Ah, retirement. The notion of hanging up work tools and spending more time indulging in hobbies or just catching up on all the things that were pushed to a later date. Is everyone’s ideal the same when it comes to retirement?
What exactly does retirement mean for Singaporeans – the end of work, or the beginning of the next phase of life? Time to travel, time to rest, time to pursue one’s dreams, or no time at all?
These are questions worth asking, especially since Singaporeans are now living much longer. Men in Singapore live on average to around 81, while their female counterparts outlive them to around 85. Meanwhile, the official retirement age currently hovers at 63, two years before CPF Life payouts begin.
On the flip side, prices keeping marching upwards. Just last month, we’ve seen an uptick in the price of public transportation, postage, water and electricity. The price of cars (due to the Certificate of Entitlement System) and housing in land-scarce Singapore only seem to go up, and not down.
SilverStreak polls about 10 Singaporeans, from the silver generation at the cusp – or in the midst – of their retirement, all the way to zoomers who are still working at their first jobs (having just voted for the first time) to find out what they think retirement actually means for them – and how they’re planning to achieve it.
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Retirement means freedom
Across generations, interviewees agree that the key to retirement is freedom – from financial worry, the need to work, and to make their own choices with their remaining years.
Make sure your financials are in order
Indeed, financial matters are a chief concern among pragmatic Singaporeans when it comes to retirement.
"Remember that Singaporeans are living longer and should at least plan for living up to 90 years old."
Continuing to work for longer or finding a part-time gig, he says, are good ways to top up the retirement kitty with just a little extra, providing better peace of mind, as is health insurance, for those who are no longer covered by company plans.
But planning should not begin when you’re approaching the end of the line, but at the start of the journey.
"I'm starting to live frugally now – eating cheaper food, working out at a cheaper gym, and trimming other unnecessary expenses – while earning extra income from busking and investing in safe options like blue-chip stocks and government bonds."
Self-reliance is in
Most interviewees agreed that retirement costs should be borne by the individuals, not their children.
The ability to be self-reliant stems from several factors, he says – the country’s rapid growth in prosperity, women entering the workforce and a high home ownership rate in Singapore due to HDB flats, providing a nest egg to fall back on.
Just be mindful of the fact that HDB flats have a 99-year lease, so what’s left of that tenure should also be a factor in your planning.
Financial and environmental concerns for younger Singaporeans
Even so, younger Singaporeans expressed concern that the dream of retirement is becoming harder to attain, or at the very least, more distant.
Environmental concerns are another issue leaving younger Singaporeans anxious about their future retirement prospects.
"Climate change is happening very, very quickly – like, right now. I don’t know that I will have that much to look forward to in retirement because of that. Because retirement, to me, means that you can sit down and rest – just live life, and breathe air."
Retirement is not for everyone
Not everyone agrees that retirement should mean the end of work.
The 57-year-old has spent more than half his life running his homely eatery in Toa Payoh, and doesn’t plan to quit anytime soon, despite the restaurant’s recent closure.
He hopes to open a new quick-service eatery selling a modern version of the dish by the end of the year, where he’ll take a step back, retaining creative control while leaving the brunt of the work to employees.
"When some people retire, some stop challenging their brains and their health in general goes downhill very quickly. I think work is an essential part of life and I’ll probably keep working till I die. As for travelling and other things that some people may wait to do after retiring, why not do it now, instead of waiting till you’re old and have less energy?"
Finding meaning elsewhere
Nevertheless, for most, this newfound freedom in retirement is also a chance to find meaning in the other joys of life, outside of work: Spending time with friends and family, pursuing hobbies, travelling, focusing on spirituality and giving back to the community.
Since retiring about 15 years ago, Eric has also busied himself with home renovations and maintenance, while keeping his body fit with golf and hiking, and his mind fit with Rotary activities.
Gerry does all of these, while also finding time to start his own singing group and lay the foundation for a book.
While retirement looms on the horizon of most of us, there’s uncertainty about how it’s going to play out when we reach that stage in our lives.
It would probably be best to keep an open mind to how you are going to approach it. A general direction with adjustments along the way to suit changes in your environment, your life and yourself.
