Singaporeans in retirement expect their families or children to care for them

A survey by St Jame’s Place Wealth Management Asia (SJP Asia) found that 46% of Singaporeans forecast that they will not have enough money to sustain the lifestyle that they wish in retirement and they expect their families/ children to care for them.

I am not surprised at all.

To begin, if retirees’ expectations of life in retirement isn’t realistic, then I have absolutely no sympathy for such people because for the majority of them, earned salaries will no longer be forthcoming in retirement, still, I will apportion a large part of the blame on the government. Let me explain.

In the face of persistent falling birth rates of over 3 decades and improved longevity of our seniors due to better healthcare, nutrition and living standards etc, the family structure of many Singaporean families today are not the same as people one or two generations ago.

The knowledge that we are among the world’s top retirement savers offers little comfort. In fact, it makes my blood boils. I ask where did our all retirement savings go to despite saving and accumulating such large sums over a lifetime?

Much have been used to pay off inflated HDB flat loans thus leaving little for retirement and to add insult to injury, stringent restrictions are placed on CPF owners regarding the withdrawal of their own CPF savings in retirement.

As a consolation, HDB has been selling their lease buy back and flat downgrading schemes to plug retirement inadequacies among our growing pools of ageing citizens. Moreover, ageing new citizens will compound our problems even more .

Many working Singaporeans are experiencing depressed wages and personally, I know of some working citizens who haven’t had a mere $50/ increase in their salaries for 3 or more years. How these people survive in very expensive Singapore, it beats me.

It is also not uncommon to hear or even know of someone personally who only draws $300 or even lesser amount from their CPF monthly payout in their retirement. When new citizens are young, they are economically active but when they are old, their problems will become our collective problems.

I curse their incompetence when I read that lhl even encouraged our undergraduates to accept lower wages that foreigners are willing to accept working in Singapore.

Today, if Singaporeans bother to look harder, it is not difficult to see that the pap ministars are only able to create good paying jobs for itself and their friends.

If the pap government is returned to power with another strong mandate in the coming GE, I won’t be surprised that in our lifetime, we are likely to be able to see more and more younger Singaporeans being forced by circumstances to seek employment opportunities overseas and being away from their families just like the many Malaysians, Indians and Filipino pmes working in Singapore today. Think.

 

Simon Lim

 

 

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26 Responses to “Singaporeans in retirement expect their families or children to care for them”

  • Went to Japan:

    The system starts brainwashing them from young age that many are so brainwashed that they accept dire straits situation created by PAP and even found reasons for them.

    Seriously I seen so many brainwashed so deep that I believe they will eventually be the ones who are going to suffer.

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  • Top Money for Top Talents:

    Dear Simon,
    You said : 46% of Singaporeans forecast that they will not have enough money to sustain the lifestyle that they wish in retirement
    ===============================================================
    Of course not enough lah if you every day 3 meals dine in restaurant and go nightclub to touch here and touch there.

    If you have 3 simple meals in hawker centre and keep your cheeky hand and dicky in check, you will have enough for retirement.

    So what life style you talking about ?

    You want 3 meals in a hawker, food court or restaurant or nightclub ?

    GE2020.PAP.Guarantee.Win.All
    $PAP$ Tua Kee; Majullah $PAP$; $PAP$ Huat$ Huat$ Huat$
    Singaporeans must be Cheaper, Better, Faster.
    Workers must accept wage sacrifices to keep businesses going.

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  • Elcb:

    Maybe hsk no take temp.when go onto

    Parliament house.

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  • Alberto Lim:

    Dear Simon,

    It’s going to materialize – if PAP stays in power for GE2020.
    Pls 69.90% – think harder prior to election date. Yr next generation are bound to suffer.

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  • PAP's failure !:

    Simon, you have touch the fundamental problem affecting aging Singaporeans.

    The ONLY action needed to fix this problem for Now and for our children >> VTO PAP.

    We need a Coalition Govt where all political parties will consult each other before approving any new Bills or laws, which will be Singaporean-centric.

    Singaporeans please vote for more Opposition to form a Coalition Govt made up of multiple political parties.

    Important Note : Salary of the Queen will become transparent for sure, under a Coalition Govt and there will be NO Minister Mentor position and no CECA or POFMA.

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  • NotMyProblem:

    About 5 years ago I knew of a PRC turned SG citizen. He returned his SG passport, sold his HDB (brought with money that cannot see the light in PRC) and closed his CPF, returned to PRC with $2.4 million.

    Now he is a rich ex-Singaporean back in PRC.

    Can Singaporeans do that, where can we go? Will any country welcomes Singaporean in his retiring age?

    So young Singaporeans, think about it. Your future is in your vote! PAP is unable to create any job for you, they have no idea of how to do it. That’s the reason why 3rd world people can find it so comfortable in Singapore. The jobs they are doing here are for 3rd world.

    Vote wisely. This is the last chance. Singapore population was already 46% foreigner turned citizen in 2018. You will be replaced by foreigners soon, your future votes will of no use!

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  • REGIME CHANGE is the solution:

    Another very compelling reason for REGIME CHANGE.

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  • trublu:

    Whoa! The TRIGGER-HAPPY WHITE$$$ JUST BLEW AWAY NEARLY $100 BILLION-NOT MILLIONS- BUT OLD UNCLES like me only got $600 n another $100?

    Meanwhile,OLDER JOBLESS SGS N RETIREES STILL GOT TO PAY GST N ALL SORTS OF OTHER TAXE$ EVEN WHEN THEY HAVE NO INCOME NOR HELP FROM THE GOVT?
    THE *FARK*-TITUDE BUDGET PROTECTS JOBS FOR LOCALS THAT ALSO MEAN FTs/PRs
    PLS TAKE BACK THE $700 ,HSK,BUT RETURN MY CPF!

    WHAT IS THE USE OF BEING A SINGAPOREAN?
    PRs get paid for COVID LOCKDOWN N THEIR JOBS ARE NOW PROTECTED BY OUR PAST RESERVES!
    YOU N I GOT TO PAY MORE GST.

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  • Median wage four thousand plus:

    Many working Singaporeans are experiencing depressed wages and personally, I know of some working citizens who haven’t had a mere $50/ increase in their salaries for 3 or more years. How these people survive in very expensive Singapore, it beats me.
    ——————————————
    Is Singaporeans that’s poor?
    Look at the link
    https://www.statista.com/statistics/755762/outbound-departures-singaporean-residents-mode-of-transport/

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  • social:

    @trublu

    $100 Billion only.
    More to come.

    Anyhow spend our money,then,later TAX us when they give us only $700.

    Even PRs/FTs get much more.

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  • Homeless Cat:

    Top Money for Top Talents:
    Dear Simon,
    You said : 46% of Singaporeans forecast that they will not have enough money to sustain the lifestyle that they wish in retirement
    ===============================================================
    Of course not enough lah if you every day 3 meals dine in restaurant and go nightclub to touch here and touch there.

    If you have 3 simple meals in hawker centre and keep your cheeky hand and dicky in check, you will have enough for retirement.

    So what life style you talking about ?

    You want 3 meals in a hawker, food court or restaurant or nightclub ?

    GE2020.PAP.Guarantee.Win.All
    $PAP$ Tua Kee; Majullah $PAP$; $PAP$ Huat$ Huat$ Huat$
    Singaporeans must be Cheaper, Better, Faster.
    Workers must accept wage sacrifices to keep businesses going.

    What a moron.

    GD Star Rating
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  • This econ is dysfunctional:

    Without a minimum wage bottom line but it has the most expensive costs of living in the world 7 years running – they haven’t got a clue how to plug runaway inflation. The party CEOs earn obscenely large salaries in secret; while they sneakily tap into citizens CPF savings funds for capital investment and tweet CPF withdrawal rules to eternity. The party predates on employers of foreign workers by demanding huge levy taxes based on nonsensical and ridiculous economic rationalizations – in order to save Singaporean jobs!

    In corrupted Sinchiapor Inc. party CEOs can still have their pies after eating them. You might well die from working into twilight but just leave your CPF to them – all the Ahgong’s offspring.

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  • Harder Truths:

    Simon

    The smart nation stay-at-home-and-work will just mean locals can be replaced online by anyone in Shenzhen or Chennai for one-fifth the price. The FT call it outsourcing. Whatever you call it – more and more jobs will go to overseas FT. More and more locals will have no choice but to leave.

    Does any local want to stand and open doors at the casino for FT until they are 60, and then go to hawker centers to collect used cans or cardboard from the trash?

    $G citizens will leave when things get worse. They have no choice. Just like their ancestors who left China or India or elsewhere to come here.

    And these SG citizens will not come back to the $G Communist ghetto.

    Migration is a two-way street. You get what you pay for,

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  • piggy:

    1G helped sgs to become First World as Singaporeans.
    3G LEEder n his 4G doggies transform us into 3rd class jobless n penniless people in our own country.

    Lee Ah Long screws us big time.
    Now he panic and ask Ah Heng ti bring in Tharman?
    What can Tharman do?
    Nothing much really.

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  • VTO for better retirement:

    Don’t forget the #1 cause of lousy retirement.
    With CPF returns at 2.5% instead of globally well managed returns of 8 to 10%, Singaporeans are being robbed of millions in the CPF, each.

    Instead of retiring with frequent luxury tours to Europe and Japan, Singaporeans robbed have to survive on $5 per hour jobs.

    trublu:
    Whoa! The TRIGGER-HAPPY WHITE$$$ JUST BLEW AWAY NEARLY $100 BILLION-NOT MILLIONS- BUT OLD UNCLES like me only got $600 n another $100?

    WHAT IS THE USE OF BEING A SINGAPOREAN?
    PRs get paid for COVID LOCKDOWN N THEIR JOBS ARE NOW PROTECTED BY OUR PAST RESERVES!
    YOU N I GOT TO PAY MORE GST.

    REGIME CHANGE is the solution:
    Another very compelling reason for REGIME CHANGE.

    REGIME CHANGE is the solution:
    Another very compelling reason for REGIME CHANGE.

    GD Star Rating
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  • Tremendous:

    That’s right. Get the same chiefs and village chief back during elections and the village will become uninhabitable or unrecognisable in six years. The village is headed for another year of rock bottom fertility rate.

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  • Ali grass-cutter:

    Hahaha,$100 for me.
    Thank you so much PAP.
    I can go and buy peanuts for breakfast,lunch and dinner.
    Even FWs get $100 per day?
    PAP,you are so unbelievably kind to poor singaporeans like me.

    I sure vote for you…to go out of Parliament!

    Sangat bodoh!
    Chelaka!

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  • Soccerbetting2:

    *Today I went to one NTUC Fairprice. I saw one set of 5 NZ Envy Apples (L) selling at $7.95. So one piece of NZ Envy Apple is $7.95/5=$1.59 that expensive. And the apple wasn’t anything huge in size.
    Like that super expensive pricing for apple, LHL maybe is still thinking his government is doing right and cost is very low in Singapore and everybody got good affordable food to eat. LHL still cannot understand that all these digital transformation scheme in Food & Beverage and retail businesses is driving up the cost of food sharply especially in shopping mall. And the government going to promote such digital transformation scheme instead of using cash payment is not going to help. Beside the government continue to fuel the sharp increase of food price by giving $10,000 incentives to F&B and retail business for digital transformation scheme. If there are 1,000,000 F & B and retail business, then the government give maybe from reserve =$10,000 x 1,000,000 =$10,000,000. So if NTUC has 300(arrificial figure) Fairprice outlets, will NTUC receive =300 x $10,000 =$3,000,000 free money from government for digital transformation to purchase temperature digital scanner, pc, tablets,digital payment machine?  Is it all these rich F & B and retail business owners got no money? Still need to give unnecessary public funds to them for what? So all these rich F&B owners get richer and jet up the cost of food and drink due to digital transformation and the poor even has to pay more! Beast type of women wing idea to  keep on giving more unnecessary incentives to rich F&B and retail BUSINESS.

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  • Do more:

    Do more for Singaporean.
    Many elderly are asset rich and cash poor with little savings.
    They are badly affected by rising cost of living and now make worse by the Virus situation and CB.
    Need to do more for the poor and needy…especially for those that fallen among the cracks.Especially the elderly poor and jobless….

