Nearly three in 10 seniors in Singapore do not have a retirement plan: Study

According to a new study by a local research centre on ageing, nearly three in 10 seniors in their 50s and 60s do not have a retirement plan. More than 6,400 Singaporeans aged between 53 to 78 were surveyed in January this year. The study also found that a greater proportion of older seniors are living alone. Over 10% of older seniors above 74 live alone. The Centre for Research on Successful Ageing (ROSA) has made several policy recommendations, including ways of improving housing, such as incorporating spaces where seniors can interact with each other.
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[@seahs.k.6756]

No money how to plan?

[@tonykiang9052]

With the continuous costs, prices n uncertainties, is This surprising?! Soon more than 2/3 citizens can't depend on savings or retirement.. Wake up Spore 1st World City!

[@rikil214]

What the seniors need are money, please government do not gives any nonsense solutions to this aging issues in our society! Spend the money on your people not on those foreign scholars who after graduation feels that they are the top tier of the society and look down on your people!!!

[@vincecarlo]

ASTRONOMICAL RISING Living Cost FURTHER COMPOUNDS the Problem

[@PAPHypocrites]

86 years old man who should enjoy his retirement instead of cleaning the estate… What does the future hold for us when we reach his age?”

[@hugohabicht9957]

Pray that at least the cleaning job is still available then and not taken by a robot 😂

[@ckokloong]

Maybe that 86 yo man spent all his money on prostitute. Thats why no money to retire. Cannot blame govt for his action

[@rosepohchoocheah2694]

It's very hard to survive. No money no food on the table. Is there a tomorrow??? Here today Gone tomorrow.

[@tanpengjoo7205]

How to have retirement plan even our basic needs also difficulty making ends meet when costs are getting higher year after year .especially those local breed Singaporean whole-life hard-earned stressed n sweat c p f money are not return sooner especially when jobs are not available when those groups are not well educated n many jobs are taken by foreigners even many jobs are suitable for these seniors even available it was taken away may be many are paid higher to foreigners for the same jobs. The most important for our locals to survive on their own are to return their whole-life hard-earned c p f money sooner don't let them wait after dark ten years after the first return at 55 years old. Worst many are just return of 5k .asking any one with no education are 5k enough to last another dark tens years members have to survive on yet our small island population Singapore ministers salary are probably higher paid than bigger countries with many tines population than us even America. But pap cannot look after our local breed Singaporean who built up what Singapore are today .what a shame .

[@kimyong7031]

Look at his son recently charged with cheating and fraud..it shows the kind of wrong family values .

[@Changemustcome171]

When Goh Chok Tong mentioned that if you pay less than $500,000 a year, you only get “mediocre” people, he brought home the point that First Class is so far removed from Economy Class in this country. Someone said it best for all of us when he posted this response to Goh Chok Tong putting up photos of his leisure activities on Facebook: “Enjoy Swiss standard of retirement for himself. Never mind the rest of Singapore.”

[@hugohabicht9957]

So the message then was that in his opinion 99.9 % of Singaporeans are mediocre 🤔? When was that? Nobody objected at the time ?

[@Jwalker0075]

Most retirees have a retirement plan using their CPF saving. But tbe govt hols on to.theirs saving and refused to return it to them. This is a wrong way to steal tbeir saving in broad daylights

[@kornhead8]

Retirement was never a topic with my generation. Now we are face with this life issues 🫣

[@Utube1024]

Extend Silver Support Scheme to all senior not according to some hidden qualifying criteria. Knew one millionaire still got paid every 3 months.

[@deschan2246]

Does Government care? Obviously Not. Higher Cost Of Living is Government "help" to seniors !!!!

[@wz758]

Don’t gong jiao wei la des…lmao

[@teckmenglee8060]

Many aged have to continue working into their retirement. Their investment is already made into their children through all the tuition, enrichment programs for their children all the way from age of 3 to age 23. Education is too expensive for the discerning parent in Singapore.

