S'pore may need to raise retirement age to 68! Hmm!

[danielcheng]

I hope by then, more Singaporeans including all of us in this Forum would be "working" b'cos we choose to do it for interest, passion or to help someone and Not because we need to do it or have no choice.


SINGAPORE: Singapore's Minister in the Prime Minister's Office Lim Boon Heng has indicated that the country may need to raise its retirement age to 68.

Mr Lim, who's in Finland accompanying President S R Nathan on his state visit there said Singaporeans need to work longer as their life span increases.

That is because they need to accumulate more for their old age.

Mr Lim who is also the minister in charge of issues on ageing in Singapore, cited Finland as an example, and will use this trip as an opportunity to study how the Finnish are dealing with their ageing population.

Mr Lim added there are areas that Singapore can emulate. One of which is to mobilise the elderly to organise themselves and form retirement communities that can provide mutual support and friendship.

A law that will make it mandatory for employers to offer re-employment to workers beyond the age of 62 will be in place by 2012.

"We are raising the retirement age, through the process of re-employment from the current 62 to 65 in January 2012. Beyond that we would have to examine how we can further raise the retirement age. In Finland, they have raised it to 68, so it gives us an indication about where we should be heading.Because the Finns are not living longer than us, we have a life expectancy of about 80, I think the finns are little less than us," said Mr Lim.

Source: CNA

[jamestai]

Hi Daniel,

I think beside investing wisely hopefully we have enough to retire comfortably, another thing I think we just have to try to keep ourself strong and healthy to pay more tax to our dear PAP goverment until 68.

When one get sick, all our saving can just vanish within a short time. So having a good medical insurance policy while we can is important. Having just a basic Medishield is not enough. I think all those who attain Dennis Seminar should know this.

James Tai

[danielcheng]

Hi James,

Yep, enhancing my family's shield plan was the 1st thing i did after Dennis's seminar. No Health No Wealth. We will also start seeing true colors in no time and realise Money ain't equal to Wealth...or at least its level of importance drops drastically except when paying medical bills.

So if govt assumes most of us can live till 80 and if we retires at 68, we should have enough savings to last another 12years w/o work + abit more for a simple funeral. Then we wouldn't be a liability to them..or the society. Wonderful!

But again, in between this 12 years...can die cannot sick yah! Else, the dynamics change again. Haha!

Cheers!
Daniel

[jamestai]

Hi Daniel,

Well said. You know what I have this silly and selfish thoughts. I would like to tell my family and friend that when I died no need to bother to collect my body. Just inform the hospital staff or police to take care of it. I rather leave my money to the charity, family and friend for them to put into good use. I think our goverment is rich enough to dispose my body away and also is a decent thing they can do for me for making me work until 68yo.

James Tai

[danielcheng]

Hey James Bro,
I think yr idea is a classic & in the forefront! Since we are in a nanny state, our govt should provide an 'end to end' solution from cradle to grave...like a packaged tour of life with full itinery & tour guide included..lols

Daniel

[Dennis Ng]

it clearly shows that the government has NO solution to the "Singaporeans have not enough money to retire problem", as I mentioned many times.

Thus, the BEST way we can help is NOT to join PAP, nor to join any of the Opposition Party, but join together to help to reach out to more people out there, to Educate them, to Empower them with Financial Knowledge, so that people can even retire at age 39 instead of 68.

I managed to reach Financial Freedom by age 39 and can choose to retire and NOT to work if that's what I want.

That is the Joy of Financial Freedom where I don't have to Work for Money or Survival, but I can choose to do anything I want and since reaching Financial Freedom in year 2008, I decided to start Teaching, to help as many people as possible (my Dream is to Help 1 Million people achieve S$1 million...at least).

So I really urge all of you, my seminar Graduates to do your part, to reach out, to influence and educate your family and friends, so that we don't HAVE to work till age 68 becos we Need the money. But if we work beyond age 62, it is becos we CHOOSE to.

Cheers!

Dennis Ng, http://www.MasterYourFinance.com

I hope by then, more Singaporeans including all of us in this Forum would be "working" b'cos we choose to do it for interest, passion or to help someone and Not because we need to do it or have no choice.


SINGAPORE: Singapore's Minister in the Prime Minister's Office Lim Boon Heng has indicated that the country may need to raise its retirement age to 68.

Mr Lim, who's in Finland accompanying President S R Nathan on his state visit there said Singaporeans need to work longer as their life span increases.

That is because they need to accumulate more for their old age.

Mr Lim who is also the minister in charge of issues on ageing in Singapore, cited Finland as an example, and will use this trip as an opportunity to study how the Finnish are dealing with their ageing population.

Mr Lim added there are areas that Singapore can emulate. One of which is to mobilise the elderly to organise themselves and form retirement communities that can provide mutual support and friendship.

A law that will make it mandatory for employers to offer re-employment to workers beyond the age of 62 will be in place by 2012.

"We are raising the retirement age, through the process of re-employment from the current 62 to 65 in January 2012. Beyond that we would have to examine how we can further raise the retirement age. In Finland, they have raised it to 68, so it gives us an indication about where we should be heading.Because the Finns are not living longer than us, we have a life expectancy of about 80, I think the finns are little less than us," said Mr Lim.

Source: CNA