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  • MarBowling:

    Expensive and ARTIFICIAL Highly inflated stuffs like HDB flat, EC, Condo and private property, cars, club membership are MOSTLY CONSUMED by the Middle Class Sinkaporean, period. Most of these folks command a salary that allow them to indulge in all these stuffs. However, MOST if Not ALL these folks, especially the younger ones ENJOY them by MAKING PAYMENT BY CREDIT CARDS or LOONG TERM MORTGAGE LOANS! Period. The Ruling Class Multi-Millionaire Ministers, their Top Gun$ and the Filthy Rich CONSUME ALL THESE STUFFs and also MORE HIGHER-END STUFFs BY PAYING IN CASH or ONE LUMP SUM via their Bank!

    By the time most of the Middle Class Folks have reached their RETIREMENT age, their CPF Fund will have only minimum amount left for spending, including the Minimum Sum Scheme of Things. For MOST, what they have by then, is their PRIZED POSSESSIONS(HDB flat, EC, Condo and private property)! The Mother of ALL BIG QUESTIONs, these folks and future SUCKERS, SHOULD ASK THEMSELVES is: IN THE LOONGER TERM, ESPECIALLY UPON RETIREMENT, WILL THEY BE ABLE TO SELL OF THEIR PRIZED POSSESSIONS AT THE SAME OR SIMILAR PRICES WHICH THEY HAVE ORIGINALLY PAID FOR THEM?

    Mai Hum and his PAPigs are asking for a STRONGER MANDATE than the GE2015 69.9%, in the coming Pandemic Erection, so that they CAN CONTINUE AND IMPROVE their SCHEMES of THINGS, like increase GST from 7 to 9%! AFTERMATH Covid 19 and OBOR ONLY ENDS AT KL, the OBVIOUS and CLEAR as the BLUE SKY SCENARIO SHOULD BE A GREAT REMINDER TO ALL SINKAPOREAN! Period. Like Simon always say: THINK, THINK VERY VERY HARD AND VOTE WISELY!

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  • Zero $ for syncophants:

    You know jolly well the CPF cannot return full amount. If return full amount, people can go restaurant.

    Syncophants cannot eat
    Syncophants must accept stupid ideas without questions.
    Syncophants must let foreigners take over local jobs
    Syncopants are doormats.

    Top Money for Top Talents:
    Dear Simon,
    You said : 46% of Singaporeans forecast that they will not have enough money to sustain the lifestyle that they wish in retirement
    ===============================================================
    Of course not enough lah if you every day 3 meals dine in restaurant and go nightclub to touch here and touch there.

    If you have 3 simple meals in hawker centre and keep your cheeky hand and dicky in check, you will have enough for retirement.

    So what life style you talking about ?

    You want 3 meals in a hawker, food court or restaurant or nightclub ?

    GE2020.PAP.Guarantee.Win.All
    $PAP$ Tua Kee; Majullah $PAP$; $PAP$ Huat$ Huat$ Huat$
    Singaporeans must be Cheaper, Better, Faster.
    Workers must accept wage sacrifices to keep businesses going.

    GD Star Rating
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  • Top Money for Top Talents:DLLM:

    @Top Money for Top Talents:
    May 26, 2020 at 7:14 pm (Quote)
    Dear Simon,
    You said : 46% of Singaporeans forecast that they will not have enough money to sustain the lifestyle that they wish in retirement
    ===============================================================
    Of course not enough lah if you every day 3 meals dine in restaurant and go nightclub to touch here and touch there.

    If you have 3 simple meals in hawker centre and keep your cheeky hand and dicky in check, you will have enough for retirement.

    So what life style you talking about ?

    You want 3 meals in a hawker, food court or restaurant or nightclub ?

    GE2020.PAP.Guarantee.Win.All
    $PAP$ Tua Kee; Majullah $PAP$; $PAP$ Huat$ Huat$ Huat$
    Singaporeans must be Cheaper, Better, Faster.
    Workers must accept wage sacrifices to keep businesses going.

    #Talking Cock Again. Your mouth smell like your mother’s puss*

    GD Star Rating
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  • Soccerbetting2:

    Source Straits Times :Quote – “…. thanks to $370,000 raised by public

    PUBLISHEDMAY 26, 2020, 6:34 PM
    ….
    Charmaine Ng
    SINGAPORE – A Singaporean woman who was diagnosed with Stage 4 breast cancer while in the United States will soon be able to reunite with her family here, after the public raised more than $300,000 to fund her trip home.

