S'pore may raise retirement age to 68

[duriz]

3Boys:

As for the retirement age, its just a number to me, for unless health problems stop me, I fully anticipate to die on the job.

You must really love your job.

Piangz.

I hope to retire before 68.

So I can enjoy my time with my DH, my child(ren) and grand children.

[3Boys]

janet_lee88:

What to do ??? Govt says people are now living longer and so their CPF not enough...and scared of supporting us in our old age. If I am minister or own a bank, working until I turn 80 also no problem. Why must that minister think of raising retirement age ? One whole life working not enough...CPF is OUR hard-earned money ok !!!

My view is that we are all personally responsible for how we save for our retirement. Yes, CPF is OUR money, but it is OUR money, WITH caveats.

It is a retirement fund mainly. Like in other systems, for instance, pension schemes, you have an entitlement, but with conditions. You can only withdraw at a certain age, there is a flow to it. Likewise, CPF, when paid into your account from yourself and employer, has conditions attached to its use, and its use is to sustain you in retirement. And as demographics change, the conditions have to change with it, or else it loses its relevance, and that would be disastrous.

[janet88]

My dad was too happy to retire at 55. Now, he is like a dad to my kids…happily sending them to and fro school. He comes back and tells my mom, ‘wow, some of the mothers this and that’. My mum tells him, ‘yeah, you are doing what I used to do. Now that you are retired, have time to even observe other people and fetch your GRANDchildren here and there’.

[3Boys]

duriz:

3Boys:

As for the retirement age, its just a number to me, for unless health problems stop me, I fully anticipate to die on the job.

You must really love your job.

Piangz.

I hope to retire before 68.

So I can enjoy my time with my DH, my child(ren) and grand children.

I doubt if I will be in this current job at that time! I'll find something I enjoy (of half enjoy), and likely pays less, maybe much less.

Further, if we have the means, or are willing to accept a lower standard of living, no one is asking us to stop work earlier. Just bear in mind, statistically, you are expected to live past the age of 80. The g'ment is merely trying to ensure we have something in the pocket for the golden years. If we feel we want to quit and enjoy time with grandkids, by all means. Just make sure we are self sustaining and not expecting tax-payers support.

[Daddy D]

3Boys:

Those who cannot afford, will still be working, or looking for work after 65 or 68, whatever the retirement age is.

Those who are interested in working to keep sharp and fit will be working or looking for work, whatever the retirement age is.

Raising the retirement age to 68 improves the opportunities for those in the latter 2 groups.

What opportunities?
I think if those above 50yrs old... jobless and still looking for job... no $$ for daily expenses... yet cannot touch their CPF $$... very SAD lor...
Even those above 40 yrs old and retrenched... already very hard to find jobs liao...
How much can a 50yr old get in terms of salary from a new job?

[3Boys]

If we want the g’ment to do its job, then let the g’ment do its job. The way I see it, they are trying to safeguard the financial freedom of retirees. How many of us anticipate having enough in our CPF only at 65 to sustain us another 2 decades?


Things change. Who at this time still thinks that 55 is an appropriate retirement age?? Well, that was what is was not so long ago. If it changed then, what is the issue of re-examining it now?

[3Boys]

Daddy

3Boys:

Those who cannot afford, will still be working, or looking for work after 65 or 68, whatever the retirement age is.

Those who are interested in working to keep sharp and fit will be working or looking for work, whatever the retirement age is.

Raising the retirement age to 68 improves the opportunities for those in the latter 2 groups.

What opportunities?
I think if those above 50yrs old... jobless and still looking for job... no $$ for daily expenses... yet cannot touch their CPF $$... very SAD lor...
Even those above 40 yrs old and retrenched... already very hard to find jobs liao...
How much can a 50yr old get in terms of salary from a new job?

And how long do you anticipate the CPF savings to take you if you start withdrawing at 50? What are you going to do from 60, after the money runs out, until 80? Will you be better able to manage poverty between 60-80, or tough it out a little bit and get job to get by at 50?

[3Boys]

Unfettered pension support for the elderly comes with a cost. I am not saying that we do not help the elderly who are needy, but we should not be reckless and demand for g’ment support if we do not ourselves take steps to secure financial freedom in retirement. That is just plain unfair to the future generations. We should not load our children and their future with an untenable taxation regime.


Ultimately, the society decides, high taxes for social security, or low taxes with personal accountability. I prefer the latter…

[INNOVATE]

verykiasu2010


Approximately ten yrs ago invested in a solid company named Pacific Carrier Ltd, a Kuok family’s related listed on SGX. Bought at below par using CPF. On the date of full yr results annoucement, co requested for suspension of its shares. To my deep dissapointment, majority shareholders offered to privatise at approx 35-40% premium over its last traded price. This solid co was paying over 7% dividends consistently and was grossly neglected by instituitions as they did not hve a sexy/high growth story vs-a vs those information cos, which were red hot at that time. Imagine if the co remains listed with the booming commodities market, its share price would have multiply several folds not to mention higher dividends payout.

When an investor has indept knowledge of the market, he/she is a already a winner as the correct entry pt is never a question as the basis of taking positions are centered on fundamentals, technical and psychological factors not withstanding shrewd major players claiming their counters were not heavily traded. So much for market efficient theory!

[Daddy D]

3Boys:

Daddy

[quote=\"3Boys\"]
Those who cannot afford, will still be working, or looking for work after 65 or 68, whatever the retirement age is.

Those who are interested in working to keep sharp and fit will be working or looking for work, whatever the retirement age is.

Raising the retirement age to 68 improves the opportunities for those in the latter 2 groups.

What opportunities?
I think if those above 50yrs old... jobless and still looking for job... no $$ for daily expenses... yet cannot touch their CPF $$... very SAD lor...
Even those above 40 yrs old and retrenched... already very hard to find jobs liao...
How much can a 50yr old get in terms of salary from a new job?

And how long do you anticipate the CPF savings to take you if you start withdrawing at 50? What are you going to do from 60, after the money runs out, until 80? Will you be better able to manage poverty between 60-80, or tough it out a little bit and get job to get by at 50?[/quote]Well... simply raising the retirement age, is like sweeping the poverty problem under the mat... out of sight out of mind.
Need to face the fact that CPF $ is not sufficient for retirement... then the purpose/mission of CPF, or what it started out as... becomes debatable.

My take is... it's a social problem... tackling it from the retirement age doesn't solve much... there are many other factors to consider.