Retirement Planning – Are you planning to retire or retire to work?

March 5, 2007

Extend period to help seniors taking up jobs

I REFER to the letter, 'Why no extra 30 mins of concessional fare' by Ms Noelle Tang of SMRT.

We senior citizens thank SMRT and appreciate its consideration in curbing peak-hour travel patterns out of concern for senior citizens' safety.

Unemployed senior citizen are also mindful not to compete with the able-bodied during peak hours.

However, with the Government's recent encouragement to employers to hire more senior citizens, may I suggest that the concession period also apply from 5.30am to 4.30pm and after 7pm?

March 5, 2007

Govt panel to focus on work for the elderly

Having income will help solve many problems of ageing, says Lim Boon Heng

By Sue-Ann Chia

THE man in charge of tackling the issue of Singapore's ageing population said last night that his top priority was getting more elderly people to work in their golden years.

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I read these articles forum pages with interest and wonder? Why do the elderly or retired need in Singapore need to work? Shouldn’t they use their time on better things than to make ends meet? Wasn’t the Central Provident Fund (CPF) the solution to retirement for these people? What has gone terribly wrong? Did inflation rise so fast that the existing rate of returns from CPF can’t match up? Were they so poorly paid that they were living on a hand to mouth existence?

I think the problem lies in that not many Singaporeans are serious in planning for retirement! Not many knew how, not many bothered! The results are clearly seen! Elders seeking for jobs in their twilight years and not enjoying the retirement life style they would have wanted.

What is the solution? Singaporeans should focus on retirement planning in their earlier years, with regular prudent savings using insurance and investment instruments that would provide a disciplined savings for use in latter years. Annuities provide for life long income, along with disability benefit if the insured is unable to do 2 out of 6 activity of daily living. Is that enough? Well this depends on the person’s lifestyle; the ideal situation is that a person should also have passive income to provide a continuous stream way in to the twilight years. This is to cater for rising health cost, basic essentials and a nice holiday once awhile!

Don't wait for retirement to do your retirement planning! It starts now!! Click here to contact our reliable needs based agents, who will help plan your retirement lifestyle you desire!

What happens when ElderShield Stops paying?

Feb 26, 2007

Major overhaul of ElderShield scheme

By October, there could be higher payouts, longer payment periods and more insurers

By Salma Khalik, Health Correspondent

A MAJOR overhaul of ElderShield, Singapore's disability insurance scheme, is under way to provide higher payouts and greater options, including more insurers to choose from.

Payouts for the basic scheme is likely to go up from $300 to $400 a month, with payment periods extended to six years, from the current five.

This will raise payouts to a maximum of $28,800, up from the present $18,000.

Will the major overhaul be enough? This scheme will benefit all senior Singaporeans with disability insurance under ElderShield. With $400 a month, and payments period extended a year, is that really helpful?

If the person’s disability is permanent, how will this person continue when the payouts stop?

That’s is why one should invest in long term GoldenCare annuity, which pays lifetime income as well as disability benefits if the insured is unable to perform at least 2 out of 6 activities of daily living (bathing, dressing, feeding, continence, mobility, transferring).

This payout is for life of the person insured. In Singapore, Annuity benefits are not subject to tax if your policy is purchased through CPF.

Government can only provide so much help; the rest is up to you. Call us for your retirement planning

Full paying patients but given slow and poor service

Feb 23, 2007
FRIDAY MATTERS
When private patients' patience can wear thin
By Chua Mui Hoong, DEPUTY POLITICAL EDITOR

It led me to wonder: Why would Singaporeans persist in paying private rates in a public hospital, if they have to put up with much longer waiting times, which increase anxiety, waste time sitting in a hospital waiting room when they could be resting at home if ill, or working if well, and generally endure a poorer quality of customer service?

It isn't as though rates for private patients in public hospitals are that much lower than rates in the private sector. (Data on the Ministry of Health website comparing rates for some procedures suggests that cost can be 20 to 30per cent less in public hospitals for Class A patients than at private hospitals.)

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A simple explanation may be that the Singapore health care system is overloaded and overworked? Or can it be that Singaporeans are working themselves to such an unhealthy state?

Why has the health care system in Singapore has such long waiting times?
Why are the public hospitals inefficient compared to the private ones?

Why not have an insurance policy that pays for private hospitalisation?
Why not choose faster and better health care?

If you are unsure what kind of medical insurance coverage you need, check with your friendly needs based advisor www.abundance2insure.com