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Thread: S'poreans most concerned with saving for retirement

  1. #21
    Senior Member sinned79's Avatar
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    Default Re: S'poreans most concerned with saving for retirement

    i dun want to retire in sg. i will migrate instead.

  2. #22
    Senior Member azul123's Avatar
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by sinned79 View Post
    i dun want to retire in sg. i will migrate instead.
    I think this is good idea too.

  3. #23
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by hongsien View Post

    There are many who do live within their means, usually the middle aged ones.......
    That's me. I don't need fancy limousines nor fine dining nor boasting loudly about travel to Paris, New York, London.


    As for the young ones who die die must buy car to impress gals.
    Are they sure they want this type of gals? (edited) Well what happens to the relationship if the guy can no longer afford material goodies. (edited)
    Last edited by ricohflex; 7th February 2011 at 07:41 PM.

  4. #24
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    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.........???
    I for one do not wish to end up like them. I will keep working and shooting to stay
    active and not let my brains degenrate
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  5. #25

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

    Quote Originally Posted by ricohflex View Post
    ...

    As for the young ones who die die must buy car to impress gals.
    Are they sure they want this type of gals? Compared to this type, prostitutes are more honest.
    Rather harsh, but you do have a point.

  6. #26

    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?
    That depends on your definition of work. My colleague's mother "work" in the fast food restaurant because she finds it fun and interesting to interact with the young people there. *According to my colleague, she does not need to because she is well provided for financially.

    How about volunteering? Is that work (even if you get paid token sum)?

    The message I get from your posted article is not about working till death so that employers can squeeze the workers dry, but rather to remain active even after the retirement age. Why does he need to remind employees to slog their whole life? If the person really need to do it for livelihood, does he need reminding?

  7. #27
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by lenrek View Post
    Rather harsh, but you do have a point.
    Yah, edited the post.

  8. #28
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by koppite View Post
    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
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  9. #29
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    Default Re: S'poreans most concerned with saving for retirement

    I find most important to find a spouse whom can connect to you in terms of financial planning and agree to combined cash flow.

    I see couples married but due to lack of trust they maintain a separate account and the man struggle to keep the family afloat as the spouse keep her cash to herself and the man pays for all.

    Finding a spouse whom is thrift and practical is important You can save alot and not spend but if your other half loves prada and exclusive bags or pressure u to buy resale flat with unrealistic COV...all u earn and save is nothing.


    Quote Originally Posted by ricohflex View Post
    That's me. I don't need fancy limousines nor fine dining nor boasting loudly about travel to Paris, New York, London.

    As for the young ones who die die must buy car to impress gals.
    Are they sure they want this type of gals? (edited) Well what happens to the relationship if the guy can no longer afford material goodies. (edited)
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  10. #30
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by kohweeloon View Post
    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.
    I find CPF Life is good for people whom little CPF OA+SA . I got my parents and aunties subscribed to CPF Life.

    Annuity is good
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  11. #31

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

    Quote Originally Posted by koppite View Post
    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
    Term Insurance the type where your beneficiary gets the money when you died of natural cause?

    btw, if the husband or wife dies, isn't we no need to pay installment for the house anymore if buy certain insurance?

  12. #32
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by cqprime View Post
    I find most important to find a spouse whom can connect to you in terms of financial planning and agree to combined cash flow.

    I see couples married but due to lack of trust they maintain a separate account
    What happened to two former colleagues. It is REAL.
    One had joint account and one day found out his wife cleaned out ALL the money.
    He later had a divorce.

    Another worked in Ozzie land and one day found his wife lost a fortune in shares trading. It wiped him out financially.

    Some people have actually advised to have separate accounts.

    Some use divorce proceedings to claim a share of your father's company (good try). For a shipping company that means a share of may be Sing$500Million or more. That's how greedy they can be. . An excerpt from SGForums post by Stevenson101:

    "A former tour guide, Madam Shi wed Mr Koh Pee Huat, son of shipping tycoon Koh Nai Tor, in 1990 in Beijing.

    After 1 1/2 years, she filed for divorce, claiming a share of their home, shares in the Kohs' company, and maintenance of $4,133 a month.

    COURT BATTLES

    MR KOH Pee Huat married Madam Shi Fang in 1990. About three years later, she obtained a divorce from him on the grounds of desertion.

    The High Court ordered Mr Koh to pay her a monthly maintenance of $2,300 and a lump sum of $46,700.

    But she asked the court to increase her maintenance to more than $4,000 and order that she receive a half-share of their Jalan Pelepah home in Pasir Panjang and a share in the family business.

    She lost the appeal.

