atans1

Value for investors: retirement age of 95 for workers

In Uncategorized on 20/06/2010 at 12:26 pm

Did you know that in the developed world, the retirement age should be 95?

I kid you not. It is based on the fact that the original retirement age of 70 in Germany set in the late 19th century was more than the life expectancy of the then average German worker. Even when it was lowered to 65 in the early 20th century, this was a few years more than the average life expectancy of the German worker.

So to keep up with the changes in life expectancy, we (S’pore is in developed world) should be 95 before we get our CPF money.

Just a matter of time when  yr CPF funds will only be available at 95, at least the portion that the employer funds. The employee’s side is forced savings, so shld be available earlier.

When the government changes the age of withdrawal, remember you first read it here.

Meanwhile remember how generous the government is: allowing you to withdraw at 55 and from 62 onwards.

About these ads
  1. I was surprised when I saw this post and this motivated me to do some Googling as to whether there was any truth to the claim that Bismarck had set that as a retirement age. Here’s what I found:

    “In 1883, Chancellor Otto Von Bismarck of Germany had a problem. Marxists were threatening to take control of Europe. To help his countrymen resist their blandishments, Bismarck announced that he would pay a pension to any nonworking German over age 65. Bismarck was no dummy. Hardly anyone lived to be 65 at the time, given that penicillin would not be available for another half century. Bismarck not only co-opted the Marxists, but set the arbitrary world standard for the exact year at which old age begins and established the precedent that government should pay people for growing old.”

    Link:

    http://www.nytimes.com/1999/03/21/jobs/the-history-of-retirement-from-early-man-to-aarp.html?pagewanted=print

    In other words, Bismarck set such an age because he knew no one could ever reach it. So it wasn’t a reasonable pension plan to begin with and certainly not one that worked until people began to live until that long. This can hardly be used as a basis to justify CPF’s withdrawal age.

    • “This can hardly be used as a basis to justify CPF’s withdrawal age.”

      Just you wait and see. If the Ministry of Truth can put out story of 85-yr old working, juz a short step away

      Seriously shows all that talk abt wanting to keep our CPF money cannot be true: we can withdraw from 55 onwards,though getting harder and harder.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Follow

Get every new post delivered to your Inbox.

Join 211 other followers

%d bloggers like this: