Tan Kin Lian's Blog: For the benefit of the future generation

Monday, April 26, 2010

For the benefit of the future generation

A retired couple told me that they invested more than $500,000 in mini-bonds, yield 15 and equity-linked notes. There financial products were recommended to them by their bank relationship manager as being better than fixed deposits and paying a yield of 3% or 5%. The risks were not explained to them at that time.

The money came from a lifetime of hard work and prudent savings. They lost more than 30% of the total invested amount. Their complaint to FIDREC was dismissed, although they felt that they had a strong case of mis-selling. The wife felt the sense of injustice to be so strong that she wanted her family to emigrate from Singapore.

I told them that the chance of being accepted into another coutnry is small, as they are already in their 60s. Most countries accept immigrants who are younger, as they do not want retirees to benefit from their health care and pension systems. I also advised them to think about the 70% that they had recovered, rather than the 30% that they lost.

Furthermore, it is better to stay in Singpaore and speak against injustice, so that the system can be changed for the benefit of the future generation.

Tan Kin Lian

11 comments:

Anonymous said...: Migratiou is not the solution if you are in your 60s. Why ?
Factor to consider:
a)Difficulty in geting PR unless sponsored by sibling on family grounds etc.
b)Weather condition?
c)Must be agile and mobile.
d)Cannot be dependent on maids as a
luxury found in Singapore.
e)Higher medical cost?
f)Boredom and loneliness kills
h)Cultural shock?.
i)Unsuspecting crimes?
To my understanding, many older migrants came home to where "Home Sweet Home"; April 26, 2010 8:14 AM
Anonymous said...: d)Cannot be dependent on maids

Even in the west, thanks to globalisation, there are now asian maids available for hrly-cleaning work.

h) cultural shock

If you are an elderly migrating 20 years ago I think culture shock may be applicable. Today if you are an elderly migrating, I believe this is no longer a major issue. Again thanks to globalisation, the internet, and the fact that people are better informed about the world in general. And statistics do show that in general it is the better educated who migrates.; April 26, 2010 9:14 AM
Anonymous said...: Singapore is our home and country and I see no reason to leave. If things are not right, it can be put right by changing the govenment that run the country.

My advice is there is no need to leave.; April 26, 2010 9:14 AM
Anonymous said...: Stay here to speak of injustice?
As long as the Lees and the PAP is still holding the reins of power, can we change this eschewed system?
We are in our sixties also, and we are pushing our youngest son to find a job and immigrate, and then bring us along. We are not old, frail,
ignorant of life abroad, we travel a lot and have relatives and friends abroad, we know what we would be getting.
As previously supporters of this Govt, we are absolutely very angry citizens now, look at how investors were treated as compared to other countries, and when questioned in the Forum page of St,
MAS the coward keeps silent.; April 26, 2010 10:02 AM
Anonymous said...: Why migrate when you can vote against the current leadership? Do not be so selfish. All of us, whether elderly or young or middle age can make a difference. If you intend to live such a passive life, there is no point even living to a 100 years old.; April 26, 2010 10:27 AM
Anonymous said...: This is my home and I intend to live in it. If the Gov does not do things that is sensible, equitible, I will vote to say so.

I will fight for my home.

Many have said that the HDB home is actually a long term lease. Yes, thats true. But as long as I have signed an agreement with them, I expect them to honour it and I will defend my side of the agreement. Yet, there is always a legal avenue to change even that.
That avenue is Paliarment.

Failing which, the ultimate recourse is anarchy and revolt.. a scene that is developing in Thailand.
It may be frowned upon, it will cause deaths, it scares away investors, it goes against the rule of law.

Nonetheless, as in history, if change does not come about through peaceful means, and there is sufficient incubation, the bamboo poles and parangs will appear.

I do not wish that to happen.But the people have no other choice since the Gov holds the gun and the handcuffs.
Just hope that the people who are suppose to handcuff and shoot feel as much a Singaporean too.; April 26, 2010 10:56 AM
Anonymous said...: The couple is not an isolated case. Majority of us, the MB investors felt the same way about the Govt and MAS. The suit in USA continue to tell us that those products were a fraud in the very beginning and MAS did not know about. When the Notes imploded, MAS conveniently refuse to take action on behalf of the investors, why? Because MAS report to the Chairman and Deputy Chairman who are part of the cabinet who also owns Temasak and Temasak owns DBS.

Where is the justice? Just because DBS did wrong, MAS refuse to investigate. Same goes to the Americans Notes creator. When comes to asking for pay increase, Govt gave reasons upon reasons why they deserve it. When problems actually happen, silence is their solution.

We pay through out nose for quality and in return we either get silence treatment or a scolding...; April 26, 2010 1:30 PM
Anonymous said...: What happen to HN 5 Class Action?
Has it been swept under the carpet? No news and no sound from both aggrieved and DBS.; April 26, 2010 3:08 PM
Anonymous said...: "Why migrate when you can vote against the current leadership?"

how to vote when your constituency is a walk over every election??

"Just hope that the people who are suppose to handcuff and shoot feel as much a Singaporean too."

why do you think the Gurkhas are still here and increasing in numbers?; April 26, 2010 9:54 PM
Anonymous said...: The Gurkhas are increasing in numbers because the PAP leaders are afraid for their lives, afraid of being assasinated.
Anybody staying around Leedon park would encounter Gurkha guards stationed along a certain stretch of this road. Any vehicle who wants to stop even for a minute to adjust safety belt would be chased away, as if the whole road belongs to Teo Chee Hian. And it is twenty fours a day, all year round.; April 27, 2010 4:05 PM
personalized retirement gifts said...: Government also provides help after retirement.; April 27, 2010 8:56 PM