Retirement…..don’t worry, be happy

 Hi SHCians

 Begging your pardon Terence and the rest of Silverhairs, allow me to expand on the above.

 My take is many retirees are quite concerned whether their current savings will last through the years for I have been told twice straightforwardly and also overheard on more than half a dozen times, the exclamation "not enough money, what for live long".  But my perception is these retorters tend to be less of a disciplined type as they maintain an unhealthy lifestyle not only of smoking, drinking and overeatinf but also an addiction to outright gambling of "must buy" 4Ds, Toto, football bets, punting horse-racing, etc.

 With due respect, we can stretch our dollar, if we reduce our standard of living a notch or two, by reducing particularly the restaurant food-bills and budget travelling trips as well as putting token bets on the numbers.  Another way of stretching our dollar is to seek the now various avenues of investments in increasing our pile, but do temper one’s desire on optimising returns in order to avoid the potentiality of crippling pitfalls.   The bottom line is to reduce expectations and instead accomodate contentment.

 Try to be engaged during our awaking hours.  Perhaps, some  Silverhairs can formed small groups of a van-load or mini-bus full to make twice a week daily excursions to local places or the furtherst to Johore’s Skudai, Kota Tinggi and Kukup-cum-Tanjong Pia(the southernmost Asian landmark).

 Lastly, do keep oneself fit & healthy so that one do not tend to feel quite lethargic almost daily, particularly during the humid afternoon hours.  Beleive me, I know of two guys in their early 70s whom due to a healthy lifestlye, is always bright & cheerful plus with a relatively "young romantic heart".  In this respect, kindly note it is not my intention to belittle any Silverhairs.

 Regards

 Abel Tan

21 thoughts on “Retirement…..don’t worry, be happy”

  1. Hi Abel

    I agree with your take. I like your suggestion on the twice a week daily excursions to places of interest.

    Yes, health is indeed wealth …

    Finally, I would like to add that getting an annuity if we have extra cash will really help. This will provide a pension unto death. NTUC Income provides an annuity with rather good returns. Another no-risk investment to be considered is the Growth policy from NTUC too. This is only a suggestion for risk-averse and non-investment savvy people like me!

    Cheers….
    Gabriella Chua

  2. Hi SHCians

    Sorry in overlooking to comment that the Straits Times Index should move up tomorrow at least during the morning session as Friday’s Dow Jones was up by a decisive 200points

    Those whom are holding penny stocks or some second-liners that have “zoom” up should by way of prudence take your profits. Index-stock holders whom can go for the long haul can sit tight as stocks like SGX will clear over $9 by early next year, as the latter has a few positive happenings in the pipeline.

    My take is to go for the index stocks whenever the STI corrects. Genting is still a punting stock, but for my money a definite investment buy below $1.80. With due respect, a popular stock do tend to command a higher PE ratio, just like a popular business concern command higher goodwill payment. By the way, yours truly is long 5lots on Genting @ 2.02 bought last Friday.

    Regards

    Abel Tan

  6. hi steven,
    to join CPF LIVE or not to join, is a question almost everybody ask. No one can answer this except yrself. I guess if you hv lots of $$$ than no need. If you are like me neither here nor there? then you probably need. In case $$ runs out or too old to do anything or make $$.
    My annuity pays for life.

  7. On the recent CPF Board’s reminder (letter) of CPF Life’s benefits and Bonus carrot…

    please read the footnotes…. They say:

    1. The payouts shown in the letter (table)is based on the amount $110, 444.40. This means if your retirement a/c has less than this amount, the payouts for you will be SMALLER.

    2. The monthly payouts from CPF Life is NOT a fixed amount. …can be smaller in bad times and you have NO say in the matter!

    3. There are FOUR options. The letter highlights only three. I think this 4th option known as LIFE Income Plan is worth a 2nd look…don’t be put off by ‘beneficiaries get nothing’ in this option. The payout is the highest of all the options. Consider your situation.

