Monday, May 21, 2007

Have enough money to retire gracefully

In his letter published in Today, the writer said, "It is sad that a worker in Singapore, after working for 35 years does not have CPF money or savings to lead a retired life, even though he has lived frugally all his life".

Another person posted this strong view in my blog:

"Why should older workers be working? They should be at home looking after their grand-kids. What kind of Singapore have we created where the dreams of the lower class have been smashed?"

We have to recognise an important fact. Life expectancy have improved by about 15 years, during the past forty years. People should now be working at least 10 years longer, before they retire.

In the past, people think of retiring at 55 years. Today, we have to think about retiring at 65 years. We need to work longer to fund a longer period of life after retirement.

1 comment:

Thomas Phua's Blog said...

We should try to plan for the retirement needs.

Leap frog our savings, and save for the future if we have the extras.

Work to retire, retire to work?

- Thomas Phua

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