When Retirement (Old) Age Not A blessing -Cont'd

In my last posting, I've highlighted the plight of retirees in Singapore whereby as a results of longer life span and increase cost of living many are living on insufficient savings. To be fair, the trend is not confined just to Singapore alone as this is a global phenomenon and many other countries are facing the same problem too. I mentioned Japan and Germany as the other countries in the same situation.

Although increasing the retirement age as what is being done by Singapore will help reduce the problem somewhat, the proper solution to tackle the problem in my opinion lies in educating the populace on the importance of retirement planning and wealth creation in our everyday life. As a start it would be a step in the right direction if the subject was taught in schools. With greater awareness on the importance of retirement planning in our life, each of us will then be able to plan and and better manage our own life during retirement. Its about time that each of us take our own responsibility in managing our own retirement life and not depend on the government.