Should the minimum retirement age be raised from 62 to 65?
I don't want to think of retirement now
By Low Ching Ling

July 17, 2007

THREE weeks ago, I told a colleague I wanted to buy my own home because I wanted my own living space.

My colleague, who egged me on, had a different rationale.

She said: 'Buying a home is perhaps the only way you can enjoy your CPF savings before you retire.'

Or worse, before I die.

Our conversation had stemmed from the Government's proposal to raise the CPF minimum sum payout age from 62 to 65.

Now, workers who turn 55 can withdraw a portion of their CPF savings but have to set aside a minimum sum in their CPF account.

They then receive a monthly payout from age 62.

But since people are now living longer and the population is growing older, the Government wants more senior citizens to keep working beyond 62.

Its target? A 65 per cent employment rate for people aged 55 to 64. The rate was 53.7 per cent last year.

And to achieve that, it wants a re-employment law within the next five years.

I have no doubt the Government is serious about raising the minimum-sum withdrawal age.

A CPF (Amendment) Bill is to be tabled at today's Parliament sitting though it's not clear if it has anything to do with the changes mentioned earlier.

Faced with the prospect of having to work longer and wait longer for my CPF payouts (my first will come only in 2043 if the minimum-sum payout age is raised), my colleague's advice appeared to make sense.

To me, 2043 is light years (36 years, to be precise) away.

Call me a doomsayer, but I'm afraid I may die early before I get to enjoy all my CPF savings.

Yes, people may live longer these days, but life remains fragile.

In my job, I see all kinds of tragedies.

In recent months, there have been reports of seemingly-fit young people collapsing and dying, others never waking from their slumber and active people killed in freak accidents.

When Mr Lim Boon Heng, the minister-in-charge of ageing issuesproposed raising the CPF minimum-sum withdrawal age, my first thought was: What if I don't live till 65?

Of course, I could also die before I get to enjoy my home long enough. But I'll take my chances.

That's just me.

I understand the Government cannot make policies based on the assumption that people don't live to a ripe old age.

And looking at the larger picture, it's a good plan for retirement security.

I don't want the Government to be taking care of me in my silver years.

But I'm not sure I want it to take care of my CPF savings for so long either.

Perhaps it has less to do with the Government, more with the people.

Too often, Singaporeans have whined about their problems, almost always insisting the Government bail them out.

So, why should we be trusted to spend our hard-earned CPF savings wisely, right?

But raise the minimum-sum withdrawal age or not, I believe there's one thing all workers making an honest living should never abandon: The idea of retirement.

While I see the point made by Mr Lim Swee Say, Minister in the Prime Minister's Office, when he called for a 're-tuning' of mindsets and attitudes towards growing old, his remark that 'we must not think about retiring' did not sit well with me.

Surely, after slogging at their jobs for half their lives, workers deserve to look forward to living their golden years in comfort - whether or not they are faced with an ageing population, longer lifespans and rising medical costs, whether they are poor or rich, young or old.

No worker should ever give up the dream of an idyllic retirement - even if it's before the grand old age of 65.

The question is: How hard are we willing to work for it?

At my age (I will turn 29 in September), it's perhaps premature to think about retirement.

But I do, because no matter how many years of working life I have left, it's a dream I keep working towards.

I hope to retire when I'm in my 50s - with my own home and all.

I consider myself lucky. For now, time is still on my side.

If I don't stretch myself financially and if I plan well, I may be able to afford an early retirement.

And if I continue to work then, it will be only because I want to, not because I have to.

If the law is amended to allow for later retirement, I hope it won't also punish those who choose to retire early.

sorry I didn't read to the end because it started off so well until the writer started to blame the people for gahmen policies... the gahmen must account for their own policies...

Accountability, Responsibility... they should behave like the Japs... kill themselves for the mistakes they make if they want to take up positions of power and responsibility... we have a bunch of cowards... desiring power and money but shy away from the responsibility and accountability.

Originally posted by AndrewPKYap:

sorry I didn't read to the end because it started off so well until the writer started to blame the people for gahmen policies... the gahmen must account for their own policies...

Accountability, Responsibility... they should behave like the Japs... kill themselves for the mistakes they make if they want to take up positions of power and responsibility... we have a bunch of cowards... desiring power and money but shy away from the responsibility and accountability.

