6/28/2007
How awfully wrong
'Even if the man spent only $1000 a month, he would need $240,000 over the next 20 years. And that is before medical expenses are factored in. Would that be enough?' Lim Boon Heng
How awfully wrong is the number. Even without taking medical expenses into consideration, he would need at least $480,000, taking into account inflation and the diminishing value of the dollar.
The minimum sum, to be adequate, must be raised continuously to $1 million at least. The people must be educated and be prepared for this.
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4 comments:
To have a minimun sum of $1 million I think most people need to work until they are at least 150 years old. What a prospect!
that is my guesstimate to make sure everyone is rich beyond recognition when they die. but i may still be wrong if we are talking about banana currency.
Here is another example of why governments should GO and PRIVATE OWNERSHIP brought in as a replacement.
If there was NO GOVT to provide the myriad of services it provides, and instead we had the private ownership of The People (i.e. the citizens OWN the businesses which provide the services), the many MORE of the older folks would have PASSIVE INCOME (from the businesses) as their cash flow during their retirement.
The proble is simple: too much govt — opportunity is "killed" and far too many resources are diverted to govt activity.
You want simpler reasoning?
Less money for govt means more money for you an I.
You can't get simpler than that.
Current Minimum Sum of $99,600 gives $790/mth over 20 yrs. We must not forget the 4% interest in the MSS account.
Raising MSS is inevitable because many Singaporeans will not save or invest properly when they see the money. If money is released to them, money will flow out from them in a short period of time.
When they are pennyless, it will be the tax-payers' money to support them in the end.
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