hongsien View Post
    You have never seen those oldies wandering around chinatown, nothing to do, sitting and smoking? Or sitting and eye gogling in geylang.........???
    Those are the Silent Generation (SG) tiko peks and there are those who engage in chess playing, cultivating bonsai, dancing, hanging birds on flag poles etc. etc.
    CS Aviation / Flickr
    Per aspera ad astra

  15. #15

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by hongsien View Post
    Majority of the young ones yes, but not all lah. They think they have to impress girls, so die die must have a car or a D3s.....


    There are many who do live within their means, usually the middle aged ones.......
    I am below 40. Yep you are correct, my apologies. Let me reprase that, a heck lot of the younger generation is not living within their means.

    Eg, my own parents got approx 400+k for retirement, they are around 60 years of age. They are lamenting that it still might not be enough even though both kids are self-sufficient, hence are "downgrading" the lifestyle. Now DIY Taiwan tour with $80/day hotels. No more life insurance as that has already been claimed (only got the usual hospitalisation insurance)

  16. #16
    Member
    Join Date
    Mar 2004
    Location
    bukit batok
    Posts
    1,479

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by 2100 View Post
    No more life insurance as that has already been claimed (only got the usual hospitalisation insurance)
    i must admit life insurance is crap nowadays (some sort like lifetime deposit waiting for maturity)...for better coverage is still hospitalisation and critical illness.
    Last edited by Simon_84; 6th February 2011 at 04:24 PM.

  17. #17

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by Simon_84 View Post
    i must admit life insurance is crap nowadays (some sort like lifetime deposit waiting for maturity)...for better coverage is still hospitalisation and critical illness.
    For singles, maybe it's crap, but for people like me who got children and family liabilities, it is the only way for me to ensure my family can live with dignity, without having to beg, steal or borrow, should I pass on.

    Strange that so many people in Singapore got such kind of mindset. There is always something called Term Insurance, which I manage to get at extremely cheap premium. And I pay peanuts for huge amount of coverage.....In developed countries, most people have got quite substantial amount of insurance coverage, but that does not seems the case in Singapore, even though we are also considered as a developed country

  18. #18

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by 9V-Orion Images View Post
    Ah Gong says work till you die while receiving a lower and lower salary as you age so as to be fair to your employers.


    (Source)
    The way to combat this?

    Be your own boss and decide yourself when to stop. Listen to them for what?

  19. #19

    Default Re: S'poreans most concerned with saving for retirement

    I just wonder out of 10, how many young generation (between 21 to 40), actually spend beyond their means?

    I noticed alot of this group age bought cars during the period when COE is cheap.

    Any figures?

  20. #20
    Member 9V-Orion Images's Avatar
    Join Date
    Apr 2009
    Location
    Autenticate ALGRN @ 7987.8270
    Posts
    1,760

    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by scanner View Post
    I just wonder out of 10, how many young generation (between 21 to 40), actually spend beyond their means?

    I noticed alot of this group age bought cars during the period when COE is cheap.

    Any figures?
    Just take a quick glance at the bankruptcy notification in Straits Times CATS Classified and see how many IC numbers start with S7######X/S8######X.
    CS Aviation / Flickr
    Per aspera ad astra

Page 1 of 3 123 LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •