What age do U wanna retire at?

Hubby and I was watching the NDP speech rally when Wong Kan Seng said something like this, "Singaporeans, do not worry that you will not have enough money when you retire. The Government will look into ways to push back retirement age so that you can still continue to earn money." I was appalled to hear that! That is a solution? Do we want to work till 70 years?

So I'm curious what age have you thought you actually want to retire? Meaning: Does Not mean not working at all. It means you do not work because you need the money for retirement or basic needs. I will usually put it as 45. That's my dream retirement age lah. Not sure if I can achieve it... hehe.... but I will still continue working to keep myself busy.

I believed the Govt has received alot of feedback regarding their solution. And today's Straits Times came up with alot of statistics to prove their worth. Come on lah, of course my generation cannot depend on CPF funds for retirement. WHY? We are working our ass off to pay off the 30 years loan for the small HDB flat that we purchased. By the time, it's repaid, we will be in our 55 years old. take it that we bought it age age 25.

HDB prices has been rising too much. 23 years ago, my dad bought our yishun 4-room flat for about $46K. He paid it off within 5~6 years with his CPF savings and monthly contribution. I'm earning about the same as him now. but the flat that I bought was $250K and this is considered cheap these days. How many times over has HDB flat risen? It's not like our pay now is 5 times higher than the past.

That's why our financial service sector is doing well these days compared to the past. Then, people have their CPF funds to depend on for retirement as well as their children. And we, the next generation knows how tough it is for support ourselves and our parents. Hence, my thoughts are don't depend on your children. Do your own financial planning. Which is why investment sector is doing very well. People are not so afraid of putting their $$$ into unit trust, equities, etc. Plus, a booming economy...

Why do we have to work longer because of govt's incompetence at the CPF scheme? This used to serve as a retirement vehicle but now? It's never gonna to be unless you don't ever buy a flat. Just fyi: Minimum Retirement Sum is $99,600 at the moment. Do you think you can accumulate this amount after paying off the flat?

So I think they really have to re-think about this CPF scheme. What is the purpose going to be NOW? A higher interest rate would be good. But do NOT do so at the expense of higher interest rate for majority of people who borrow from them to finance the flats.

Let's see what the government will continue to say. BUT do not raise your hopes too HIGH.