Contented people don't progress. As a country, as a society, we need people who strive for more, for better life for themselves and their families. Once contentment sets in, society stagnates and declines relative to others.

Let me share with you a story. Back in my old neighborhood in punggol years ago before there was any HDB flats, my neighbor (let's call him Ah Hong) was quite a happening character. Everyone (well, at least among my parents and neighbors of that generation) was in awe of Ah Hong and his "exploits" and knowledge. We were in our teens then and we often heard of our parents talking about Ah Hong and how successful and seemingly wealthy he was. This Ah Hong, we heard, travelled to "Ang Moh" countries and worked there. Neighbors were eager to hear his stories, and so were we children.

When the whole neighborhood was resettled to HDB, Ah Hong and his family got a 4 room flat, did it up nicely and he decided he earned enough and retired. He was 53 years old then. I was just starting my undergraduate studies in NUS after my NS. Initially his savings were enough, and he lived comfortably but as years went by, he kept cutting back on his lifestyle. Now at 75, he is worried his money will run out before his time.

For us and many of our old neighbors, we have since upgraded to condo from our resettled flats. It is important not to be complacent and contentment must be tempered with preparedness especially when it comes to personal finance. Now that life expectancy is higher (Singaporeans are expected to live beyond 85), we must ensure that contentment does not lead us to complacency. Yes, enjoy the fruits of your labour every now and then, but do not stop to strive for better. Again as a society, a country, once you stopped striving, you will be overtaken, and the country will slide back.

The problem with ah hong is that he retired without passive income. most likely he just had savings and this deplete over time. what ah hong should have done is to buy good quality high dividend yield stocks. the blue chips would have appreciated and by now at 75, ah hong would have been a multi millionaire. if he had invested in US blue chips like in Bershire stocks, he would be very rich today, richer than you and your family combined.

27 years old 26K in bank. I'm a poor as ****. thanks

What happened?

I was as poor as you at your age. Depends on your effort and luck, things may change for the better.

Am already better off now at age of 42 with my family and cash rich comfortably. Not wealthy, just happy.

Try changing a new job to have a reasonably increase in salary, ITE doesnt really matter if you prove yourself worth more than the cert.(except for management position i guess).

Dont be complacent with what you are now, if you are coming to this forum to pour out your current situation, i guess deep inside, you still want to have a better life for your kids! Make the change Bro! 三分靠天意，七分靠自己！

Quote： singapore business review....

FINANCIAL SERVICES, HR & EDUCATION | Staff Reporter, Singapore Published: 20 Jan 15 800 views - See more at: [url=://sbr.com.sg/financial-services/in-focus/work-until-you-die-over-half-singaporeans-grossly-unprepared-retirement-#sthash.kpAGHWaB.dpuf]Work until you die: Over half of Singaporeans grossly unprepared for retirement, reveals HSBC | Singapore Business Review[/


WHERE ARE YOU STANDING!?

Work until you die: Over half of Singaporeans grossly unprepared for retirement, reveals HSBC 1 in 3 residents older than 45 have no savings. Retirement is costly business, and a distressing majority of working-age Singaporeans are extremely unprepared for retirement. According to HSBC’s the Future of Retirement study, 53% of Singaporean workers say that they cannot afford to retire comfortably while 15% believe that they will never never be able to fully retire. Even more alarming, 30% of workers aged 45 and over claim that they are not saving or do not intend to save. The report revealed that future retirees in Singapore expect their savings to last just 13 out of an average of 23 years in retirement. Lack of financial preparation during their working years, negative impacts of economic downturn and other life events are the key reasons for the savings shortfall. “Whether it is the high cost of living or an expectation that our pension will cover us in retirement, the reality is many Singaporeans are at risk of getting caught very short, financially, towards the end of their life,” said Matthew Colebrook, Head of Retail Banking and Wealth Management at HSBC Singapore. - See more at: [url=://sbr.com.sg/financial-services/in-focus/work-until-you-die-over-half-singaporeans-grossly-unprepared-retirement-#sthash.kpAGHWaB.dpuf]Work until you die: Over half of Singaporeans grossly unprepared for retirement, reveals HSBC | Singapore Business Review[/

I see some good outcome of this survey. At least those people who said they would need to work till they die are aware of this. Also a good number of them in the survey also realised that their savings can only last 13 years from the moment they retire. If they stopped at 65, their savings will last them till they are 78.

There are many people, from what I gather from the various posts here, who think they have enough money and can retire early (at or before 55). For these people, the rude shock may come too late when they find that their savings run out even before they hit 65!

So, if you dont know how long your savings can last you, just continue working as long as you can. Dont take the chance.

Agree ! many Singaporeans live by Hand-to-Mouth, hoping CPF will let them live thru retirement. I bet many cant save enough becuz the cost-of-living, or should i say the cost-of-the needs & WANTS is too expensive. Singaporean are too pressurised by peer pressure, must stay bigger house and drive bigger cars than neighbour....

I wait to see how many would survive the coming recession cycle..

male 33 years, married no kids.
cash - $95k
stocks - $8k

my cpf has close to nothing as it was used for condo downpayment and to service the mortgage.