Daily Lessons from Life 02 November 2010 - Work longer to save for old age

"Lim Boon Heng: Work longer to save for old age - Tue, Nov 02, 2010 my paper

SINGAPOREANS will not be forced to work, but are encouraged to keep working upon reaching 65 years of age.

Minister in the Prime Minister's Office Lim Boon Heng watches as 84-year-old Tan Guan Kheng carries out a coordination activity under the guidance of physiotherapist Suganyadevi P.

This would allow them to earn more money to spend, said Minister in the Prime Minister's Office, Mr Lim Boon Heng."

This is the reality of life. Or urbane life. If you live in a city and you have no income - passive preferably when you are old - you are in troubles! If you fall sick and you still have some money, you are in big trouble as you will exhaust it in no time even though the government provides subsidies to you. If you are sick and have no money but your children, assuming you have children, have some money, they are in troubles as they will have to exhaust their money, assuming they are single or married but have no child, to take care of you as this is how it should be. The government will come in ONLY when they are also poor, and you are really poor. This is to ensure that Singaporeans do not develop the crunch mentality. That they have to be responsible for their old age preferably.

Lessons for me are:

1. live simply and live healthily. Without health, there is no way you can work to make that income to keep yourself alive!;

2. forget about retirement if you are not rich and healthy. It is no longer something to look forward to. It is radical and paradigm shifting. You better get use to it - fast!! Actually I don't think there has ever been any change here. Just that more people are in the middle income level these days and many thought they can afford to retire! Wrong!!;

3. it is a laudable goal to have the seniors continue working if they don't have passive or other income or allowances from their ables and relatively wealthy children, who also are filial and caring. The challenge is what type of work and at what type of pay for them to feel fulfilled or rewarded appropriately? The truth is, the old folks should just be grateful with ANY WORK that PAY them sufficient money to pass the days.

It just send shudder down my spine when I think that we will be competing with another 300-500m oldies from India and China down in the not too distant future!! For the next generation? Beware!!