Showing posts with label Retirement. Show all posts
Showing posts with label Retirement. Show all posts

Saturday, February 18, 2012

What retirement living should be

Today, Saturday, Feburary 18, 2012, Page 18, Voices
From http://imcmsimages.mediacorp.sg/CMSFileserver/documents/006/PDF/20120218/1802VOC018.pdf
Source Website: http://www.todayonline.com/Voices/EDC120218-0000065/What-retirement-living-should-be
Letter from Julia Ng, 04:46 AM Feb 18, 2012


PHOTO: The Village at NorthRidge an Extraordinary Option in Senior Living.
By Staff on May 6th, 2009
http://tolucantimes.info/wp-content/uploads/2009/05/t20-08-village-at-northridge-2.jpg
http://tolucantimes.info/cover_story/banner-story/the-village-at-northridge-an-extraordinary-option-in-senior-living/


IT IS encouraging to see in recent years that the Government has been restructuring the healthcare system in view of the ageing population.

There is also a compelling need to rethink the delivery of retirement living options beyond health-related nursing homes, daycare centres, etc.

Besides the impoverished and sickly seniors who undeniably deserve the attention of our healthcare system and community aid schemes, those who are healthier and more financially independent have different needs to age successfully.

While an ageing population is a challenge, it also creates new economic opportunities. Property developers should pay heed to this growth area.


Stunning waterfront surroundings and magnificent Mediterranean architecture are the framework in which you can paint your own customized retirement lifestyle.
http://unitedstates.amnxpress.com/images/2011/09/08/42/sarasota-bay-club-independent-retirement-living-florida_4.jpg
http://unitedstates.amnxpress.com/others/services/sarasota-bay-club-independent-retirement-living-florida-42.htm


The newly ageing populace will have a different profile from most of our elderly now. The former are in their 50s today, and most would be well-educated and relatively financially independent by the time they hit retirement.

They are not likely to require round-the-clock nursing home care. Their key concern, whether married, single, child-free or otherwise, is to grow old actively and gracefully.

Their aspiration is for individual, non-institutionalised living within a communal setting. They do not want to be dependent on their children and understand their children's need for their own space.

They will reshape the traditional notions of ageing. They want more retirement living options that would better cater to their need for easy access to care while remaining independent.


Independent retirement living. The key concern, whether married, single, child-free or otherwise, is to grow old actively and gracefully.
http://unitedstates.amnxpress.com/images/2011/09/08/42/sarasota-bay-club-independent-retirement-living-florida_1.jpg
http://unitedstates.amnxpress.com/others/services/sarasota-bay-club-independent-retirement-living-florida-42.htm


Their expectations are not about daycare centres or 30-year-lease studio flats. Having travelled more and exposed to the finer things in life and life's choices, they expect no less a quality of lifestyle as they step into retirement.

A key component of this would be a decent range of retirement living options, which is sorely missing now. The new agers' expectation of a retirement village or community would be a menu of homes, tailored to price and affordability.

Facilities expected may include a well-being centre, exercise facilities, library, swimming pool, hair salon, cafe, security, emergency back-up, communal lounge, mini gardens and guest suites where relatives can stay for a fee.



PHOTO: Active retirement living, mini gardens and guest suites where relatives can stay.
http://raystown.org/assets/images/MemberPages/WestminsterWoods.jpg
http://raystown.org/community/westminster-woods-retirement-community.html


The social interactions made possible within such a community concept would provide an ideal environment for active retirement. The families of these senior residents would want to visit, too.

Such retirement villages would not become cut off from society, and older people would be unlikely to end up alone.



PHOTO: Ideal environment for active retirement like walking through the park.
http://www.laufmerksam.de/images/laufmerksam/2944397_l.jpg
http://www.laufmerksam.de/


I hope the Government would work with developers and perhaps incentivise businesses to establish bustling residential centres or communities for the new generation of active, elderly Singaporeans.

Hopefully, there will not come a day when the bulk of the more affluent agers are retiring in neighbouring countries.
Letter from Julia Ng, 04:46 AM Feb 18, 2012


Mulan (zhao wei and chen kun) - social interactions made possible within such a community concept would provide an ideal environment for active retirement.
PHOTO: Mulan (zhao wei and chen kun) - social interactions made possible within such a community concept would provide an ideal environment for active retirement.
Posted by yen zhi on May 19, 2009, 09:34:23 PM
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmmtSWcBaRvMbd9xVGIQkU5gZd4YXdSvKBWinE54S-BDoItVp7NVXyyKQ5AyoZe3BODJD-vvxm-0GYphyEDSwqnEcZ7nL3qXUvrJovITYrruVBreFQRdLasoJRop2p7Ahcqme2S-NIYkKI/s1600/119-vi.jpg
http://images47.fotki.com/v1484/photos/4/42815/141388/119-vi.jpg
http://www.lautanindonesia.com/forum/index.php?topic=30265.20



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Friday, January 20, 2012

Retirement how much is enough ?

