Monday, August 10, 2009

Singaporeans' biggest worries



A REACH commissioned biennial face-to-face poll of 1,558 Singaporeans in June this year has found that whilst issues such as cost of living, retrenchment and employment for older workers continued to top peoples’ concerns, Singaporeans nonetheless remain satisfied with the way Singapore is being governed and have confidence in Singapore’s future and its economy.

The biggest worries are:


* Provide job opportunities for older workers and retrenched
* Keeping cost of living affordable
* Amount of money set aside for retirement
* Extent which I can take care the costs of raising my children
* The amount I can save monthly

Investment Tips:

There are several kinds of work that is suitable for older workers but most probably won't do it unless they have insufficient money. For example, jobs like cleaner, waiter, security guards, driver, etc.

Without any income, it means more retirement savings will be required to last your lifetime. Planning ahead will help clear the worries of insufficient money and the standard of living available based on amount of money. I should be planning for my parent but I am still confused with constantly changing CPF withdrawal rules.

Income - Expense = Saving

Some people view saving as the remaining money after expenses. However, the better way is to firstly know the kind of lifestyle and money you require when you retire. Then, save the amount you require and use the remaining as expenses. Thus, it should be:

Income - Saving for retirement = Expenses

References:

  1. REACH Press Release 2009


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