A fifth of S'poreans unsure when they can afford to retire: study

**Voodoo Vince** · 19-12-2007, 11:14 PM

A fifth of S'poreans unsure when they can afford to retire: study
By Alvin Foo

A FIFTH of working adults in Singapore are unsure of when they can afford to retire.

More than a third are clueless about how much money they would need for their golden years. And close to a fifth feel they need more than $1 million to retire comfortably.

These findings are from a recent study done by global information and media firm The Nielsen Company. The results were released on Wednesday. The survey, which was conducted in September, involved 550 working adults here.

The study touched on three main issues: their ideal retirement age, what age they can afford to retire, and how much money they need to retire.

Said Ms Connie Nielsen (Singapore)'s associate director for customised research : 'Given that retirement may not be a widely broached topic, it's not surprising to find parts of Singaporeans who are uncertain when they can afford to retire and how much they actually need to retire.'

Industry experts say planning for retirement is something which more than half of Singaporeans do not do.

Said financial consultant Mic Tan: 'Those who are in their 30s think it's too early. Those who are their 50s think it's too late.'

'A change in mindset is needed - they should plan for retirement from the day they start work.'

http://www.straitstimes.com/Latest%2...ry_188509.html

**djchris** · 19-12-2007, 11:18 PM

It's normal. They were never taught the skills to generate retirement funds. Singapore's education system is just a factory churning minions for the nation, just like the Matrix, using human as batteries to power the computers.

**Leocravensky** · 19-12-2007, 11:24 PM

My friend from NUS say he is forming a group to request financial planning to be incorporated into the studies of the student of Singapore.... but I dunch know how his progress is.

Well I think its quite hard as government's saying is for singapore citizen to live old work old, 'huo dao lao zhuo dao lao'.

Theres nothing wrong to that saying but I believe many people do not wish to spend their golden years to slog for a living. I do believe that we should continue to do some form of work even if retire, but at least if we can retire with no financial worries, we can pursue a job or something that we like with no worries.

**monkeybusiness** · 19-12-2007, 11:41 PM

Most of my friends, say that they are happy with their current lifestyle. Most of them spend almost what they earn although they do manage to save a bit every month. I have a friend, who said that he save only when there is a near target or product that he wishes to buy. Else, the money is mostly spent in the pubs.

**Voodoo Vince** · 19-12-2007, 11:46 PM

Guess most of us would spend within our means and saving is a problem as money drop value with time.

**Vigelic** · 20-12-2007, 12:03 AM

a fifth? i tot more like 95%

**Leocravensky** · 20-12-2007, 12:35 AM

	Quote:			Originally Posted by monkeybusiness
	Most of my friends, say that they are happy with their current lifestyle. Most of them spend almost what they earn although they do manage to save a bit every month. I have a friend, who said that he save only when there is a near target or product that he wishes to buy. Else, the money is mostly spent in the pubs.

den u better dun learn from your friend... haha.... I also have many friends that dun manage their money well. Their expense is either = income or > income. Rarely < income.

I still rem I have this friend that told me he has $3.40 in the bank... I was like... what the...

**monkeybusiness** · 20-12-2007, 08:30 AM

	Quote:			Originally Posted by Leocravensky
	den u better dun learn from your friend... haha.... I also have many friends that dun manage their money well. Their expense is either = income or > income. Rarely < income. I still rem I have this friend that told me he has $3.40 in the bank... I was like... what the...

haha..ya lor ya lor
they can still claim that they have this amount in the account very happily. lol

**Leocravensky** · 20-12-2007, 11:20 AM

	Quote:			Originally Posted by monkeybusiness
	haha..ya lor ya lor they can still claim that they have this amount in the account very happily. lol

Haha, yea, for me if I dun have money to last at least 6 months I'll be worried.

**stevetan** · 22-12-2007, 04:00 AM

Not enough money. Just try to create more passive income.

**rinoakoh** · 29-12-2007, 02:56 AM

Have u ever wonder why Singapore schools never teach us how to earn money?

After i graduate from NTU, i'm like asking myself, why am I slogging 12hrs a day just a mere starting pay of $3000 and my company is profiting millions from my research product ????

I thought this cert is the way to earn big bucks?!?

When others who dun even have a degree can earn half a million out there in the industry !?!?!?

Its a conspiracy.

**Leocravensky** · 29-12-2007, 11:08 AM

Your degree & experience is a price tag of how much you should be 'bought'.

Its the certificate of a livelihood rather then earn big bucks

But your true value can only be discovered if you willing to take the chance to explore and find new ventures and sometimes with a little blessing from above.

