Friday 8 August 2014

Retirement is a journey, not a destination by Carlenko Wang

Increasing life expectancy and low birth rate lead Singapore to tackle with a shrinking and aging population and workforce. The government has taken steps to relief the situation; however citizens should cooperate as well. The retired elderly still work so as to have income for their elderly lives. Planning early ensures a better retirement.  The most common pitfalls people make in planning for retirement and future needs is not saving enough; starting too late; and underestimating the effects of inflation.

In my opinion, there is no doubt that we need to take actions to deal with the issues that aging population has brought us with .Not only our government need to be wise to coordinate the social resources, we also need to prepare for our retirement fund .However, these steps are only temporary for the existing issues .The most effective way is to increase the birth rate in Singapore. As long as enough workforce due to high birth rate contributes to the economic development ,our economy will be strong enough to support the social resources required such as retirement funds ,thus completely solve the current problem of social resources shortage.

No comments:

Post a Comment