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10/03/2011

Retiring plans getting topsy turvy

Not only that Singaporeans cannot retire gracefully, I mean the average working class Singaporeans, they now have to start life all over again like a 20 something. They have to start to find a job, to start to save, to worry if they will still be getting the same share of CPF contributions, not because they are going to start another family, but to pay for housing which should have been paid long ago, and the ridiculous medical bills akan datang.

How did we arrive at this pathetic and desperate position when we were one of the biggest savers in the world? We saved 50% of our income, then slowly reduced to slightly below 40% today. This is still an awesome sum of money to save for a life time, but only to realize, not enough leh. Now Ah Kong and Ah Mah must start saving, and to work, to fight with employers for more CPF. This is like the saying, ‘boh geh’ still want to eat peanuts.

This is the ultimate, and par excellence, in retirement planning of a first world nation. Suddenly everything is just a fleeting dream. The govt is now working hard to make employers pay CPF to the oldies as if they were short changing them. Even their income got to be the same as the young twenty something.

Bull. Let’s face it, not everyone is a LKY or an Emeritus Minister that can keep on thinking of getting bigger and bigger pay as they age. Not everyone is a super talent minister that can be appointed as Chairman here and there, and directors everywhere, to collect more and more pay.

The oldies should be retiring and live on their savings, and taking life easier. Go for a different kind of pursuit, at their own time and own pleasure. There are just so many jobs that the oldies can do, at the same pace and quality as the young. No kidding, our body and system age with time.

We thought our great savings and retirement plans were first class. But we did not bargain for some jokers to throw in the spanner half way, to empty our nest egg with ever increasing housing and medical fees. Now the nest egg is nearly empty. And the oldies panic. And everyone panic.

Who in the first place emptied the nest eggs of the oldies? Now all the policies on ageing and retiring is turning topsy turvy, expecting the oldies to do the contrary, to demand for jobs, for more pay, for more CPF, to save some more. And they are expecting the employers to hire all the oldies when the latter could pay for less with so many foreign talents waiting and knocking at their doors. What a joke!

Ok, Ah Kong and Ah Mah, please line up and open a savings account with POSB, and put in $1 every day and see it grows. Then when the time comes for retirement, the money would have grown, and no more worries. Sure, dead people sure got no worries.

17 comments:

Anonymous said...

There is still the worry that their savings may not be enough to pay for their coffins, hehe....he.

Anonymous said...

Redbean,

I am a senior citizen. I really enjoyed this article and had a good laugh.

The PAP Govt had lost their original bearing in the mid 90s when the exPM with the ridiculous title of Emeritus took over the reign. They have enriched themselves with high salary and when they retired from politics they appointed themselves to position in Govt related companies earning new salary and govt pension.

Yes they made some Singaporean rich but they left many behind.

One comment made by a overseas friend which I couldn't stomach was "Singapore is almost first World. How come I see so many pathetic elderly people everywhere cleaning tables and toilets at your eating centres and many collecting recycled scraps on the streets. What is your govt doing?"

agongkia said...

There is no such thing as retiring in SIN.Unless you are financially independent.
I never dare to think of retiring.I would rather spent my time thinking on how to look for a wife or 2 in a foreign country,get myself married to her and can retire there.

Our local younger generation are bullying our older generation.How to sambong working like that.
I just came to know of a construction site using a foreign Indian worker ,putting on uniform as sookoority guard to replace the old contract local agency licensed Ah Lau.Cheaper mah.So what if I will to get a bigger amount of CPF,its robbing Peter to pay Paul.Why make my Towkay pay me more when he himself is struggling?Make me less secure only.
Better keep quiet.Stop complaining.Just let the younger generation do what they want.
My solution..
Go and look for a foreign wife,or get a Suay Yee oversea,only then got hope......Do consider.You may thank me one day.

Chua Chin Leng aka redbean said...

Hi anon 11:05,

You should have replied that our govt are teaching our oldies to be financially independent and regaining their pride and dignity by working. No need to beg or depend on the govt for charity.

They happy govt also happy.

Agongkia, good suggestion. They govt will be very popular if they allow the oldies or any Singapore to cash out, with each being paid a certain sum of being owners of this island, or option to sell everything and share it among the Singaporeans.