[@hugohabicht9957]

One need to pray that all that investment will result in a return . Me personally seriously doubt that. Salaries do not correspond with the cost of education anymore. Look at the US. Folks in their late 50‘s still carry student loans 😮

[@nelsonpally]

Too late.

[@ShimomuraTakezoWong]

The best way is having some hobbies/sports to be with the rest of society and also generate some income even part-time might be suitable...

[@waynethean2868]

How to plan if you don't even know when can you retire? The age bar keep lifting, do Singapore senior citizens really needs to work till death then its consider contributing to the society? We're now in world class category and who brought us here? The government can't do it without the support of its nation but what happen to its nation now?

[@blk9159]

This topic is really a joke.

[@tonykwok9763]

JUST RETURN CPF

[@YMWong-cb6ke]

Please do not blame anyone. Plan your life carefully even if you can earn only a small salary. for example, don't get married. If you still wants to marry, plan no children. Only by taking care of yourself when young, then you can take care of yourself when old. Senseless are those people who become parents at 18 years. They can't earn enough to keep themselves alive, still wants to have children. How to plan and save? Behave yourself, control yourself, only then can you be more sure to plan for yourself. Doing stupid things when young will bring you a lot of stress and pain when you grow old. when you are old and still don't have enough money to tide you over, you will be at the mercy of others. Spent less and save more. Don't compare yourself with others. take care of your health and be kind to yourself before being kind to others.

[@Changemustcome171]

The earlier that the individual can buy a stake in the country, the earlier the person can sink roots in the into the country,” he said. Empowering young Singaporean adults to have access to public housing, added Mr Fadli, is also crucial to the development of society. Mr Fadli made his comments as one of the panellists in the third installment of the party’s e-rally series “The Hammer Show”, which was moderated by Nicole Seah, one of WP’s candidates for East Coast GRC.

[@wshyangify]

This comment does not age well. Who is Nicole Seah?

[@EleanorMabel]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.

[@PeterEdet-rh5ot]

I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.

[@PAPHypocrites]

86-year-old elderly works as HDB block cleaner Sadly, many elderly cannot “enjoy their golden years” with any peace of mind simply because they do have adequate funds to retire comfortably.

[@64ytb]

What about the many who don’t have to work until they die? There will always be people who will have to work until they die. And there are those who got to retire at 65. In Korea and Japan, old folks do not have any work for them at all. Since you mentioned, where can I find this 86 yr old elderly working as HDB cleaner? It’s true that some people do work until they die. Some because their own family members don't take care of them or give them money.

[@waynethean2868]

@64ytb - the question is not we still have a job at 86 yrs old, the question is why is she still working at that age? No family to take care of her? Then who should? At the age of 86 now, she might even be a samsui lady who contributed her entire youth help shaping up this nation.

[@64ytb]

@@waynethean2868 , I am not sure if anyone could live for so long without any support from family members. My own mother is 87. I takes care of her almost singe handedly. Most of my neighbors' parents died before 80 years old, even with family care.

[@Changemustcome171]

Is it any wonder that they insist that HDB flats are affordable? Economy Class naturally find that $500,000 for a first home is out of reach, but First Class can afford to fork out a few times that to buy a first home for each of their kids. When the opposition calls for a minimum wage to be set and a poverty line to be drawn, the answer is always an emphatic no. The needs of Economy Class are not the needs of First Class, they are not given priority.

[@agnesteo4549]

Nan Hua top studies in Maths n Science are for foreigners studies on SGfund. Its' in Clementi Avenue 1 next to Catholic Church.

[@Changemustcome171]

In 1981, the government announced that mandatory personal retirement savings called Central Provident Fund (CPF), which till then could only be used for purchasing HDB flats which are public housing, could also be used for purchasing private property. Almost immediately, private property prices shot up, and that policy continues to support prices, to the delight of property developers and their associates.

[@64ytb]

And in HK and Korea, they can only afford to rent their houses until they die. They never got to own anything. We have it too good that we forgotten how fortunate we are.

[@s._3560]

Race to the bottom. In many countries, middle class at least have a reasonable house size required for personal space. Important for emotional well-being and personal development.

