S'poreans most concerned with saving for retirement


cqprime

New Member
Dec 8, 2008
392
0
0
Singapore, Singapore
#1
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.
 

kohweeloon

New Member
May 2, 2004
207
0
0
#3
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.
 

de_stan

New Member
Apr 21, 2004
281
0
0
#4
Let's not forget about the increase in retirement age too
 

hongsien

Senior Member
Mar 11, 2002
3,688
0
36
105
Hong Kong
Visit site
#5
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 :bsmilie:
 

2100

Senior Member
Mar 3, 2004
3,591
0
0
48
#6
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".
 

dreaming

New Member
Oct 22, 2006
0
0
0
#7
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
 

de_stan

New Member
Apr 21, 2004
281
0
0
#8
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.
 

theonlyone

New Member
Sep 13, 2006
0
0
0
#10
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
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? :bsmilie:

Ever wonder what the statistics on karōshi in Singapore will be like? :think:
 

Last edited:

hongsien

Senior Member
Mar 11, 2002
3,688
0
36
105
Hong Kong
Visit site
#12
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? :bsmilie:

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

hongsien

Senior Member
Mar 11, 2002
3,688
0
36
105
Hong Kong
Visit site
#13
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
You have never seen those oldies wandering around chinatown, nothing to do, sitting and smoking? Or sitting and eye gogling in geylang.........???:bsmilie:
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. :bsmilie:
 

2100

Senior Member
Mar 3, 2004
3,591
0
0
48
#15
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. :D No more life insurance as that has already been claimed (only got the usual hospitalisation insurance)
 

Simon_84

New Member
Mar 18, 2004
1,479
0
0
bukit batok
#16
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:

koppite

New Member
Dec 18, 2010
379
0
0
#17
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 :think:
 

koppite

New Member
Dec 18, 2010
379
0
0
#18
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? :dunno: :bsmilie:
 

scanner

Senior Member
Jan 24, 2002
1,608
0
0
Visit site
#19
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
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. ;)
 

Top Bottom