Source Website: http://business.asiaone.com/Business/My%2BMoney/Planning%2BYour%2BRetirement/Investment%2BAnd%2BSavings/Story/A1Story20120120-323060.html
By The Business Times, ben.fok@grandtag.com , Friday, Jan 20, 2012



PHOTO: Retirement: how much is enough?
http://business.asiaone.com/A1MEDIA/business/01Jan12/images/20120120.143115_jan2012_retirement.jpg
http://business.asiaone.com/Business/My%2BMoney/Planning%2BYour%2BRetirement/Investment%2BAnd%2BSavings/Story/A1Story20120120-323060.html


AT A FAMILY function, my 60-year-old cousin Peter asked me for my views on retirement planning. He said that over the last 35 years he has worked hard, consistently saved and prudently invested his money. When he retires in two years' time, this should provide him with a nest egg of about $500,000. As I listened to him, it seemed that he had secured his financial future. But he kept asking: 'Is it really enough?'

At this age, many would expect to have a significant retirement nest egg. If they don't, they had better do something about it now.

In Singapore, our official statistics show that there are more than 300,000 individuals aged between 50 and 54 who are due to retire in 10 to 15 years' time. As a financial adviser, I often discuss this subject with my clients but often this issue is not treated as a top priority. Understandably, there are other priorities, such as children's education and mortgage repayments or other immediate needs, that take precedence over retirement planning.



PHOTO: We've all given it at least a little thought. How much superannuation will you need to enjoy retirement?
Posted by Karina Barrymore, Herald Sun, January 07, 2012 12:00AM
http://resources2.news.com.au/images/2012/01/06/1226238/577066-super.jpg
http://www.news.com.au/money/superannuation/the-sunset-clause/story-e6frfmdi-1226239360254


Given the current economic volatility, the outlook for those planning their retirement is very cloudy. Over the last two years, we have seen the cost of living here increasing yearly, making retirement more expensive and resulting in many more Singaporeans having to put off retirement for a few more years. With higher longevity and people not saving enough, the working population of those aged 60 and over will inevitably continue to rise.

In Peter's case, he and his wife are healthy and they are likely to have a long life ahead of them. So it would be a mistake to concentrate solely on what's happening now or even on what might happen months from now.

Rather, they should focus on coming up with a spending and preservation plan that can assure them of enough money to live comfortably for the next 25-30 years, if not longer.

Hence, funding your retirement years is a trade-off between playing it safe, taking risks and spending prudently.



PHOTO: Money is relative, absolute numbers don’t usually work across the board for these kinds of discussions. Because really the question boils down to how valuable your time is to you, how much money would you need in order to to commit to giving up that valuable resource, time, to an employer?
Posted by Retired Syd, January 09, 2012, The (Half) Million Dollar Question.
http://retiredsyd.typepad.com/.a/6a00e54f2149068834016760402865970b-800wi
http://retiredsyd.typepad.com/


With the nest egg that Peter has accumulated, he can create a cash flow, and that is the most important consideration during his retirement. At this point, he has to set a reasonable withdrawal rate that will give him the spending cash he needs but won't deplete his nest egg too soon. Peter asked: 'How much can I safely withdraw from my retirement fund every year?' It is obvious that a miscalculation could result in an involuntary return to the workforce or having insufficient funds for retirement.

To help Peter understand how much he can withdraw, I produced a table to show the number of years his money will last.



PHOTO: Retirement Fund Plan - a table to show the number of years the money will last.
http://business.asiaone.com/A1MEDIA/news/01Jan12/others/20120120.141951_jan2012_rettable.jpg
http://business.asiaone.com/Business/My%2BMoney/Planning%2BYour%2BRetirement/Investment%2BAnd%2BSavings/Story/A1Story20120120-323060/2.html


It also shows how many years a sum will last at various withdrawal rates and various rates of return. If the withdrawal rate and the rate of return are the same, the principal will not change.

For example, when $100,000 earns 8 per cent per annum and 8 per cent is drawn, the principal stays the same. This is another strategy by which a retiree can create an income stream. So if Peter invests $500,000 in a diversified investment that can give him 5 per cent returns, he can make $25,000 per year of withdrawals without affecting his principal.

However, if $100,000 earns 4 per cent per annum ($4,000) and 8 per cent ($8,000) is withdrawn annually, the $8,000 annual income will continue for 17 years before the principal is gone.


