tag:blogger.com,1999:blog-4405345292513335071.post5683699342876038147..comments2024-03-19T18:44:15.041+08:00Comments on Little Stories: Retirement, Money and SingaporeansGilbert Koh aka Mr Wanghttp://www.blogger.com/profile/01027678080233274309noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-4405345292513335071.post-57402977702133230912007-08-16T08:26:00.000+08:002007-08-16T08:26:00.000+08:00"Until the day that people are willing to accept a..."Until the day that people are willing to accept a high tax regime (some would argue that this is already the case), status quo prevails."<BR/><BR/>Or, you could have a socially responsible libertarian society.le radical galoisienhttps://www.blogger.com/profile/14684821442296479803noreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-42640040265665484942007-08-15T23:03:00.000+08:002007-08-15T23:03:00.000+08:00Capitalism only works when there is economic freed...Capitalism only works when there is economic freedom. That is, if you want to buy a taxi and become a taxi owner, you can. Likewise for mini buses.<BR/><BR/>But in Singapore, you cannot become a taxi owner even if you wanted to. You have to buy a fleet to begin with to start a company. So the barrier to riches is a lot higher and if you look around, the money making businesses are all monopolised by the government.<BR/><BR/>So the Capitalist freedom for the individual to strike it big is not there and since the state owns all the lucrative assets, onus is on the state to afford a good salary that provides for a decent life. But alas, state enterprises are all privatised and answer to shareholders more than they do so to us poor employees.<BR/><BR/>You know why the govt always say we have no resources? It is another way of saying, I have no money to give you, so work your ass off to feed my money churning singapore incorporated. Honestly, what is the basis for our lucrative port and trading businesses? Our strategic location isn't it? Isn't that our valuable resource?<BR/><BR/>trulysingapore@wordpress.comAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-63895397695552487292007-08-13T20:40:00.000+08:002007-08-13T20:40:00.000+08:00Keep working so long there's the need to or for wa...Keep working so long there's the need to or for want of meaningful use of time due to no other interest. Reality is brutal in a resourceless(unoccupied fertile land and sea) country, so have option to beg, to starve and to die for there are no alternative.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-79694946477417340512007-08-13T19:45:00.000+08:002007-08-13T19:45:00.000+08:00Chronology of a typical person 0-20 - sponges off ...Chronology of a typical person<BR/><BR/> 0-20 - sponges off parents<BR/>21-55 - economically productive<BR/>56-65 - sponges off retirement fund<BR/><BR/>So a 35 year period of economic productivity equates to a period of 10 years of retirement.<BR/><BR/>The problem comes when one exceeds the 65 year limit.<BR/><BR/>There are several solutions to this<BR/><BR/><B>Capitalism</B><BR/>Those who can afford a retirement retire. Those who can't don't.<BR/><BR/><B>Socialism</B><BR/>Those who can afford to work help those who can't.<BR/><BR/><B>Pragmatism</B><BR/>Increase the productive period in accordance to life expectancy.<BR/><BR/>Until the day that people are willing to accept a high tax regime (some would argue that this is already the case), status quo prevails.<BR/><BR/>Moralising about what should be, usually transforms into deathly silence, esp. when it exacts a cost to those who believe that they are unaffected.<BR/><BR/>If one believes one to be accountable only to oneself, then capitalism rules.<BR/><BR/>If one believes one to be accountable to a "higher being", then socialism would be in order.<BR/><BR/>If one believes one to be accountable only to economic imperatives, then pragmatism rules.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-85209784925222711622007-08-12T17:22:00.000+08:002007-08-12T17:22:00.000+08:00Suicide doesnt have to be the only way; the effici...Suicide doesnt have to be the only way; the efficient Singapore government can organise a <A HREF="http://en.wikipedia.org/wiki/Logan%27s_Run_%281976_film%29" REL="nofollow">"Renewal ceremony"</A> for all those who turn 70. Makes financial planning so much simpler and put an end to the problem of the ageing population. Variations can include a lottery scheme where only retirees can participate, and the lucky winner gets a oneway trip to the paradise called "The Island".<BR/><BR/>Jokes aside, I agree we shouldn't plan for a day we stop working. We should stay economically active no matter how old or rich we are, because the future is too hard to predict - just work towards an economic activity you enjoy doing; no point earning big bucks only to feel like jumping off the building everyday. The financial turmoil in the past weeks taught me that really, we cannot plan for every single scenario in the future. If ever Singapore hits the Zimbabwean 4 digit percentage annual inflation, every bit of retirement savings will turn to dust. As much as I dislike the Singapore government, I feel their excellent control of inflation, until early this year anyway, has been under-appreciated.Jimmy Munhttps://www.blogger.com/profile/04927345822970412901noreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-86972176112421116712007-08-12T12:01:00.000+08:002007-08-12T12:01:00.000+08:00It appears that most Singaporeans aren't very good...It appears that most Singaporeans aren't very good at financial planning either (cf: few people investing their CPF despite horrendously low interest rates). What would you recommend for someone interested in being more proactive about their finances? Would you recommend different reading material for different age groups?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-13071842695837070442007-08-12T11:16:00.000+08:002007-08-12T11:16:00.000+08:00"What may mitigate against any resulting savings s..."What may mitigate against any resulting savings shortfall is their willingness to work beyond the retirement age of 62. Some two-thirds said they plan to do so.<BR/><BR/>Of these, one-third are willing to work up to age 65, another third up to age 70 and the remaining third into their 70s."<BR/><BR/>You notice this journalist uses the word "willing" in each paragraph.<BR/><BR/>It suggest in a very subtle way, there was a matter of choice involved, but as you very rightly pointed out, its a matter of survival, so where does the issue of willingness arise?<BR/><BR/>Forgive me I may be stupid, but I am not thick. <BR/><BR/>This reminds me of a recent article I read abt how things can be put into your head without either your knowledge or permission, usually it builds up like plaque, slowly [I dont like them, but I like what they write, so I shan't mention who they are]<BR/><BR/>Its only when we really tune it that we can slowly begin to feel the edges.<BR/><BR/>I wonder there are so many words to use in the English language, why choose willing? With all its positive connotations. <BR/><BR/>Maybe it time to call a spade a spade? <BR/><BR/>Kitana M.CAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4405345292513335071.post-60155940766923248742007-08-12T09:20:00.000+08:002007-08-12T09:20:00.000+08:00Singapore today is not Singapore yesterday. As we ...Singapore today is not Singapore yesterday. As we move forward into the next decade, I feel that we should be prepared and face whatever may thrown in our faces. Singaporeans should know better. Since the day we enter national service, it is a process to toughen ourselves and help each other. Help Singaporeans because we are a family? I believe that spirit is waning.YJhttps://www.blogger.com/profile/08097000281446886753noreply@blogger.com