How much is enough for retirement in Singapore?

[starlight1968sg]

Many yet to save enough and hence better to work and work …

Is this true?
When is enough means enough?

[sharonkhoo]

starlight1968sg\" post_id=\"2130342\" time=\"1709692355\" user_id=\"14025:

Many yet to save enough and hence better to work and work ...
Is this true?
When is enough means enough?

There are many who haven't saved enough, and CPF Life alone will keep food on the table, but maybe not a whole lot more. Especially those who are older and have not been able to save enough.

When is enough enough? Have you considered how much you need to live on? Then add something for inflation and treats. You must already have medical insurance. Assess what you will get from CPF Life, other investments, how much savings you have. Also consider that some costs may go away - transport costs may reduce, your child may move out, you won't need to support parents by then, etc. Once you have some figures in mind, you will be able to see if you have barely enough, not enough, enough plus 50% etc. Each person will have to decide how much is enough, and how much buffer they want to have. The problem with not having a number in mind is that the fear that drives accumulation will never go away. If you are like me and can't handle numbers, ask someone else to help!

Another thing which drives people to fear that they will not have enough is that \"enough\" grows in their minds - they want to live in greater luxury than when they were working, travel incessantly at the highest level, etc. If you can be satisfied with a moderate lifestyle with a few treats, then you will reach \"enough\" sooner.

[Liew Nga Wing]

MrsKiasu\" post_id=\"2130338\" time=\"1709691271\" user_id=\"43981:

Extension of retirement age has much impact on us? No G pension. Anyone can to retire at any age. With extended retirement age, it is kind of give more advantages to the older us next time, if we want to retire later, in the corporate world, am I correct?

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.

[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.