Agree with Lam Keong Yeoh this article is shallow. It is also a premium article with a misleading headline that asserted elderly would have more resources to retire on in future. This means most readers would get a good impression without ever reading the actual report. Why is such an important topic made a premium article by ST? 🙄 I read it optimistically hoping the Govt was planning to provide more resources to help the poor elderly. Instead the thrust again was placing the burden squarely on us individuals again. Plan better, save more and rely on housing as a source of retirement income blah blah blah. With old leasehold hdb fast losing its value how is it a good source of retirement income? And what about those who do not own or cannot pay up fully for their hdb flats? Read the article if you wish but it only tells us how little our government understands nor cares about the plight of current and future generations of elderly who have problems retiring to live a decent life in old age….
For those who are interested to know…here are some key findings from the study done on our elderly…
“It added that about four in five of the elderly relied on adult children as their income source as of 2011, and warned that this dependence may be increasingly unsustainable , given the demographic trends.
Such reliance may also exacerbate inequality as supporting the elderly takes up a greater share of household costs for the lower-and middle-income, compared with those of higher incomes, it said.
The average household size dropped from 3.5 to 3.24 between 2008 and last year.
8% Annual growth of average balances of CPF members from 2006 to 2016.
62% Percentage of active members who turned 55 last year who met the Basic Retirement Sum, as opposed to 38 per cent in 2008.
The resident old-age support ratio – the number of those aged 20 to 64 available to support an older person – is expected to fall from 4.8 last year to about 2.7 by 2030.
While acknowledging this challenge, Ms Kong Kum Peck, director of the ComCare and social support division at MSF, said: “The individual’s role in financial planning for retirement is ever important.”
I find it very difficult to see much insight besides the rather inane and obvious trends described in this ST article.
I find it even more difficult to do so given the shameful plight of our current elderly poor and the huge bulge of low income baby boomer seniors ( demographically our biggest cohort ) that will swell their ranks greatly over coming decades.
Many do not even have secondary school education and have labored to help build modern Singapore at a time when middle income country wages were low but have to retire in an expensive first world city
These are our pioneer generation who we can’t even bring ourselves to give $500 -600 more a month over and above a measly current $250 in our silver support scheme to have a more dignified and secure retirement even though the fiscal cost is low ( 0.3% of GDP today peaking at 0.6% in 2050 ) and we can well afford it ?
Wouldn’t that be a far more meaningful pioneer generation package ? And why can’t such questions be the beginnings of much more relevant and newsworthy journalism that seems to be merely skirting around this huge social problem?