    Personally i think it’s good to have a life-long income stream no matter how small it is. For pple with a modest nest-egg, it can take away a lot of the anxieties about living beyond 80..

    2-ct worth

  8. Hi Weng Hon #6 and Gabriella #1,

    Can you share briefly the annuity package you have taken up? Is CPF life a kind of annuity?

    And, if by law, there is the minimum sum, why do you still need CPF Life.

    Hi Jassmine, Tian Soo, from the feedback so far, I gather there are very few “fully retired” SilverHairs around because everyone seems to be still working part-time or actively investing. Abel, I like your “don’t worry, be happy”.

    Terence Seah

  9. Hi SHcians

    Regarding CPF Life, yours truly has been receiving monthly $287 after parking less than $50k with the Board and plus a monthly #183 of annuity from NTUC Income.

    For food and transport and plus a minimum spending on the incedentals like ice-cream, a pc of bun/cake/pohpiah, etc., a active out-of-doors retiree needs to spend a daily mininum of $14/15, which this amount probably will increase to $17/18 towards the end of the decade or perhaps earlier.

    For the attention of King Seng Lee #5, I shall try to start the ball rolling if none of Silverhairs initiate a move first in organising one of the following local tours, namely – Labrador Park-cum-Alexandra Village, Sungei Buloh, the Kranji Farmlands (two excursions), Changi Village-cum-walking the Boardwalk, World War II Heritage Museum at Kent Ridge-cum-Pasir Panjang Village, Jalan Kayu airbase-cum-Sembawang Park, Bukit Batok Guilin Park-cum-Westmall Shopping Ctr, the Chinese/Japanese Garderns-cum-Jurong Town, each October visiting Kusu Island, etc.

    Mind you folks, including preparations and travelling to work and vice versa when homeward bound, a security guard is occuppied between at least 13-and-a-half hours to 14-and-a-half hours each day, leaving just enough time for sleep.
    And being a Relief Guard which means my job assignment (only Eastern region) is often at a different site each day and I do work a stretch of TEN days before taking a day off, the reason being no work means no pay.

    Perhaps King Seng Lee, you would wish to organise one outing selecting among one of the above excursions and I shall render assistance in the background. A group of ten persons is justly a nice number.

    Regards

    Abel Tan

  10. Hi Abel
    Thank you for your suggestion on the number of sites we can pick as a destination for our outing and gathering.

    I am also very encouraged by your willingness to help out. However, I dare not take the lead to organise due to my health problem. When I walk, you can see me limping.

    If there are other SHCians are willing to take the lead, I will assist him or her all the way and at the same time learn how to organise an event.

    Cheers

  11. hi Terence,
    I am too lazy to find out in detail what CPF Life is. I did not convert my annuity scheme. My annuity was under the old scheme. CPF life came later. My minium sum can only last for 20 years, after that no more payment. Besides if I join the annuity scheme under NTUC, I get a bit more monthly and last for life, even after 20 yrs if I am still alive. I am not saying I can live that long, but just in case I do.
    So, its personal preference.

  12. Hi Terence #8

    U can get a pension of around $1000 if you buy an NTUC Annuity of around $250,000. This amount will increase every year at the rate of around 3 – 3+%. This will give you a pension for life. Moreover, the amount of $1000 is not stagnant. It will increase every year. U may feel this is a menial growth if you are investment-savvy and not risk-averse. However, this is a stress-free investment and you’ll be assured of a pension every month even if you live to 100! haha.

    Re: the minimum sum required to be placed with the CPF Board upon retirement, it is not compulsory for those born around 1952 to take up the CPF life. CPF life is the Government’s form of annuity. If I am not wrong, it does not work the same way as the NTUC Income annuity. So far, I have not decided on the CPF Life, as I’m assured of a fixed sum of around $750 every month from the age of 64 without opting for CPF Life. This sum is supposed to last for 20 years i.e. until the age of 84. However, if you top up the min sum to around $120,000+ (which will grow at 4 – 5% currently), the pension of around $750 will last for more than 20 years. The compulsory ‘minimum sum’ increases each year and if you have extra cash, you can top up, and be assured of a longer CPF pension fund.

    The above is only a rough estimate. You can always go to any CPF Branch and ask them to work out a more accurate figure for you.

    I’m lucky as I have a choice whether to opt for CPF Life or not. However, it is compulsory for the younger ones to opt, if I’m not mistaken. I’m only speaking for my age group. This may not apply to you if you belong to a younger age group.

    My 2 cents worth of sharing….

    Cheers,
    Gabriella

  13. Thanks Steven Ng, Gabriella Chua , Jassmine Teo and Weng Hon for your invaluable feedback on whether to join CPF life or not.

    At least, I had a better idea and less doubts to make my final decision.

  14. Hi SHCians

    Begging your absolute indulgence for sounding “cheong huey” in that during the 70s & 80s, I was among then the less than five percent of Sporeans, whom despite the continual exhortations and encouragement from the govt that we upgrade ourselves academically or skills-wise, we in this “rebellious” group simply “boh chap siow”, as we were intent to pursue our own individual interest, like yours truly in frequent back-packing and whilst at home patronising Shangri-la’s Horison, Ming Court’s Babarella, International Bldg’s Peyton Place, Lucky Plaza’s Papagoya, Joo Chiat’s Moscow Bar, Selegie’s Singapura Bar, etc.

    The trade-off is, of course majority of us suffered economic loss as our careers see-sawed haphazardly or got stunted and one major sufferrence is in the Spore context, one just cannot afford to go jobless for long periods (yours truly for a total of twenty-two months on aggregate) as it will result in the crucial absense of CPF contributions into one’s a/c.

    In recent years, increasingly more younger Sporeans, probably up to age early 30s, those anchored economically by parental spport and particulalrly if he/she is an only child, can without second thought indulge in my previous extravagances as manifested by four examples whom were nearly two yrs unemployed-young-members in the country club I worked prior to my current job.

    By early 90s, I had regretted my “wasteful” years and in trying to make up the shortfall in savings, ventured into the stockmarket and by mid’98 got “hantam bohkok” simply through sheer greed.

    Retrenched at end ’99 and already aged early 50s, meant one can never resecure a similar job, as the harsh reality of the employment market till today, now aggravated by foreign workers influx, rated older workers as “boh yong leow”. Thus “pekchek” I went unemployed for the longest stretch of eight months until my retrenchment benefits “boh leow”.

    Setting up a family at the beginning of my twilight years has been a tremendous booster to my confidence & morale as “reaching out means a new sunrise” for otherwise, yours truly could have been similar to a few thousand others affected by mid-career/mid-age job losses, wallowed on-n-off in self pity plus disorientattion in focus, for Spore indeed can be an abrasive society for those who “can’t make
    it”.

    Therefore, Silverhairs go and reach out and get engaged (mot like me with a young family) with friends, hobbies, travelling, volunteerism, etc. in order to lessen the ubiquitous cobwebs of fear/doubts which tend to clutter our grey-matter.

    Thus, “Don’t worry, Be happy” and again do take note to maintain a healthy lifestyle, as with due respect a poorer health is a distinct dampener to one’s happinness/gaiety.

    Regards

    Abel Tan

  15. Thank you Abel, for sharing and running us thru a useful lesson in life.

    I first saw you when you held the tail of our inpromptu lion danz at the CNY lunch 2 years ago at the Fortune Restaurant. You were absolutely a marvel, deft in doing the steps after me when I myself had no idea what my steps were. I saw a sturdy man in you, spontaneous to volunteer.

    Then I began to read what you wrote, and I said to myself, this man writes well. With more writings from you, i saw the depth of you knowledge and an ocean of experience.

    Then, in my serious moments, I shared with a few serious-minded, of your profound thoughts, that you would have been a great somebody but for your going awry somewhere along the path to enlightenment.

    With a young family, you have found a new meaning to and purpose in life. Yes, do perk up. Persevere. A clever hit-n-run in the stockmart will certainly give us all that bit more extra but the pit-fall with many pounters like me had been heat-n-ruin…….got hot, instead of running for a better day to return, ruined myself when I was all heated up.

    Careful. At our age, we cant afford a 2nd mistake…….it’s a kind of a reminder to me myself who continue to make that occasional 3rd mistake.

  16. Hi SHcians

    With particular attention to Tim Liu, that is aiyoh Tim, lu eh taunow sipeh-ho, anehku nerngni-gua leow, lu pun eh ki, Chin-ho! Chin-ho!

    Honestly, I am profoundly humbled by your keen perceptions of me. Well, waters have already passed under my bridge with nearly all due to my own undoing and now, it is the resultant emotional baggage which one seems unable to “Heekak” that will hound us, then on-n-off given the fertile ground will sprout the “baggage”, as manifested by a homegrown “great somebody” who is still quite fond of “throwing pins across the causeway”.

    Kowpeh, chinku leow pun buay suak, ti-ti snioh, si-choh kaki emkamguan. Thus, he still retains the name of “Spoiler” in certain quarters up north, though he is already world-reknowned as planner/provider of the “four basic pillars of a home” which are JOBS, HOUSING, EDUCATION, and LAW & ORDER where numerous other “homes” do lack at least one, two or more of these basic living-precepts, for example my wife’s “home”, except for education, her country sorely lack jobs, housing and law&order.

    Therefore, Sporeans MUST be grateful to this great-somebody who has also entrenched the institutions of good-governance for future generations of Sporeans. It is appropriate now each of us feel saddened on his recent personal loss.

    Perhaps, like stress, emotional baggage can be drastically reduced too by one turning to yoga, mediation or devotion towards (maybe altruistic) task/goal like tutoring/mentoring/coaching a younger person, grandchild/nephew/niece to accomplishment ultimately.

    Regards

    Abel Tan

  17. Haha, Abel, I wont go into discussing his obsessions or diagnose his paranoia here as I will inevitably hit an OB marker if I do.

    My respect for him centres strictly on his unparalleled devotion to his wife which is hard to match and will never be surpassed in our generation and future generations. Lesser greats like Bill, Tiger, John, Ferdinand/Imelda, Idi…….hv gone wayward after gaining fame, power or money.

    He stayed the course and remained true and faithful to that one woman in his life.

    Life after is not going to be easy for him who apparently has not lost or lost in anything before, to suddenly lose this big. Maybe in his quiet time, he would reflect not on what he has achieved but how they were achieved, whether there was room for more compassion and a kinder touch, whether he could hv been more tolerant and receptive of dissent.

    His next Memoir, if he writes it, is definitely worth the read for everyone. Retirement is not on his mind yet.

  19. Hi Kwok,

    Of course no interest lah. It’s already out of the retirement account. How to give you interest when your money has already been transfer to CPF Life. In fact your retirement account will be closed after the transfer. :)

    Your money will be pool in a fund which will start to earn ‘dividend’ or ‘profit’ which will be distribute to you when you start receiving your ‘income’ at age 65.

  20. ??????????????????????????????????????????

    Lin Oi, ???????????????????? ????????

    ?????? Steven-N ? CPF Life ???????????? ????????????? ?????? ??????????? ??“??”???

    Great weather today; no weatherman can arrange for it. Even high up there, they know she has quietly and 2 steps behind her man, made that more pleasant difference to our lives, and her presence must have tempered him to do things less hard.

    The cortege will have it easier too.

    Goodbye Madam Dignified, till we meet again, unlikely tho if moi’s wish of joining the downstairs people is granted.

  21. Yes, goodbye and may she rest in peace.

    Whosoever, it’s a blessing to go before your loved ones. You know you’ll be in good hands till your last breath.

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