My Group CEO said he was watching the news the night before and got to know that the retirement age for the Britain would most probably be increased to 68. Okay, it’s not such a big deal because the current retirement age for the UK is 67 anyway. The year that this will be implemented is also not immediate. It’s due only in 2037. That’s still 20 years away. This was however widely reported and debated upon because it was supposed to have been implemented only from 2044 onwards. There are many articles but here’s one: standard.co.uk The UK’s Secretary of State for Work and Pensions David Gauke told the MPs: As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure that we have a fair and sustainable system that is reflective of modern life and protected for future generations.” (In brief, the pension money needs to be stretched to support ever more people who will be receiving it. It’s certainly not easy when the country becomes an ageing nation. As at 2015, the UK population 65 years and above is already close to 18 percent. Here’s a reference. ons.gov.uk
Would I want to work until 68? Working longer as an alternative? I hope not,if possible I only hope I can stay very healthy till then. My parents are both retired and I think they enjoy their current lifestyle. I seriously believe children should do more for their parents because it is because of them that we become who we are today. By the way, this is an earlier article about what’s happening to Malaysia’s population. Yes, we are becoming an ageing one too. 2050: 24% of Malaysians are 65 and above (including me) By the way, the median age for many ASEAN nations are still okay. We should be ‘safe’ as long as our economies continue to grow. Yes, with support from the new superpower from ASIA.
A friend once told me that the people should continue to work as long as they are healthy. I do agree but perhaps the type of work I have in mind may be more of interest related instead of a manual one. When I am 65, my daughter would be 29 and my son 27. I am SURE they would take care of me. Haha. Let’s revisit this article in 25 years time shall we. I have asked my daughter many times if she would take care of me when she has a husband. She does not even understand what I am asking but she said Yes. Haha. Oh yeah, Malaysians are actually pretty confident with their retirement. An earlier survey here: 40% ready for retirement and 80% have strategies This is of course disputed by some statistics. For example this one shows that many Malaysians do not have enough savings when they stop working. Malaysia: 42 percent senior citizens have zero savings Happy saving or working.
written on 20 July 2017
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