Yes, if you are rich, it is best to be in Singapore. Because it is quite safe and secure with law and order compared to elsewhere. Also taxes are not that high compare to Western countries.
These are the reasons why I am staying put, unless things deteriorate in the future.
Some comment amongst fellow retirees" There is no quality of life for some Singaporean retirees on car ownership and recreation!except to continue working and working unlike their counterparts in Australia/NZ or Canada
In Australia, taxes are high but the pension monthly average can come to A$2000/- and one can live comfortable unlike the CPF Life, that cannot match rising inflation etc.
Many retirees are lessees of HDB and when they reach retirement, the asset rich and cash poor syndrome makes them another "gypsy" whereby they have to downgrade and move on, provided their properties are fully paid. This is only applicable for those who bought properties in late 70s, 80s & some in the 90s but the future generation will find the going tough and the only solution is on migration!
If the migration trend continues, cultures and traditions will be diluted or fizzled out too!
Admittedly, Singapore is becoming a safe haven for the rich and famous!
my story,m a working Singaporean making around 280k a year,gd salary,then came the 'foreigner' who wanted my job,my French company decided to 'retrench'me WITHOUT PAYMENT,as m in e mgmt level & guess what do i get from this govt?nothing!!no help,no assistance!& being gd income earner for so many years,paying so much taxes,what do i get in return from this country?!NOTHING!!& m now 47yr old,single,can i buy HDB direct?NO!I have to buy open market,pay a premium cuz i downgrade from condo..i got a job 'outside'of Singapore & as i get older,what do i benefit from here?!NOTHING!i wanted to be gd & be humble,BUT they keep taking away from me like CPFLIFE etc..&more scheming to tie my CPF money down,S'pore gd for rich people?!THINK AGAIN & what is 'rich' how 'rich' is rich?i thought that being 'good'&quiet could lead a peaceful retire life,NO WAY,they want me work to death,catch my money & more tricks! even if m rich,i want out of here because NO SOUL!having worked some 20yrs & paying fair taxes,waht is there for me?NOTHING! so guys,u see,this place not for the 'rich'BUT for the OBSCENELY RICH WITH MONEY TO FLIRT!!!A TOY LAND!&for a few gd men who wants to be just in the community,way hell NO!MAYBE RETIRE TO JB!! my story will be unfold one day,will be told & my blog u cannot stop,i have since stop being Singaporean,worst,today m "stateless"!!so,where do i go from here, only heaven's know!& yes, i see e plight of our Singapore pple BUT are we ready to ready change for a BETTER TOMORROW?!!!
Not easy also to emigrate to other countries; you need lot of money for investment, you need to have specialised skill whereby your host country can tap on.....and so on and on and on. If I can choose, I still prefer to stay, work, retire and die in Singapore if the government take care of its people, fellow Singaporeans well.
Quite honestly i myself (age late 30s) is also exploring getting a foreign citizenship or residency status. Will plan to travel to Down Under to recce for a bit, perhaps purchase a property.
I do not want to emigrate because I love Singapore. If the cause of Today's many problems are from this elected government and its unsound policies, we should engage them, fight them and if necessary, change them. But if they are originated from the globalisation effects, then the emigration is NOT a good medicine. Many of my friends regretted of doing that.
My husband and I are in our 30s, married for 2 years and still living with his parents - our annual income exceends 200K a year, and yet we are "homeless" as we feel the current property market is highly overpriced. We do not want to live in a lifetime of debt. We are already starting the process of exploring a life outside of Singapore, because we are not only thinking for ourselves, but for our children. Singapore is no longer a country for Singaporeans. We are someone's SIM CITY and there is nothing here to hold us back except for our family. It is a sad situation, but we are left with no choice. We do not want to be in the position of being penniless at 65.
Singapore is a beautiful island paradise but sad to say, many younger generations in their 30s are thinking or exploring emigration, as some put in these 5 case scenarios as follow: Either you: Algamate: Simply join the crowd & stick to country's high cost of living, do what you are told and live in a rat race world.
Automate: Be a successful entrepreneur and self-employed
Emigrate: As what is explored in this subject topic.
Evaporate: Die naturally with your shattered or elusive dreams for fear of being unable to maintain the lifesytyle eg.high mortgages, expennses,or being jobless and or penniless at old age.
Imagine if the 20 doing NS & the 30s & 40s are contemplating emigration and the 50s calling quits in the workforce as reported in CBA thus leaving the poor 60s to work ....kinda scarry isn't???
Singapore has lost her soul as a nation. There are no sense of belonging. You have all kind of nationalities now. Suddenly I have this thought of looking at alternatives. This thought is unthinkable 5 years ago. I have to think for my children in the future.
with a combined income exceeding $200K annually, how can there be a prospect of being penniless at 65?
Still below 40yrs?.. you have time on your side to build a tidy nest egg. You are already delaying a purchase of a home and that is sound. Migration may set you back to the point where you'll need another 20 years to build your nest egg. The costs involved: new home, furniture, taxation, and the uncertain future of your new PR status.
Remaining here means you understand the system and there is a clearer picture of your destiny. A certainty that can be managed
A friend just resigned from his high paying job to go to US to be with his significant other. In Singapore, the PAP system puts spurs on your back and place you on a treadmill making you run tirelessly so that you do not have time to think about other possibilities and that hoarding money is the goal to it all. In life, there are more important and meaningful pursuits than making 200k a year.
Whether Singapore or NZ is the best place depends a lot on who you are / what you do.
ReplyDeletee.g. if you're rich, Singapore's a Garden of Eden.
If you're a worker bee, "Cheaper, Better, Faster" Singapore's a rather tense place to be in.
particularly concern about inflation and we are seeing amazing increase in rental, housing.
