There are many people who die young either through illness, drug overdose, accident or war. However for every person that die young, there are hundreds of thousands of people around the world who will celebrate their 65th birthday each day and will live well into their 80s.

You don't have to look far, in Singapore, the life expectancy of Singaporeans is fast catching up with Japan. Our life expectancy at 83.1 years has already outpaced that of the US at 79.3 years. Japanese life expectancy is 83.7 years. And we know there are many centenarians (100 year olds) in Japan and US. Likewise in Singapore, there are many approaching their 90s. The first batch of our baby boomers (born in 50s to 60s) have started drawing down their CPF Life annuities.

The problem is that the average Singaporean's savings is woefully inadequate to match their longer life expectancy. The government is acutely aware of this - that's why the implementation of CPF Life scheme as well as the continuous urging of Singaporeans to work longer, as long as they can work.

My take of the issue is - we control our own destiny and we ourselves decide what outcome we will face. There are 4 possible scenarios/outcomes

Scenario 1. Work longer, save more but die young. Savings can be bequeathed to our loved ones to help ease their financial burden or if no loved ones, the money can be given to charity. Either way, people will appreciate your kindness.

Scenario 2. Work longer, save a lot and live long long. In this scenario, at least you won't be a financial burden to your children. And you can live your life with confidence and dignity. You can also contribute regularly to charity even in your old age.

Scenario 3. Retire early (for e.g. before 50), inadequate savings and live long long. Become a financial burden to people. Live a miserable and parasitic life. Lose self esteem and dignity. Likely to re-enter workforce in late 60s or 70s at low skill low end jobs. Worse outcome - take own life.

Scenario 4. Retire early (e.g. before 50), inadequate savings and die early/young. Leave nothing behind for loved ones who have to struggle and fend for themselves. Worse case, leave behind debt e.g. housing loan, car loan etc..

We, ourselves are responsible for our own lives. Make sure we don't pass the burden to others.