Lecture Notes: Retirement in Singapore and Living Life with Purpose

Introduction

• The discussion centers around retirement in Singapore, particularly focusing on millennials and their concerns about uninspiring retirement prospects.
• Host Reggie introduces the podcast as part of TFC Budget Debate.

Panel Introductions

DNE

• Financial Planning Solutions lead at MoneyOwl.
• Financial advisory firm under Tasik Trust.
• Focus on helping Singaporeans make better financial choices for better retirement.

Ashok

• Retired 5 years ago, almost 60, with two adult children.
• Discusses perspectives on life after retirement.

Dr. Chong

• Working in late 50s, not retired yet.
• Represents HCA Hospice, a charity offering palliative care.
• Vice-chair of the Singapore Hospice Council.

Key Discussion Points

Financial Planning and Retirement

• Importance of planning from daily finances to retirement and estate planning.
• Financial planning should consider individual goals and assumptions, as they influence the planning strategy.

Role of Hospices

• Hospice as a philosophy rather than just a physical space.
• Hospice care supports living meaningfully until death.
• Involves a team approach including doctors, nurses, counselors, and spiritual care.

Lessons from Palliative Care

• Many people realize how to live only when it's too late.
• Importance of treasuring each day and planning for life and death.
• Death can happen at any age, including young adults and children.

Financial Aspects of Retirement in Singapore

• Government schemes like CPF Life and Cashual Life provide basic needs.
• Integrated Shield Plans offer additional coverage.
• It's crucial to save sufficiently and invest wisely to supplement government provisions.

Observations and Opinions

Cost of Retirement

• Not cheap to retire in Singapore without a fully paid home.
• Living a good life involves knowing what is 'enough' in terms of lifestyle and financial needs.
• Encouragement to reduce wants and be content with less.

Purpose and Engagement in Retirement

• Retirement is not just about money; it requires a sense of purpose and engagement.
• Importance of relationships and having activities that provide meaning and challenge.
• The need for retirement to provide mental stimulation and learning.

Recommendations for Better Retirement Planning

Suggestions for Individuals

• Pay yourself first: prioritize savings before spending.
• Consider legacy and giving back as a part of financial planning.
• Find purpose and engage in meaningful activities even after retiring.

Suggestions for Policy and Society

• More support for caregiving, especially for end-of-life situations.
• Encouragement for companies to employ older individuals in part-time or flexible roles.
• Recognition of the emotional and psychological needs of retirees in planning.

Conclusion

• Retirement in Singapore offers opportunities if approached with the right mindset.
• It involves planning financially but also includes finding personal meaning and relationships.
• The State and individuals need to collaborate to create a supportive environment for retirees.