Govt Hit The Nail On The Head By Planning For Our Old Age

Source : The Straits Times, Oct 10, 2007

LIVING till a ripe old age is beyond many's imagination. Some cite their own ancestors as example that they would not live long as their own parents or grandparents died in their 60s or 70s.

But living long is no longer just about genes. It is about better nutrition and medical care. Just look at how easy it is to fix a blocked artery of the heart by putting in a stent and more.

But the issue is that longevity will mean that many of us will be doing literally nothing for 20 to 30 years if one were to retire at age 62 and live till their 90s.

There will be those who are supporting their family and children or use up their savings and their money in the CPF to purchase their home. They would be left with precious little. With another 30 years of life ahead of them at 62 years old, one needs a job. That is where the Government hit the nail right on the head.

Even if one saved enough, there would be a question of inflation reducing the value of their money and one needs to work to sponsor the annual trip to various parts of the world, et cetera.

Enough said. While the topic of long-term employment is controversial, one should err on the side of caution. Let there be jobs available for the elderly by changing mindsets. Even though you may be the lucky few who do not require a job when you reached 62, there will be many of your buddies who could be 'dying' to get one.

Then there is the question of living a full life and that to many would mean a meaningful lifestyle with either a part-time or full-time job in your elderly years so that time does not stand still while you wait for your end days.

Lim Yao Ho