**rinoakoh** · 29-12-2007, 03:09 PM

	Quote:			Originally Posted by Leocravensky
	Your degree & experience is a price tag of how much you should be 'bought'. Its the certificate of a livelihood rather then earn big bucks But your true value can only be discovered if you willing to take the chance to explore and find new ventures and sometimes with a little blessing from above.

Precisely, whats the point of slogging, so I quitted 3 yrs ago.
Got married n doing what I love to do

**Shazwi** · 29-12-2007, 10:47 PM

	Quote:			Originally Posted by djchris
	It's normal. They were never taught the skills to generate retirement funds. Singapore's education system is just a factory churning minions for the nation, just like the Matrix, using human as batteries to power the computers.

hahahahahahahahahahahahaha..... singapore is just a virtual world then.... we are..... programs!.....someone there are programming us to be either a smith or neo.... LOL

anyway more than 93 or 95% above 65 does not have enough for retirement....

**World IR** · 07-01-2008, 07:23 PM

work from 9am to 5pm til 95 year old... juz like the ocbc advertisement

**- Glen -** · 11-01-2008, 09:22 AM

Inflation will eat into retirement fund.

19-12-2007, 11:14 PM	#1 (permalink)
Voodoo Vince Malaysian Kampung Boy Join Date: Oct 2007 Posts: 8,005 iTrader: (0) My Mood: Gender: Zodiac Sign: Country: Location: Hougang SGC$: 18,110.60 Bank: 0.00 Total SGC$: 18,110.60	A fifth of S'poreans unsure when they can afford to retire: study A fifth of S'poreans unsure when they can afford to retire: study By Alvin Foo A FIFTH of working adults in Singapore are unsure of when they can afford to retire. More than a third are clueless about how much money they would need for their golden years. And close to a fifth feel they need more than $1 million to retire comfortably. These findings are from a recent study done by global information and media firm The Nielsen Company. The results were released on Wednesday. The survey, which was conducted in September, involved 550 working adults here. The study touched on three main issues: their ideal retirement age, what age they can afford to retire, and how much money they need to retire. Said Ms Connie Nielsen (Singapore)'s associate director for customised research : 'Given that retirement may not be a widely broached topic, it's not surprising to find parts of Singaporeans who are uncertain when they can afford to retire and how much they actually need to retire.' Industry experts say planning for retirement is something which more than half of Singaporeans do not do. Said financial consultant Mic Tan: 'Those who are in their 30s think it's too early. Those who are their 50s think it's too late.' 'A change in mindset is needed - they should plan for retirement from the day they start work.' http://www.straitstimes.com/Latest%2...ry_188509.html To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. People don't plan to fail... They fail to plan.

19-12-2007, 11:18 PM	#2 (permalink)
djchris Experienced SGClubber Join Date: Jan 2007 Posts: 2,996 iTrader: (0) Gender: Zodiac Sign: Country: Location: Singapore SGC$: 1,471.92 Bank: 0.00 Total SGC$: 1,471.92	Re: A fifth of S'poreans unsure when they can afford to retire: study It's normal. They were never taught the skills to generate retirement funds. Singapore's education system is just a factory churning minions for the nation, just like the Matrix, using human as batteries to power the computers. To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. : Asia Solution Kenetics Visit us at: To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. . Our Non-Profit Initiatives To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. Personal Links To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

19-12-2007, 11:24 PM	#3 (permalink)
Leocravensky Addicted SGClubber Join Date: Aug 2007 Posts: 595 iTrader: (0) My Mood: Gender: Zodiac Sign: Country: Location: Jurong SGC$: 930.15 Bank: 0.00 Total SGC$: 930.15	Re: A fifth of S'poreans unsure when they can afford to retire: study My friend from NUS say he is forming a group to request financial planning to be incorporated into the studies of the student of Singapore.... but I dunch know how his progress is. Well I think its quite hard as government's saying is for singapore citizen to live old work old, 'huo dao lao zhuo dao lao'. Theres nothing wrong to that saying but I believe many people do not wish to spend their golden years to slog for a living. I do believe that we should continue to do some form of work even if retire, but at least if we can retire with no financial worries, we can pursue a job or something that we like with no worries. Leo~ Blog : leoandsong.blogspot.com To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

19-12-2007, 11:41 PM	#4 (permalink)
monkeybusiness Experienced SGClubber Join Date: Jun 2007 Posts: 1,285 iTrader: (0) Gender: Zodiac Sign: Country: Location: Singapore SGC$: 846.25 Bank: 0.00 Total SGC$: 846.25 $Thanks for coming for my outing. at Hokkaido fair~ hope you enjoyed yourself /\ /\'' - TeamJPN$	Re: A fifth of S'poreans unsure when they can afford to retire: study Most of my friends, say that they are happy with their current lifestyle. Most of them spend almost what they earn although they do manage to save a bit every month. I have a friend, who said that he save only when there is a near target or product that he wishes to buy. Else, the money is mostly spent in the pubs.

