Youths learn about retirement planning at dialogue session

he message for young Singaporeans at a dialogue session organised by the People’s Association Youth Movement is that it is better to start saving for retirement now.

But beyond financial needs, another concern is the growing number of single elderly, said the Council for Third Age, an agency championing active ageing.

The Council said the number is set to rise as more people choose to remain single.

Gerard Ee, chairman of the Council for Third Age, said: “There will be a large number of single elderly in the future generation of older people. And even if they are married, a number of families either do not have children or they may have one child or two children.

“In a globalised world, chances are, the children are working overseas so while family network is important, we cannot undermine or neglect the promoting of social networks.”

The Council plans to hold more activities to keep the old meaningfully engaged.

The youths at the dialogue session also questioned if there would be enough opportunities for them as they get older and the cost of living in Singapore gets higher.

One of the dialogue participants, Woo Ting May, said: “Judging by the inflation, the growth rates, the expenses and taxes and everything, I’ll need to have a lot more savings than just my CPF alone.”

Goh Whye Liang, another participant, said: “It’s more than just finance, it’s your personal health at the same time. After you retire, you have to know what to do so that you can stay mentally and spiritually healthy.”

The discussion also had the youths thinking about how they should spend and invest their money.

The topic of the CPF system was also raised at the dialogue. The youths heard that while the CPF will provide some support for retirement needs, it is not the complete solution.

The CPF comprises assets in Singapore dollars, so its value and effectiveness will depend on how well Singapore fare in the global economy.

Hri Kumar, MP of Bishan-Toa Payoh GRC and Adviser to PAYM Central Youth Council, said: “Many people still do not understand the intricacies of the CPF system. I think we should educate our Singapore students about what we do have in place and what the challenges are to our CPF system, so at least they know what they are working with; they know how to deal with it when they go out to work.”

So far, 13 such forums have been organised to solicit feedback on current issues and national policies.

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