They we can all become emperors in Lijiang and join our local Buffett there.

Chua Chin Leng aka redbean said...

And Wally may complain the place becomes too crowded: )

Anonymous said...

Give Ah Kong, Ah Mah a piggy bank each and make sure they put in $1 everyday.

agongkia said...

Leave Lijiang alone,cannot have too many emperors there.
Talking about Buffet,also reminded me of Matilah,miss them here.just wonder how are they.Pls send my regards.
And patriot,farming haven't started?You can smoke and drink more with less worry over the causeway.

Anonymous said...

The Articles at My Singapore News are getting better each day.
Kudos to my Fren Chua Chin Leng.
Me hopes not to be in Sin forever, hope to repent in somewhere else.

Agongkia Sir, the greenery beyond
the Causeway is indeed very alluring.

patriot

Anonymous said...

Oh! Forgot to mention that eating, smoking and drinking are much more affordable across the Causeway.

patriot

Chua Chin Leng aka redbean said...

Agongkia, ya, Matilah and Wally must be having a great time somewhere. No time to blog: )

Patriot, we all won't be long in Sin. How many more years to go?

But please start saving, especially putting money in the CPF. It is for your own good.

Kaffein said...

I have been sharing that CPF is a kind of tax. Many of my colleagues refused to believe me.

It is considered tax when it gets cut-off from your pay and you don't get to withdraw it out at your desire or wants. It is tax when you have absolutely no say in this.

It is even worse when you use that money to pay for your housing in which the government indirectly controls the prices - one of which is the land sold to the developers.

How can it not be tax when it is so obvious?

Kaffein

Anonymous said...

We all know that someone or someones up there have beeb going to the biggest casino in the world with our CPF savings. I would be surprised that our latest EP was among them. Perhaps that was LKY's escape route for his confederate - to ease him out after the horrendous losses he made on our behalves!

Think for yourself how could they afford to take out someone at the forefront of the casino table and make him an EP if he is so dispensable?

Anonymous said...

re there r just so many jobs tt the oldies can do - wat? clean tables? be a cleaner? serve at big mac's? damn exciting, man... pays well too ah?

if the oldies r panicking now, hey in 10 yrs' time things will be REALLY Exciting. tt's wen all those in their late 30s now will be joining the worrying old folks, becos no one wants to hire u once u'v past 40. esp since u'r daft n foreigners r cheaper.

but u'll have this mortgage to pay, V Little savings becos of the high cost of living, a bunch of health probs, elderly parents to support... if u'r lucky, u won't have kids and so wont have to worry abt paying for their education!

yup life and people will be truly Jumping then. it'll be worse than the '60s, which we'r told were bad old days we'd left behind.

talk about kicking the can down the road... or should it be coming full circle. akan datang. 50 years and we haven't gone anywhere. a great way to fly! vote PAP, for more 'good' years...

Anonymous said...

CPF is the fare GIC and Temasek charge Sinkies for travelling the road to hell paved with good intentions. Good for them - high pay and bonus win or lose. Good for you - high property, high health care, high price higher education and so better have high minimum medisave, high minimum sum in CPF so that when your bones are too tired and you finally have to retire, you can do so in JB. What more do you want?

Saycheese

Anonymous said...

Talking about GIC and Temasek really piss me off because, the sad fact is that the money, whether they make trillions out of it, will never benefit you or me one bit.

That money, to my mind, belongs not to Singaporeans anymore. It is like money inherited by some people from their great grandfather.

Singaporeans cannot have a say, are not allowed to see, are not allowed to ask questions about the money, so how can it still belong to them? Forget about it and you will live longer and happier.

Agongkia has the right formula and that is to let them do what they want.

Wang said...

Kaffein

If CPF is tax, than superannuation should be regarded as that in Oz.
Further, unlike super in Oz or 401K in uSA, you can use it for insurance, education, housing.

The reality is that the proportion for housing in CPF should be lowered which would result in cheaper housing and lower minimum required.

Regards

Anonymous said...

Money made by You and kept in your names which You cannot/do not have the right to use is ransom held by others on You!

patriot