    In 1995, she took Mr Koh to court for fabricating false evidence in his affidavits, in their disputes over maintenance. He was convicted and sentenced to six months in jail for falsifying evidence. This was reduced to one month after he appealed.

    But she did not get more maintenance from him. Instead, she was granted a settlement of $250,000 once she vacated the Jalan Pelepah house and withdrew all claims to it. She appealed for more but lost the case in 1996.

    In 1998, she was back in court. This time, she was tried for allegedly making a false declaration in her divorce affidavit against Mr Koh. She was acquitted.

    The court awarded her much less. She lost her appeal."

    You know the joke about some PRC gals (not all of them are like that). Once they land in Sing, the first thing want to know is what are their rights under the Womens' Charter and how much they will get upon a divorce (they don't have this legal entitlement in PRC courts). So they got it all mapped out in a SOP before Sing guys even get to know them.
    Last edited by ricohflex; 7th February 2011 at 10:15 PM.

  13. #33
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by dreaming View Post
    Term Insurance the type where your beneficiary gets the money when you died of natural cause?

    btw, if the husband or wife dies, isn't we no need to pay installment for the house anymore if buy certain insurance?
    Yes mortgage insurance is a low cost term insurance that u can get using your loan documents from bank. It is a decreasing cover term plan and it covers u or ur spouse. If you or spouse goes first, the payout will be in cash ...u can use the cash to pay up your remainder loan or ...u can go MBS too hahaha
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  14. #34
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    Default Re: S'poreans most concerned with saving for retirement

    S'poreans most concerned with saving for retirement : are the ones whom dont end up in MBS or RWS.

    With opening of MBS and RWS, many weak willed ones will end up helping the owners of MBS and RWS retire earlier.

    Dont u all agree ?
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  15. #35

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

    Quote Originally Posted by cqprime View Post
    S'poreans most concerned with saving for retirement : are the ones whom dont end up in MBS or RWS.

    With opening of MBS and RWS, many weak willed ones will end up helping the owners of MBS and RWS retire earlier.

    Dont u all agree ?
    Definitely. But even without the IRs, I'm not sure how many of them can resist the underground gambling dens, the cruise ship, turf club, toto and 4D. I reckon that most of them will have trouble later on in their lives. Might as well help those who want to help themselves first (ie. create jobs for those who are willing to work hard), then use the tax money from the IRs to help the group who will get into financial trouble due to the opening of the IRs (sooner or later).

  16. #36
    Senior Member Virgo's Avatar
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    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.
    Easier said than done. If one is lowly paid, how to work for keeping the mind active and maintaining your social circle and entwork if one cannot even make it for a living? Will you work for a few hundred dollars collecting bowls and plates in a hawker centre just because you want to keep your mind active and maintaining your social circle and network?

    Now, a lot of people don't even have a choice!
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  17. #37
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by 9V-Orion Images View Post
    work till you die
    work till you die, and u have no retirement.
    if u have no retirement, u dun have to worry the retirement plan or CPF savings.
    the formula make perfect sense.

  18. #38

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

    Unless ur job only pays u $900 a mth, and ur monthly expenses is like $500-$600 dollars.

    Quote Originally Posted by wong_se View Post
    work till you die, and u have no retirement.
    if u have no retirement, u dun have to worry the retirement plan or CPF savings.
    the formula make perfect sense.
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  19. #39
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    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.
    The insurance agent I talked to tried to sell me multiple policies at the same time, from hospitalisation, mortgage insurance, disability, to life insurance. THe main point he was selling to me is that I should not leave a mess behind when I die... hence the mortgage and life insurance will be paid to my family if I die etc etc...

    One thing I don't understand is the medisave.. seems for chronic illness, per year is just a few hundred dollars for a particular illness. But I thought chronic means long term which likely need regular checkup. Right? and how can a few hundred dollars able to cover multiple visits per year? Did I miss something here?

  20. #40
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    Default Re: S'poreans most concerned with saving for retirement

    Quote Originally Posted by ricohflex View Post
    What happened to two former colleagues. It is REAL.
    One had joint account and one day found out his wife cleaned out ALL the money.
    He later had a divorce.

    Another worked in Ozzie land and one day found his wife lost a fortune in shares trading. It wiped him out financially.

    Some people have actually advised to have separate accounts.
    I don't think separate accounts solves the above problem completely.

    When the spouse lost money in trading, would the other help out or just watch the spouse struggle? if so, the separate account's money goes to the spouse's account, then the money will 'appear' as the spouse from that point on (unless there is a IOU thingy signed but who would do that when helping their spouse to clear a debt?).

    So, to me, separate account looks just as bad as having a joint account unless one die die won't help one.

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