1. Singaporeans financially unprepared for retirement: HSBC Research - AsiaOne Jan 21, 2015
SINGAPORE - Retirees in Singapore are said to face 10 years of hardship once their savings deplete.
Despite this, a third of pre-retirees still do not save enough or even worse - they do not intend to save up for retirement.
According to the HSBC-commissioned independent research study into global retirement trends, The Future of Retirement: A balancing act, future retirees in Singapore foresee their savings to last only 13 out of an average of 23 years in retirement.
Here are 4 practical steps individuals can take towards a better retirement, as recommended and founded through HSBC's research:
Action 1: Start saving early.
Action 2: Know how much you need.
Action 3: Refill the pot.
It is easy for retirement savings to suffer when times are hard. With the worst of the global economic downturn behind us, start looking for advice on how to replenish any depleted funds in your retirement pot.
Action 4: Expect the unexpected."
Most cited the burden of paying off the house mortgages leave them with very little!
Lessons for me are:
a. the study was done in good faith BUT the conclusion COULD HAVE BEEN better presented. e.g. Action 2 above on 'Know how much you need' should be: 'As you ages, your needs hopefully will be towards the spiritual and non-material sides that dominate your mind. So, you will need very little actually!' :-)'
b. what about the favourite: 'monetized your HDB or private properties' to help fund retirement argument? Will ever increasing properties prices, surely the retirees will be able to monetised this ASSET! Yes? If so, there is no worry about retirement income right? Nah. Unfortunately it is NOT that SIMPLE. Properties prices DO go up and come down like any natural phenomenon! Question is: why pay more so that I can have more 'redemption' value when I sell or 'monetised' my properties to someone EVEN younger? Hmmm...;
c. hopefully this is not self-serving in that HSBC Insurance want the 'vulnerable' people to turn to insurance to help with retirement planning! Most lowest income folks probably can afford any basic insurance let along fancy ones!
2. "MediShield Life: Can pay but won't? Jail, fine on the cards - Jan 21, 2015 My Paper
Singaporeans or permanent residents (PRs) who refuse to pay MediShield Life premiums once the universal health insurance scheme is launched later this year could find themselves behind bars if they try to leave the country.
The premiums will be compulsory - not just for people living here, but also those living overseas for long periods - under proposals tabled in Parliament yesterday by Health Minister Gan Kim Yong. Singaporeans and PRs living overseas will be entitled to coverage should they fall sick in the future and decide to return here for treatment.
The Ministry of Health has stressed that penalties are intended only for those with the means but are recalcitrant about paying their premiums. The MediShield Life Scheme Bill will be debated at the next sitting of Parliament. The scheme is due to launch by the end of the year."
Well, it is upon us.
Lessons for me are:
a. I FULLY support this scheme as no Singaporeans and PRs should be denied medical care just because they are poor and cannot afford medical healthcare insurance. While most people WOULD rather NOT have to 'enjoy' the medical insurance benefits, each time someone lands in hospital for just a week would have recovered ALL the premium he or she had paid. Of course, the next premium will be higher!;
b. Linking in with the topic of Retirement Planning in item 1 above, when housing and medical care are covered, the retirees basically SHOULD have not too many areas to be of concerned to them. Reason being: when one grows old, one eats less, drink less, no need for fancy clothes to impress, etc. That is the ideal approach. IF not, as your ability to generate recurring income/cash falls, you still want to SPEND a lot MORE, it WILL be an issue! Period;
c. In this scheme, the 'fit and healthy ones' and 'those not physically in S'pore' will have to have a bigger heart than just being narrowly focused on self-interest UNLESS they truly cannot afford the premium. In which case, the government supposedly has some means to help. Hopefully when one comes to the bridge, the solution is there as promised!
Peace to the world and keep it together!
Despite this, a third of pre-retirees still do not save enough or even worse - they do not intend to save up for retirement.
According to the HSBC-commissioned independent research study into global retirement trends, The Future of Retirement: A balancing act, future retirees in Singapore foresee their savings to last only 13 out of an average of 23 years in retirement.
Here are 4 practical steps individuals can take towards a better retirement, as recommended and founded through HSBC's research:
Action 1: Start saving early.
Action 2: Know how much you need.
Action 3: Refill the pot.
It is easy for retirement savings to suffer when times are hard. With the worst of the global economic downturn behind us, start looking for advice on how to replenish any depleted funds in your retirement pot.
Action 4: Expect the unexpected."
Most cited the burden of paying off the house mortgages leave them with very little!
Lessons for me are:
a. the study was done in good faith BUT the conclusion COULD HAVE BEEN better presented. e.g. Action 2 above on 'Know how much you need' should be: 'As you ages, your needs hopefully will be towards the spiritual and non-material sides that dominate your mind. So, you will need very little actually!' :-)'
b. what about the favourite: 'monetized your HDB or private properties' to help fund retirement argument? Will ever increasing properties prices, surely the retirees will be able to monetised this ASSET! Yes? If so, there is no worry about retirement income right? Nah. Unfortunately it is NOT that SIMPLE. Properties prices DO go up and come down like any natural phenomenon! Question is: why pay more so that I can have more 'redemption' value when I sell or 'monetised' my properties to someone EVEN younger? Hmmm...;
c. hopefully this is not self-serving in that HSBC Insurance want the 'vulnerable' people to turn to insurance to help with retirement planning! Most lowest income folks probably can afford any basic insurance let along fancy ones!
2. "MediShield Life: Can pay but won't? Jail, fine on the cards - Jan 21, 2015 My Paper
Singaporeans or permanent residents (PRs) who refuse to pay MediShield Life premiums once the universal health insurance scheme is launched later this year could find themselves behind bars if they try to leave the country.
The premiums will be compulsory - not just for people living here, but also those living overseas for long periods - under proposals tabled in Parliament yesterday by Health Minister Gan Kim Yong. Singaporeans and PRs living overseas will be entitled to coverage should they fall sick in the future and decide to return here for treatment.
The Ministry of Health has stressed that penalties are intended only for those with the means but are recalcitrant about paying their premiums. The MediShield Life Scheme Bill will be debated at the next sitting of Parliament. The scheme is due to launch by the end of the year."
Well, it is upon us.
Lessons for me are:
a. I FULLY support this scheme as no Singaporeans and PRs should be denied medical care just because they are poor and cannot afford medical healthcare insurance. While most people WOULD rather NOT have to 'enjoy' the medical insurance benefits, each time someone lands in hospital for just a week would have recovered ALL the premium he or she had paid. Of course, the next premium will be higher!;
b. Linking in with the topic of Retirement Planning in item 1 above, when housing and medical care are covered, the retirees basically SHOULD have not too many areas to be of concerned to them. Reason being: when one grows old, one eats less, drink less, no need for fancy clothes to impress, etc. That is the ideal approach. IF not, as your ability to generate recurring income/cash falls, you still want to SPEND a lot MORE, it WILL be an issue! Period;
c. In this scheme, the 'fit and healthy ones' and 'those not physically in S'pore' will have to have a bigger heart than just being narrowly focused on self-interest UNLESS they truly cannot afford the premium. In which case, the government supposedly has some means to help. Hopefully when one comes to the bridge, the solution is there as promised!
Peace to the world and keep it together!
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