An artist's impression of an island near Sengkang, linked to mainland by a bridge.
Choo: CPF and old age are teruk (difficult in Malay) issues. But the Government is bent on tackling them.
For me, CPF has been one of the best things in my life. It got me the roof over my head without wrecking my wallet.
Plus I'm one of the less than 5 per cent 'wise ones' who bought an annuity - actually by default - and now my minimum sum's beefed up by $15,000 through interest.
So maybe I can buy 62 birthday cakes and one candle.
Ching: Well, in future, annuities will become compulsory for those aged 50 and below now.
Because the Government wants to make sure that we all have regular income in our old age.
Last night, PM told a joke about what NTUC chief Lim Swee Say had said.
'During a walkabout, I talked to a resident at the market. He was healthy-looking,' said Mr Lim.
Mr Lim: How old are you?
Resident: 72.
Mr Lim: Are you still working?
Resident: No, I retired at 55.
Mr Lim: Why did you retire so young?
Resident: Because I didn't know I was going to live so long.
Choo: Ha, ha.
Ching: CPF minimum sum pays out for 20 years. But annuities pay out for as long as you live.
Choo: If I could tell when God was going to get bored with me on earth, it would help me decide if I should live it up or be careful with my savings. Is there a surer way to spend the silver years without looking to handouts?
Ching: There is no sure thing.
As PM puts it, in insurance, the risk to the financial organisation is death; in annuities, the risk is long life.
But I think most people are not familiar with annuities and just want to leave their CPF savings as they are. And for them, the Government will pay them higher interest. One percentage point more.
Someone who starts work today at 21, earns $1,700 per month, and buys a four-room HDB flat will earn about $20,000 more interest at age 55.
Choo: I'm typical, we want more money now from our savings. After all, it is expected that everything is going to cost more, like vitamins you'll need at the new retirement age of 67.
Ching: That one percentage point hike is going to cost the Government $700 million a year initially - almost as much as the HDB programme.
So it is like the Government is spending on another new HDB programme - except the money goes to your retirement accounts.
Do you think it suka-suka hands out this money?
PM said that they did their calculations, ran it by the President and everything works out.
Choo: Everything works out.
But what concerns me more is what work there will be for me, say between 62 and 67.
Fair enough, golden oldies can be employed in lighter work and earn less pay.
I mean, we also don't want to block the young from rising in their jobs.
I know if I could teach taiji and operate karaoke machines and deliver finger food to mahjong parties, at least I can also keep Alzheimer's at bay.
Ching: Syl, you are not going to get away with pulling your weight that easily!
You write more and faster than most of us in the newsroom. The 'less work, less pay' is for those who need to 'change gears', so to speak.
The legal retirement age is now 62, so you have at least one more year.
And already you are in the minority - only two-thirds of men are working up to 62, women are even fewer.
To encourage more people to work longer, the Government is going to try and pass a new law.
Choo: Oh-oh, is this going to be one of those conditions-apply things?
Ching: Well, it's going to be one of those 'apply for a job' things.
The Government is not going to take the easy route of raising the retirement age.
It is going to legislate for re-employment. Going back to the office - but maybe with a different job.
It does not of course mean that every worker will definitely get a job - but the employer must make an offer.
Choo: So I can be offered to return to the same workplace to do something less stressful but the pay will be less as well.
Like that got any subsidy or not - wardrobe money?
We want to still look decent, lah!
Ching: Got subsidy, but you don't qualify, since your pay is too high.
For low-wage workers, the Government will have a higher tier of Workfare for older workers. Double!
For example, a 60-year-old worker earning $1,000 a month now gets $100 more a month. Under the revised scheme, he will get $200. Quite a lot!
Choo: Good news and good to know. No one will be left out, that's what I went away with from the PM's speech.
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