That's why I ask; WHO do you think wrote this?

I say it's a Hired Writer....

work until you die in your work place then gahmen will be happy?

Where Is the Love - by Black Eyed Peas

What's wrong with the world, mama
People livin' like they ain't got no mamas
I think the whole world addicted to the drama
Only attracted to things that'll bring you trauma
Overseas, yeah, we try to stop terrorism
But we still got terrorists here livin'
In the USA, the big CIA
The Bloods and The Crips and the KKK
But if you only have love for your own race
Then you only leave space to discriminate
And to discriminate only generates hate
And when you hate then you're bound to get irate, yeah
Madness is what you demonstrate
And that's exactly how anger works and operates
Man, you gotta have love just to set it straight
Take control of your mind and meditate
Let your soul gravitate to the love, y'all, y'all

People killin', people dyin'
Children hurt and you hear them cryin'
Can you practice what you preach
And would you turn the other cheek

Father, Father, Father help us
Send us some guidance from above
'Cause people got me, got me questionin'
Where is the love (Love)

Where is the love (The love)
Where is the love (The love)
Where is the love
The love, the love

It just ain't the same, always unchanged
New days are strange, is the world insane
If love and peace is so strong
Why are there pieces of love that don't belong
Nations droppin' bombs
Chemical gasses fillin' lungs of little ones
With ongoin' sufferin' as the youth die young
So ask yourself is the lovin' really gone
So I could ask myself really what is goin' wrong
In this world that we livin' in people keep on givin'
in
Makin' wrong decisions, only visions of them dividends
Not respectin' each other, deny thy brother
A war is goin' on but the reason's undercover
The truth is kept secret, it's swept under the rug
If you never know truth then you never know love
Where's the love, y'all, come on (I don't know)
Where's the truth, y'all, come on (I don't know)
Where's the love, y'all

People killin', people dyin'
Children hurt and you hear them cryin'
Can you practice what you preach
And would you turn the other cheek

Father, Father, Father help us
Send us some guidance from above
'Cause people got me, got me questionin'
Where is the love (Love)

Where is the love (The love)
Where is the love (The love)
Where is the love (The love)
Where is the love (The love)
Where is the love, the love, the love?

I feel the weight of the world on my shoulder
As I'm gettin' older, y'all, people gets colder
Most of us only care about money makin'
Selfishness got us followin' our wrong direction
Wrong information always shown by the media
Negative images is the main criteria
Infecting the young minds faster than bacteria
Kids wanna act like what they see in the cinema
Yo', whatever happened to the values of humanity
Whatever happened to the fairness in equality
Instead in spreading love we spreading animosity
Lack of understanding, leading lives away from unity
That's the reason why sometimes I'm feelin' under
That's the reason why sometimes I'm feelin' down
There's no wonder why sometimes I'm feelin' under
Gotta keep my faith alive till love is found
Now ask yourself

Where is the love?
Where is the love?
Where is the love?
Where is the love?

Father, Father, Father help us
Send some guidance from above
'Cause people got me, got me questionin'
Where is the love?

Sing wit me y'all:
One world, one world (We only got)
One world, one world (That's all we got)
One world, one world
And something's wrong wit it (Yeah)
Something's wrong wit it (Yeah)
Something's wrong wit the wo-wo-world, yeah
We only got
(One world, one world)
That's all we got
(One world, one world)

Originally posted by ShutterBug:

That's why I ask; WHO do you think wrote this?

I say it's a Hired Writer....

ya, these few days, there is increasing number of people who come here make some noise about people who are in discussion about the local govt. STrange, and they seem to take turn to appear here. Who's next?

Originally posted by ShutterBug:
By Low Ching Ling

shutterbug, which media is this article taken from?

next

The theme of every ST article is simply thus: We are all to blame. We are all at fault. The Govt is not to blame. The Govt is God, and "Thou shalt not make wrongful use of the name of thy God".

What bloody irony.

Originally posted by Fingolfin_Noldor:

The theme of every ST article is simply thus: We are all to blame. We are all at fault. The Govt is not to blame. The Govt is God, and "Thou shalt not make wrongful use of the name of thy God".

What bloody irony.

yeah, like god, we are not to question. God acts as and whe He likes!!