I have been keeping a copy of the Straits Times, dated Mar 17, 2008 with the article "Retirement city: Develop low-cost retreat abroad", and think it is still relevant to toy with this subject again. Please note this thread is not about giving up one’s citizenship or packing up and say goodbye.
Over the last 24 months, I have been asking around, and came to some conclusions why Singapore is the ideal place to retire in. I may be wrong; but I tend to think there is truth in this observation.
- Most of us have families, children or relations in Singapore; and it is not possible to just uproot oneself.
- Between the men and the women, almost all women will not even think about the possibility of leaving Singapore for good. For the men, the percentage is slightly higher, but as a family unit, the family will not leave Singapore for any of the nearby countries.
- The idea of selling the Singapore property may sound attractive, and together with the CPF can make one feel like a millionaire in another land. Reality is the roof is still a required shelter for many years to come, for the children, parents or even ourselves.
- Health insurance, other kinds of insurances tend to provide cover, if one is living in Singapore. Depending on the T&C, hospitalisation and other health care may not be covered under existing insurances.
- The idea of short-term living overseas, maybe 3 months, in nearby countries, sound like an attraction because of lower cost of living, lower medical costs and travel opportunities.
I tend to like short-term living overseas; yet, I feel sometimes it is not practical because of the above factors. Lower costs overseas and travel opportunities are not enough drivers. Shorter-term of 7 – 14 days overseas seem to be more practical and feasible. What are your views?