    Arrangements have been made to put Ms Lerine Liu, 42, on an air ambulance operated by International SOS (Isos) on Thursday (May 28) morning US time.

    Ms Liu, whose cancer has spread to her bones, one of her lungs and liver, will be accompanied by a medical team comprising a doctor and nurse.

    The flight will depart from Canada to pick Ms Liu from New Jersey, where she is currently hospitalised in the St Michael’s Medical Centre in Newark. Her bills are being covered by an assistance programme – which includes non-residents – under the New Jersey State Department of Health.

    Ms Liu’s sister, Ms Felicia Liew said on Tuesday that she is grateful for the donations and support from the public.

    “…  I will forever be grateful for your kindness in helping bring my sister back home so she can be with us,” said Ms Liew, 46, who is one of Ms Liu’s three sisters.

    Ms Liu is separated from her husband. They have no children.

    The Straits Times had reported on Monday that Ms Liu was diagnosed with the inoperable cancer after arriving in the US in February to start a new life and career there.

    She quickly became severely ill as the cancer had spread.

    … coronavirus pandemic, which saw commercial flights cancelled.

    The only way was to hire an air ambulance to get her home,…

    Unable to afford the arrangement, her family set up a crowdfunding campaign on the online platform Give.asia last Thursday.

    However, the initial fund-raising was slow, and her family decided to pump $1,700 into online advertisements to promote the campaign on Facebook. By Sunday night, the campaign had raised about $95,000, but it was still far off the $330,000 goal.

    After both The Straits Times and Lianhe Wanbao reported on her plight on Monday, donations peaked, with more than $330,000 raised by that evening….

    She added that the air ambulance from Isos will cost US$231,000. The remaining amount raised will be used for her sister’s hospital bills here.

    “Give.asia has been liaising with Isos and they will transfer the money directly to them. The balance will be held by Give.asia and will go directly to the hospital,” said Ms Liew…” Unquote

    Response :” The Straits Times had reported on Monday that Ms Liu was diagnosed with the inoperable cancer after arriving in the US in February to start a new life and career there.”

    After arriving in US in February obviously this year,she got breast cancer, so coincident meh? So did she buy a lot of cancer insurance before she left Singapore, fake a stage 4 cancer there by their expertise doctors and claim insurance out of Singapore?

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  • patriot of TUMASIK:

    I remember when Japan was at its Height as an Economic Miracle and Power House in the 70s-80s…

    The Govt was buying and Building Retirement Homes for their Retired Elderly…Australia Gold Coast was one and Malaysia was the other…

    And here we are just across the Causeway 15 minutes Drive to vast land to build a community for the elderly NOT “home for the aged”…where you retire in simple and reasonable comfort is the Key and giving employment to the locals to manage and run conveniences…

    Win-Win for both once a single nation and most are related one way or another…Prosper thy Neighbour not Envy or Devastate each other

    GD Star Rating
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  • Ho Say Liao:

    CPF contribution rate increases for senior workers deferred by a year to 2022: DPM Heng
    https://www.straitstimes.com/politics/cpf-contribution-rate-increases-for-senior-workers-deferred-by-one-year-to-jan-1-2022

    CPF IS A BLUNT INSTRUMENT THAT AFFECTS THE SENIOR WORKERS MOST IN TERMS OF EMPLOYABILITY & TAKE HOME PAY & IN TIMES LIKE THIS WE DON’T KNOW HOW LONG THE DEFERMENT OF CPF CONTRIBUTION RATE INCREASES FOR SENIOR WORKERS AS THE VIRUS IS HERE TO STAY UNTIL VACCINE IS AVAILABLE!

    THE FAIL-SAFE WAY IS TO INCREASE THE CPF INTEREST RATE EVERY 5YRS FOR ORDINARY ACCOUNT & MORE INTEREST FOR MA & RSS AT AGE 55 ONWARDS WHICH IS GOVT-GUARANTEED! THIS WILL HELP IN A WAY TO IMPROVE RETIREMENT ADEQUACY!

    LIDDAT HO SAY LIAO!

    GD Star Rating
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  • Michael:

    No need to think. If you vote for Pap,sure get ready to suffer like hell. Lhl say no one will be spare the agony .

    GD Star Rating
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