S'pore may raise retirement age to 68, says Lim Boon Heng

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I saw it coming......retirement age to be raised?? Undecided

S'pore may raise retirement age to 68, says Lim Boon Heng

SINGAPORE: Singapore's Minister in the Prime Minister's Office Lim Boon Heng has indicated that the country may need to raise its retirement age to 68.

Mr Lim, who's in Finland accompanying President S R Nathan on his state visit there said Singaporeans need to work longer as their life span increases.

That is because they need to accumulate more for their old age.

Mr Lim who is also the minister in charge of issues on ageing in Singapore, cited Finland as an example, and will use this trip as an opportunity to study how the Finnish are dealing with their ageing population.

Mr Lim added there are areas that Singapore can emulate. One of which is to mobilise the elderly to organise themselves and form retirement communities that can provide mutual support and friendship.

A law that will make it mandatory for employers to offer re-employment to workers beyond the age of 62 will be in place by 2012.

"We are raising the retirement age, through the process of re-employment from the current 62 to 65 in January 2012. Beyond that we would have to examine how we can further raise the retirement age. In Finland, they have raised it to 68, so it gives us an indication about where we should be heading.Because the Finns are not living longer than us, we have a life expectancy of about 80, I think the finns are little less than us," said Mr Lim.
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Former sec-gen of NTUC also come out and say this that means we all know what's coming.

I'm sure a lot of Singaporeans are going to come out and make a big hoo-ha about this but this is precisely the reason why it sucks to be middle class and why one shouldn't depend on the government to help you.
I have never really understood the concept of "retirement age" as it relates to Singapore. IMHO either you eventually amass enough wealth that you can afford to stop work, or you don't. This has nothing to do with how old you are, but rather how much you saved, how well you invested and how much you will spend in retirement.

Maybe the term "retirement age" comes from other countries where there is an old-age pension e.g. US, UK etc. But in Singapore, where there is no old-age pension entitlement, what "retirement age" nonsense are we talking about? CPF is not retirement money either - it became housing money decades ago. Whatever excess CPF money you can take out at "retirement age" is a joke anyway - if it makes a difference to you, you are in deep trouble financially.
Agree, it is meaningless.
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Either you have enough money to retire, or you don't. Funny how people like to debate this retirement age issue.

I will be in trouble if I need the government to tell me when i should retire.
from 55 to now 68

want to follow the finland example, well the fins have a very comprehensive social security shall we have it too then?

it's just more lame excuses to hold on to the cpf money.

It is abt the CPF...

When retirement age is raised.. CPF withdrawal age and minimum sum will be raised...

This is meaningless for those who has accumulated enough wealth for retirement and does not require the CPF..

How abt those in the lower income bracket??

PAP is really a blood sucking govt..

Inflation rate is abt 3 ~ 4 % a year and our CPF interest is not above inflation rate...
How will people ever retire??

The govt agenda is clear that they wants to reduce the CPF money from being withdrawn ..
What hidden agenda is there is up to everyone to guess...

Hint: Temasek's loss, GIC's loss, Minister's salary, YOG, etc...
Gentleman, anyone know where the CPF monies go to?

Heard CPF monies taken by MBT at low rate to build HDB/BTO/DBSS/EC then sell you at a high price.

Folks please vote wisely hor.

Gentleman, do anyone know where our CPF money gone to?

Understand taken by HDB to build public flats and sell it back at high price to her citizen...teo bor teo?

Dear folks please cast your vote wisely hor.......
After reading the views here, I'd have to agree - retirement is a personal thing and a choice one has to make. Each person needs varying amounts of $$ for his twilight years and who's to say what is the average?

Most importantly, one has to make sure one is prepared for one's own "retirement", once you stop working and earning active income. Passive income can be obtained through investing in shares (dividends), bonds (coupon), property (rental) or from books (royalties).
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/

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