ReplyDeleteYes, if you are rich, it is best to be in Singapore. Because it is quite safe and secure with law and order compared to elsewhere. Also taxes are not that high compare to Western countries.
ReplyDeleteThese are the reasons why I am staying put, unless things deteriorate in the future.
Some comment amongst fellow retirees"
ReplyDeleteThere is no quality of life for some Singaporean retirees on car ownership and recreation!except to continue working and working unlike their counterparts in Australia/NZ or Canada
In Australia, taxes are high but the pension monthly average can come to A$2000/- and one can live comfortable unlike the CPF Life, that cannot match rising inflation etc.
Many retirees are lessees of HDB and when they reach retirement, the asset rich and cash poor syndrome makes them another "gypsy" whereby they have to downgrade and move on, provided their properties are fully paid.
This is only applicable for those who bought properties in late 70s,
80s & some in the 90s but the future generation will find the going tough and the only solution is on migration!
If the migration trend continues, cultures and traditions will be diluted or fizzled out too!
Admittedly, Singapore is becoming a safe haven for the rich and famous!
my story,m a working Singaporean making around 280k a year,gd salary,then came the 'foreigner' who wanted my job,my French company decided to 'retrench'me WITHOUT PAYMENT,as m in e mgmt level & guess what do i get from this govt?nothing!!no help,no assistance!& being gd income earner for so many years,paying so much taxes,what do i get in return from this country?!NOTHING!!& m now 47yr old,single,can i buy HDB direct?NO!I have to buy open market,pay a premium cuz i downgrade from condo..i got a job 'outside'of Singapore & as i get older,what do i benefit from here?!NOTHING!i wanted to be gd & be humble,BUT they keep taking away from me like CPFLIFE etc..&more scheming to tie my CPF money down,S'pore gd for rich people?!THINK AGAIN & what is 'rich' how 'rich' is rich?i thought that being 'good'&quiet could lead a peaceful retire life,NO WAY,they want me work to death,catch my money & more tricks! even if m rich,i want out of here because NO SOUL!having worked some 20yrs & paying fair taxes,waht is there for me?NOTHING! so guys,u see,this place not for the 'rich'BUT for the OBSCENELY RICH WITH MONEY TO FLIRT!!!A TOY LAND!&for a few gd men who wants to be just in the community,way hell NO!MAYBE RETIRE TO JB!! my story will be unfold one day,will be told & my blog u cannot stop,i have since stop being Singaporean,worst,today m "stateless"!!so,where do i go from here, only heaven's know!& yes, i see e plight of our Singapore pple BUT are we ready to ready change for a BETTER TOMORROW?!!!
ReplyDeleteNot easy also to emigrate to other countries; you need lot of money for investment, you need to have specialised skill whereby your host country can tap on.....and so on and on and on.
ReplyDeleteIf I can choose, I still prefer to stay, work, retire and die in Singapore if the government take care of its people, fellow Singaporeans well.
Quite honestly i myself (age late 30s) is also exploring getting a foreign citizenship or residency status. Will plan to travel to Down Under to recce for a bit, perhaps purchase a property.
ReplyDeleteI do not want to emigrate because I love Singapore. If the cause of Today's many problems are from this elected government and its unsound policies, we should engage them, fight them and if necessary, change them. But if they are originated from the globalisation effects, then the emigration is NOT a good medicine. Many of my friends regretted of doing that.
ReplyDeleteMy husband and I are in our 30s, married for 2 years and still living with his parents - our annual income exceends 200K a year, and yet we are "homeless" as we feel the current property market is highly overpriced. We do not want to live in a lifetime of debt. We are already starting the process of exploring a life outside of Singapore, because we are not only thinking for ourselves, but for our children. Singapore is no longer a country for Singaporeans. We are someone's SIM CITY and there is nothing here to hold us back except for our family. It is a sad situation, but we are left with no choice. We do not want to be in the position of being penniless at 65.
ReplyDeleteSingapore is a beautiful island paradise but sad to say, many younger generations in their 30s are thinking or exploring emigration, as some put in these 5 case scenarios as follow:
ReplyDeleteEither you:
Algamate: Simply join the crowd & stick to country's high cost of living, do what you are told and live in a rat race world.
Automate: Be a successful entrepreneur and self-employed
Emigrate: As what is explored in this subject topic.
Evaporate: Die naturally with your shattered or elusive dreams for fear of being unable to maintain the lifesytyle eg.high mortgages, expennses,or being jobless and or penniless at old age.
Imagine if the 20 doing NS & the 30s & 40s are contemplating emigration and the
50s calling quits in the workforce as reported in CBA thus leaving the poor 60s to work
....kinda scarry isn't???
Singapore has lost her soul as a nation. There are no sense of belonging. You have all kind of nationalities now. Suddenly I have this thought of looking at alternatives. This thought is unthinkable 5 years ago. I have to think for my children in the future.
ReplyDeleteTo anonymous 12:06
ReplyDeletewith a combined income exceeding $200K annually, how can there be a prospect of being penniless at 65?
Still below 40yrs?.. you have time on your side to build a tidy nest egg. You are already delaying a purchase of a home and that is sound.
Migration may set you back to the point where you'll need another 20 years to build your nest egg.
The costs involved: new home, furniture, taxation, and the uncertain future of your new PR status.
Remaining here means you understand the system and there is a clearer picture of your destiny.
A certainty that can be managed
A friend just resigned from his high paying job to go to US to be with his significant other. In Singapore, the PAP system puts spurs on your back and place you on a treadmill making you run tirelessly so that you do not have time to think about other possibilities and that hoarding money is the goal to it all. In life, there are more important and meaningful pursuits than making 200k a year.
ReplyDelete