19-12-2007, 11:46 PM	#5 (permalink)
Voodoo Vince Malaysian Kampung Boy Join Date: Oct 2007 Posts: 8,005 iTrader: (0) My Mood: Gender: Zodiac Sign: Country: Location: Hougang SGC$: 18,110.60 Bank: 0.00 Total SGC$: 18,110.60	Re: A fifth of S'poreans unsure when they can afford to retire: study Guess most of us would spend within our means and saving is a problem as money drop value with time. To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. People don't plan to fail... They fail to plan.

20-12-2007, 12:03 AM	#6 (permalink)
Vigelic Addicted SGClubber Join Date: Mar 2007 Posts: 651 iTrader: (0) Gender: Zodiac Sign: Country: Location: Tekong SGC$: 180.20 Bank: 0.00 Total SGC$: 180.20	Re: A fifth of S'poreans unsure when they can afford to retire: study a fifth? i tot more like 95% Vigelic died on 13th March 2008. May be resurrected in 2 years. Who will remember him? LOL. If you would like to help kill Vigelic, pls call 9359 5555 or leave sms. I'm always asking stupid questions...

22-12-2007, 04:00 AM	#10 (permalink)
stevetan Addicted SGClubber Join Date: May 2007 Posts: 619 iTrader: (0) My Mood: Gender: Zodiac Sign: Country: Location: Bukit Timah SGC$: 17.85 Bank: 952.90 Total SGC$: 970.75	Re: A fifth of S'poreans unsure when they can afford to retire: study Not enough money. Just try to create more passive income. Click To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. for ways to earn a million To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. Already started monthly passive income in just three months. :love4: To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

29-12-2007, 02:56 AM	#11 (permalink)
rinoakoh Registered Members Join Date: Dec 2007 Posts: 199 iTrader: (1) My Mood: Gender: Zodiac Sign: Country: Location: Jurong SGC$: 250.00 Bank: 0.00 Total SGC$: 250.00	Re: A fifth of S'poreans unsure when they can afford to retire: study Have u ever wonder why Singapore schools never teach us how to earn money? After i graduate from NTU, i'm like asking myself, why am I slogging 12hrs a day just a mere starting pay of $3000 and my company is profiting millions from my research product ???? I thought this cert is the way to earn big bucks?!? When others who dun even have a degree can earn half a million out there in the industry !?!?!? Its a conspiracy. To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. Last edited by rinoakoh : 29-12-2007 at 02:57 AM.

29-12-2007, 11:08 AM	#12 (permalink)
Leocravensky Addicted SGClubber Join Date: Aug 2007 Posts: 595 iTrader: (0) My Mood: Gender: Zodiac Sign: Country: Location: Jurong SGC$: 930.15 Bank: 0.00 Total SGC$: 930.15	Re: A fifth of S'poreans unsure when they can afford to retire: study Your degree & experience is a price tag of how much you should be 'bought'. Its the certificate of a livelihood rather then earn big bucks But your true value can only be discovered if you willing to take the chance to explore and find new ventures and sometimes with a little blessing from above. Leo~ Blog : leoandsong.blogspot.com To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts. Last edited by Leocravensky : 29-12-2007 at 11:09 AM.

07-01-2008, 07:23 PM	#15 (permalink)
World IR Registered Members Join Date: Jan 2008 Posts: 50 iTrader: (0) My Mood: Gender: Zodiac Sign: Country: Location: Singapore SGC$: 119.00 Bank: 0.00 Total SGC$: 119.00	Re: A fifth of S'poreans unsure when they can afford to retire: study work from 9am to 5pm til 95 year old... juz like the ocbc advertisement Checkout my blogging ----------------------------------- To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.

11-01-2008, 09:22 AM	#16 (permalink)
- Glen - Addicted SGClubber Join Date: Jan 2008 Posts: 415 iTrader: (0) My Mood: Gender: Zodiac Sign: Country: Location: Katong SGC$: 440.28 Bank: 0.00 Total SGC$: 440.28	Re: A fifth of S'poreans unsure when they can afford to retire: study Inflation will eat into retirement fund.

11-01-2008, 09:30 AM	#17 (permalink)
Shi Yuen WTB Dead Brutallis