[@hugohabicht9957]

Increasing the price but not the value . In essence a double edged sword

[@64ytb]

@@hugohabicht9957 , Then dun buy, simple.

[@firdausbj1]

Personal financial freedom is your personal responsibility. Can't blame the government for it. For example, you can't blame your teachers if you fail your exams. You need to personally study. I started planning for retirement by purchasing retirement and invesment products in my early 40s. Today I checked I have a total of almost $300,000 (CPF + Retirement fund + Investments). Possible to reach $500,000 in the next 10 years. Don't just put money in bank. Go invest !

[@tdtdtd1826]

Great

[@ongchinlam4631]

Let me say. Why. How come. MSF/ Comcare woodland branch make senior citizen life difficult. Why why why

[@hassanrose1714]

$1000 is enough for 4 kids in S'pore now, in 10 to 20yrs from now what is happening cis everything keep increase. OMG...

[@Tony.L9793]

majority of seniors prefer to work till last breathe

[@hugohabicht9957]

Work as a choice is fine but not our of necessity

[@tonykiang9052]

Yea pls undertaker don't close your cover, might sneak out to do overtime LOL

[@hengjessica5930]

To work longer is not a preference. Everything is getting more and more expensive, got no choice, have to work a few more years to cater for enough retirement fund.

[@FlorentGulliver]

Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.

[@RoseSmith-v7g]

The strategies are tough for average people. They're usually done well by experts with lots of skills and knowledge.

[@LiamOlivia-4]

@@RoseSmith-v7g I agree. From my own experience with an investment advisor, I've got $1 million in a diverse portfolio that's growing fast. It's not just about having money for stocks; you need to know your stuff, stay determined, and be resilient.

[@ultralaksa5720]

Because our seniors are generally selfless folks who give their all to raise the current generation. It’s called sacrifice. But the current generation is now stuck in between raising the next generation while taking care (financially at least) of the seniors. This cycle will continue unless the current generation is given an opportunity to break out of it and allow the next generation to not worry about taking care of of their parents and focus on themselves and their offsprings.

[@ahmengng4396]

GOV shu provide more incentives for 60 years n above. Transport n medical much 40 % lower n give more employeer benefits when the company employ Local 60 to work. Increased 2 more CPF interest for 60 n above.

[@RachellGroth]

Retirement planning is very important in our world, funny how in some parts of the world, you need over a million dollars to retire comfortably?"

[@rahilahrahman]

We plan upto 60 yet govt keep changing the withdrawal of CPf

[@Hs5687]

This is a Major PAP Failure … Solution is to allow use of CPF to Plan for Retirement… ie. seek Professional Financial Advice , Legal Advice, Investment Advice etc

[@hugohabicht9957]

😂. I almost thought you are serious

[@Hs5687]

@@hugohabicht9957 Of Course the PAP & their Obedient Internet Brigade will naturally feel Threatened 😊

[@vincentwong3018]

Best is last time my friends can withdraw all cpf so can enjoyed before "going away ".now we need to worked and take so little from cpf as they used our funds for investments making millions. Now cpf is for hospitals and that's why Maserati .,Ferrari are for" those "

[@lamjianyuan]

After so many years, 10or 20 years, what has the pap,Lee, Teo and Tharman DONE,said or served for common or poor Singaporeans? NOTHING even at all.

[@jarrodyuki7081]

no mroe s-o cross sections i ahve to control eveyrhting!!!!!!!!!!!!!!!!!!!!!

[@money3ss]

Headline should be: Only 1 in 5 has a retirement plan

[@MyHanck]

😱

[@anziar3038]

What is worse is that there are many opposition party members like pritam, charles yeo, lim tean and hsien yang being pursued by the police for crimes like lying, breach of trust, forgery, stalking, etc.

[@tonykiang9052]

Anzia overdosed wild Obsession Meds, need assessment on what kind lockup. LOL

[@jarrodyuki7081]

artificial huixuanyudi ....................... or huixuanyudi