How much is enough for retirement in Singapore?

[ChiefKiasu]

slmkhoo\" post_id=\"2130341\" time=\"1709692103\" user_id=\"28674:

Isn't that just self-delusion? After all, the inevitable is inescapable. And we are already not feeling young, otherwise we wouldn't need to talk about it!
...

Shh... nobody needs to know... :rotflmao:

Going for a walk soon... I'm a young 58yo man! :nunchuk:

[sharonkhoo]

ChiefKiasu\" post_id=\"2130348\" time=\"1709695724\" user_id=\"3:

Shh... nobody needs to know... :rotflmao:

Going for a walk soon... I'm a young 58yo man! :nunchuk:

Yes - I'm a young 60yo woman! That's different from saying \"I'm a young woman\" (which no-one will believe anyway)!

[starlight1968sg]

Liew Nga Wing\" post_id=\"2130346\" time=\"1709694864\" user_id=\"195250:[quote=\"Liew Nga Wing\" post_id=2130346 time=1709694864 user_id=195250]
Let me try to explain the extension of retirement age since I am working full time with the Government. My employment contract stated my retire age to be 62 with all the employment terms such as medical, leave benefits, etc, this mean I can enjoy these terms and benefits until I am 62 year old.

Then, once I reach 62 year old (will be 64 in Year 2026), the company may decide whether to continue employ me or not, if they are willing to let me stay, I will become a contract worker and the company will prepare a new contract for X? (maybe 7 years since the re-employment age is 69) number of years with a different set of employments terms and benefits - usually it is worse than the previous employment terms. It is depend on whether I want to accept these new terms and benefits stated in my new contract. If I accept, then I will continue to work until the expiry date of the contract with this new sets of remuneration.[/quote]

Mine is slightly different.
When am a few months close to the retirement age, the company will offer me an extension of service. Based on my colleagues' experience, it is usually 2 years of extension with pay and job scope likely the same but medical benefits will be following the current scheme.

[doodbug]

all of you must be doing really well at the workplace to be offered reemployment and all!


Am actually pretty sure I will be made redundant or made to feel redundant in advance of the official retirement age.

[starlight1968sg]

doodbug\" post_id=\"2130351\" time=\"1709696477\" user_id=\"13281:

all of you must be doing really well at the workplace to be offered reemployment and all!

Am actually pretty sure I will be made redundant or made to feel redundant in advance of the official retirement age.

haha, i dont know if re employment will be offered when my time comes.
I just see my colleagues being offered.
I think the nature of the work/industries matters a lot.

[MrsKiasu]

Thanks all for the info…will have different outcome it seems. Have options to extend our service, if needed.


Maybe employer matters? If it is G, may be higher chance of extension?

[sharonkhoo]

doodbug\" post_id=\"2130351\" time=\"1709696477\" user_id=\"13281:

all of you must be doing really well at the workplace to be offered reemployment and all!

Am actually pretty sure I will be made redundant or made to feel redundant in advance of the official retirement age.

It depends on whether there are younger people dying to take over your job, and whether the organisation prefers to have a new person or someone they know and (hopefully) trust! So far, it seems that quite a few I know in public service have been re-employed. The terms may not be the same as before, but if the terms of work are acceptable and they enjoy the work, they have continued.

[Liew Nga Wing]

starlight1968sg\" post_id=\"2130350\" time=\"1709696181\" user_id=\"14025:

Mine is slightly different.
When am a few months close to the retirement age, the company will offer me an extension of service. Based on my colleagues' experience, it is usually 2 years of extension with pay and job scope likely the same but medical benefits will be following the current scheme.

Then what will happen after this 2 years extension? Will 100% extend again?

[Liew Nga Wing]

slmkhoo\" post_id=\"2130349\" time=\"1709696045\" user_id=\"28674:

Yes - I'm a young 60yo woman! That's different from saying \"I'm a young woman\" (which no-one will believe anyway)!

If you are always surrounding by old or invalid people, you will remind yourself is old but for me every week play with those youngsters who are talking about dating, finding new jobs or going study in overseas....you will forget your age.

[sharonkhoo]

Liew Nga Wing\" post_id=\"2130357\" time=\"1709703339\" user_id=\"195250:[quote=\"Liew Nga Wing\" post_id=2130357 time=1709703339 user_id=195250]
If you are always surrounding by old or invalid people, you will remind yourself is old but for me every week play with those youngsters who are talking about dating, finding new jobs or going study in overseas....you will forget your age. [/quote]

I agree with the value of spending time with people younger than I am, but not to forget my age and feel young.

I spend quite a lot of time with people younger than I am - my 2 daughters are in their 20s, and another group that I am meeting with over these few months are also in the 20-30yo range. And my church cell group are in their early 30s, with quite a few babies in the mix! I don't find that it makes me forget my age - if anything, it reminds me how far I've come! I don't really care about age, anyway, and I think what I have experienced and know benefits the young people I spend time with. At the same time, their perspectives and experience gives me new insights too, and I appreciate the opportunities to journey along with them.