http://news.xin.msn.com/en/singapore/article.aspx?cp-documentid=4244505Some views on the above interview with MM Lee. (please read the article first...)
I like the approach of MM Lee, who keeps working, exercising, learning, travelling into his old age. However, he DOES not have to and as a statesman, his retirement, savings and portfolio will always keep him comfortably afloat. He DOES however, because he likes what he is doing, is well paid for it.
My own father retired at 57. Not because he wanted to but 27 year in the oil industry saved him enough golden eggs and it was a handshake he received.
I can see where MM Lee comes from. I respect his views BUT between the line, he is giving us all a warning about the social changes ahead of us. Today, most of the Americans have lost 40% of their retirement plan and investments due to the last "minor" currency crisis. Last year a Belgian Pm announced that in 2015 no funds would be available to pay the heavy retirement payouts. All over in Europe, retirement age is being pushed up as too many will age and no money is available. Take with it a massive inflation which is yet to come and most pension funds, public or private will vanish.
Conclusion: not because we want to but HAVE to work during our old age. It only pains me to see that 60-70 year old nannies and grandpas, who are exempted to baby sit their grand children, are working in Kopitiams and MacDonalds to clean and wipe the tables. Then, I think of my 84 year old Mum, enjoying her old age. She deserves it. I am happy she does not have to work in a local hamburger shop because she is a widow...
Thanks for your comments!
(PS. I have no pension plan, because 20 years ago I decided not to pay into a public fund as inflation and a few financial disasters will wipe out your wealth or when governments run into deep debts, like the PIGS countries now, and Greece...)
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