S'pore may raise retirement age to 68

[verykiasu2010]

duriz:

verykiasu2010:

the truth is we can retire anytime we feel like, because there is no retirement benefits from the gahmen as it is


cheers !

And despite the baby bonus, we are still an aging population.

Working till 67 or retirement would depend on varied factors e.g. male vs female, existing illness/disability, overall health and wellness (memory, strength, endurance etc) as well as family support system.

ideally is kids education all provided, given them a leg up on housing, then don't need big house unless multi-generation stay together....then cash out the house and move into a smaller unit...and hopefully still can afford present living standard and lifestyle with reserves plus, and do ad hoc advisory work to keep the mind active....

[3Boys]

Daddy

http://www.channelnewsasia.com/stories/singaporelocalnews/view/1090650/1/.html


\"Retirement age \"not impossible\" to go beyond 67: Manpower Minister\"

Ho seh liao... all the MPs come and drop subtle hints liao...

It is inevitable....resistance is futile.

[Daddy D]

3Boys:

Daddy

http://www.channelnewsasia.com/stories/singaporelocalnews/view/1090650/1/.html


\"Retirement age \"not impossible\" to go beyond 67: Manpower Minister\"

Ho seh liao... all the MPs come and drop subtle hints liao...

It is inevitable....resistance is futile.

Let's guess which MP will speak up next...

[verykiasu2010]

Daddy

3Boys:

[quote=\"Daddy D\"]http://www.channelnewsasia.com/stories/singaporelocalnews/view/1090650/1/.html


\"Retirement age \"not impossible\" to go beyond 67: Manpower Minister\"

Ho seh liao... all the MPs come and drop subtle hints liao...

It is inevitable....resistance is futile.

Let's guess which MP will speak up next... :P[/quote]In my previous work place, there are some who worked till 70+ and the record was age 87

[3Boys]

Its not really about the retirement age is it?


Its about the CPF withdrawal age right?

I.e. for those who can afford to stop working early, they will stop working early, even if the retirement age is 70+. I've heard of someone age 38 who has accumulated enough wealth and is now golfing around the world.

For someone who is interested in working, he will keep on working, whatever the retirement age. MM Lee being case in point, but there are others.

For those who cannot afford to stop working, then even if the retirement age were 55, they would still work on well beyond that.

So why this hang up about a number? Whether you stop or continue working quite often is down to yourself and very little to do with what a g'ment or any other agency says about it.

So its all about the CPF withdrawal.

There are those for whom CPF will be an insignificant part of their retirement funds. For them, whatever age they withdraw their CPF is inconsequential

There are those whose CPF will form a meaningful but not overwhelming part of their retirement fund. For this group, raising the retirement age poses an interesting conundrum of trading retirement lifestyle for added security, and in my view, it is this group that need to talk through the pros and cons of raising the retirement age. However, one could also argue that if you had done your sums right, you could still stop work at 65, live off your initial savings, and then access CPF at 68. So its not all dire.

There are those for whom CPF will be a large or only chunk of retirement funds. For these folk, there is no question that they need the most prudent policy possible. If they are desperate for cash at 65, how will they be at 75? And at that age it will be even harder to have any kind of income and harder to deal with poverty.

[dunnoleh]

verykiasu2010:

... In my previous work place, there are some who worked till 70+ and the record was age 87

you an ex staff of PMO?

[verykiasu2010]

dunnoleh:

verykiasu2010:

... In my previous work place, there are some who worked till 70+ and the record was age 87

you an ex staff of PMO?

hahaha, you are quite a joker!!

[Funz]

3Boys:

Its not really about the retirement age is it?


Its about the CPF withdrawal age right?

I.e. for those who can afford to stop working early, they will stop working early, even if the retirement age is 70+. I've heard of someone age 38 who has accumulated enough wealth and is now golfing around the world.

For someone who is interested in working, he will keep on working, whatever the retirement age. MM Lee being case in point, but there are others.

For those who cannot afford to stop working, then even if the retirement age were 55, they would still work on well beyond that.

So why this hang up about a number? Whether you stop or continue working quite often is down to yourself and very little to do with what a g'ment or any other agency says about it.

So its all about the CPF withdrawal.

There are those for whom CPF will be an insignificant part of their retirement funds. For them, whatever age they withdraw their CPF is inconsequential

There are those whose CPF will form a meaningful but not overwhelming part of their retirement fund. For this group, raising the retirement age poses an interesting conundrum of trading retirement lifestyle for added security, and in my view, it is this group that need to talk through the pros and cons of raising the retirement age. However, one could also argue that if you had done your sums right, you could still stop work at 65, live off your initial savings, and then access CPF at 68. So its not all dire.

There are those for whom CPF will be a large or only chunk of retirement funds. For these folk, there is no question that they need the most prudent policy possible. If they are desperate for cash at 65, how will they be at 75? And at that age it will be even harder to have any kind of income and harder to deal with poverty.

I do so agree with you. Like I said earlier on, why the hang up about the age, it is just a number.

With the raising of the retirement age, I believe it will help those who do not have enough in their CPF to see them through their old age.

[Funz]

[quote="verykiasu2010]

In my previous work place, there are some who worked till 70+ and the record was age 87[/quote]

My 2 oldest employees were 77 and 72 when they finally retired, well, sort of, cos within a year, both of them came to me asking if I have any opportunities for them and I found them placements elsewhere as I have no vacancies for them.

[Trapwithin]

verykiasu2010:

dunnoleh:

[quote=\"verykiasu2010\"]... In my previous work place, there are some who worked till 70+ and the record was age 87

you an ex staff of PMO?

hahaha, you are quite a joker!![/quote]A good Joke indeed