PHOTO: For many people, the closer they get to retirement, the more concerned they get about whether they have saved enough or not.
Identify Needs: When you know how much money you will need on average you can set some savings goals for yourself.
Eliminate any debt you have.
Posted by Robin Bal, Thu 10 May 2007, Getting close To Retirement Age.
http://www.fortunewatch.com/wp-content/uploads/2007/05/corporate_caricatures_retirement.jpg
http://www.fortunewatch.com/getting-close-to-retirement-age/


It is important to understand that the rate of return and the withdrawal rate determine how many years the principal will last. There are no guarantees, of course, but generally the lower your withdrawal rate, the better the chances that your money will last throughout your retirement. But when the earnings are less than the amount that is taken out, you are dipping into your principal, so your money will not last for a long time.

If you start withdrawing a small amount from your portfolio, and adjust it for inflation, the chances are that your money will last longer whether you invest relatively conservatively or aggressively.

So to enjoy a decent retirement, you need to be responsible for your old age by starting to save adequately and invest prudently for your retirement as early as possible. I also believe that it is just as important that people take financial advice well in advance of their anticipated retirement. We have to carefully assess their investment portfolios, as this could make all the difference in the long run.



PHOTO: The secret to [retirement] life is to appreciate the pleasure of being terribly deceived. — Oscar Wilde
Posted by Dave Erhard at 3:17 PM, Wednesday, November 25, 2009, Zen for Your Retirement.
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi0gZya1iDgRDZkAVedQrb1PLV_9yFl0Jx2b10wifp-6TAO8HGchSy-T20GSoq0DGEAh3x-9AfIaTsxg-HLNfLzzYOI3OqI4GXezS_BShXVaM5qATB7hO-FtQE6YyEsmmUhlevGlG_A-lQ/s320/Widgets+-+More+Time+than+Enough+to+Figure+Things+Out+c164926_l.jpg
http://retirement-planning-coach.blogspot.com/2009/11/zen-for-your-retirement.html


Singaporeans are intending to retire later, and those planning to stop working between the ages of 60 and 65 will double in the future. With increased longevity comes increased risk of potentially outliving one's retirement assets.

Another point to note is the unexpected 'life events' that may happen. No one can predict what lies ahead in their retirement journey. While we can determine when we want to retire and exercise to keep in good health, there are no certainties in life. Planning for one's retirement years must include taking into consideration life events that have the potential to disrupt your retirement years.

Hence, certain protection products - like medical, hospitalisation and long-term care insurance - are still needed during one's retirement to protect against the potentially devastating effects of unexpected life events like death and chronic illness.



PHOTO: Singaporeans are intending to retire later, and those planning to stop working between the ages of 60 and 65 will double in the future. With increased longevity comes increased risk of potentially outliving one's retirement assets.
http://images.businessweek.com/ss/09/06/0622_best_retirement_destinations/image/italy.jpg
http://images.businessweek.com/ss/09/06/0622_best_retirement_destinations/19.htm


We need to have a financial strategy that is flexible enough to adapt to a person's changing needs and circumstances.

Retirement can truly be great, but only if you carefully manage your money throughout your golden years.

Note: The strategy described in this article may not be suitable for all readers. If you are in doubt, consult a financial adviser.

The writer is chief executive officer of Grandtag Financial Consultancy (Singapore) Pte Ltd. He can be reached at ben.fok@grandtag.com



We need to have a </span><br style=
PHOTO: We need to have a financial strategy that is flexible enough to adapt to a person's changing needs and circumstances.
A picture of Lisa Winters, PB Miss December 1956. Born in Florida, 5’2″, 106 lbs, 35-23-35.
http://en.wikipedia.org/wiki/Lisa_Winters
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvxIwZkGYhTCpwAstz-fVdRJiPlpw66YtjHbwVeFGk942xQJeeJ86lhMAAsjZlEtJLpgHTpN-RH6gLWEF-4VoRys2B3UXFBAW8eg98mJVKHYtk-TZoSFcCiAvHG1ruxjLeRN1m7doAlEk/s1600/30.jpg
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjIySQCXdC_HIJZkoJIcw_7R9oSUIJgTT6tihHnm9v9Y08qxbazgDqbzFqCxOZLFkFF4aWwvNlrhUL_0K1hZ2w0latvjgEGm-VIfYT3iAKYyYJu9Xi0m6kGYgD12GQwf071floUspvDIlrY/s1600/30.jpg
http://bikerexcalibur2.blogspot.com/2010/12/pin-up-varios_25.html



PHOTO: Personal Finance Check-up: Are You Saving Enough for Retirement?
By Vonda Sines
http://www.womansday.com/cm/womansday/images/aH/Personal-Finance-Check-up-Are-You-Saving-Enough-for-Retirement-mdn.jpg
http://www.womansday.com/life/saving-money/personal-finance-check-up-are-you-saving-enough-for-retirement-77241



PHOTO: Do you expect to retire at 65?
Posted by Community Team, October 26, 2011 10:30 AM | Read 4 comments4
"Considering the high costs of living, I do suspect many will be forced to work way past 65 in order to avoid poverty, somehow living in cardboard boxes or on the streets surviving on soup kitchens and pan handling is not the golden years that most imagined."
http://www.cbc.ca/news/yourcommunity/retirement-piece.jpg
http://www.cbc.ca/news/yourcommunity/2011/10/do-you-expect-to-retire-at-65.html


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Wednesday, August 4, 2010

No truth to retirement-lifespan link

TODAY THURSDAY AUGUST 5, 2010, PAGE 12, VOICES
From http://imcms2.mediacorp.sg/CMSFileserver/documents/006/PDF/20100805/0508VOC014.pdf
Website: http://www.todayonline.com/Voices/EDC100805-0000051/No-truth-to-retirement-lifespan-link
Letter from Larry Haverkamp, 05:55 AM Aug 05, 2010



PHOTO: Swinford toll bridge in Oxfordshire offers the chance of a tax-free income. Photograph: Allsop LLP
http://static.guim.co.uk/sys-images/Money/YYY_News/Site_gifs/2009/11/17/1258469519818/Swinford-toll-bridge-001.jpg
http://www.guardian.co.uk/money/2009/nov/17/swinford-toll-bridge-for-sale


I REFER to the letter "Retire early, live longer" by Tan Kok Tim (Aug 3). It refers to Minister Mentor Lee Kuan Yew's comments in "I don't think there should be a retirement age: MM" (July 29).

The author claims Mr Lee is wrong to say people should keep working. He argues that people will live longer if they retire early and cites a study by Boeing Aerospace retirees which found that staff who retired at 50 had an average lifespan of 86, and that those who retired at 65 lived to an average age of only 66.8 years.

He says the study found that "for every year a person works beyond age 55, he lives an average of two years less".

Mr Tan is not correct. Boeing Corporation has put out a one-page paper on its webpage titled: "Let's retire the rumour about life expectancy." It explains that the graphs and study attributed to Boeing are a hoax.



PHOTO: http://www.dfas.mil/careers/benefits/retirement/retirement.jpg
http://www.dfas.mil/careers/benefits/retirement.html


The first sentence of the paper is: "An incorrect but alarming chart that claims to show the life expectancy of Boeing retirees has been circulating on the Internet.

"It is not based on fact. There is no correlation between age at retirement and the life expectancy of Boeing retirees.

"We examine data regularly for trends. Our data shows that life expectancy of a Boeing retiree does not depend on age at retirement ... (This analysis) is based on 4,699 random samples over thirty years."



PHOTO: http://www.charlesandhudson.com/archives/retirement-home-deals.jpg
http://www.charlesandhudson.com/archives/news/2009/02/


According to Ms Julie Curtis, an actuary at Boeing: "The idea that working longer will shorten a Boeing employee's life expectancy simply isn't true.

"I've been looking at the data since 1983, and the length of a retiree's life is unrelated to the age at his or her retirement. Our retirees tend to live a long time no matter how old they are when they retire."

Boeing adds: "The first inaccurate life expectancy chart surfaced in the early '80s, and versions of it have been floating around for years - almost as an 'urban myth'."

So, it looks like Minister Mentor's intuition about working longer to live longer might not be so far off after all. Other research backs it up.

A study published in the British Medical Journal looked at 3,500 workers in the petrochemical industry who retired at ages 55, 60 and 65. It found that employees who retired at 55 had a significantly increased mortality compared with those who retired at 65. It noted, however, that some workers may have taken early retirement for health reasons.

An expert on ageing, Ms Sally Greengross, is chief executive of the International Longevity Centre in Britain, and claims that greater social engagement and involvement is key to improving the health of older people. "Work is a huge part of this equation, and provides mental and physical activity, self-esteem, social interaction and income for many of us. Sudden retirement may not be the honeymoon we expect it to be," she said.

The director-general of Age Concern, Mr Gordon Lishman, has a similar view. He said: "After stopping work, it is vital for older people to stay mentally and physically active to enjoy a fulfilling retirement."

My two cents: A worthwhile pastime is writing letters to Today. After completing this one, I feel rejuvenated already.
Letter from Larry Haverkamp, 05:55 AM Aug 05, 2010



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