An honorable member of the Coffee Shop Has Just Posted the Following:
Speaking at a seminar organised by the Singapore Exchange and SIM University sometime back, one Mr Kevin Scully (who has been around in financial services so long that I wonder if he is related to Dracula) puts it: “You cannot rely on your children for financial support because they probably have more debt and cashflow problems than you. My daughter is getting married, and she needs $700,000 to pay for her flat.”*
http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid={489390965-20577-4829937219}
As the SunT writer put it very succinctly, “My generation has enjoyed the Singapore miracle, so to speak, when big-ticket items such as HDB flats cost a fraction of what they are worth now. If we have difficulties financing our retirement, the next generation will have an even rougher ride.”
And their parents while benefiting from asset appreciation (or inflation, if one is a die, die anti PAP cyber warrior) have a problem, illustrated also by Kevin Sculley:
…the costs of food and health care have vastly outpaced the six- and 12-month fixed deposit rates over the past 10 years.
“We need to get returns of at least 3 to 5 per cent on our investments just to stand still. Clearly, this will not come from bank deposits.”
As the SunT writer puts it....
http://atans1.wordpress.com/2014/10/...d-lost-ground/
Click here to view the whole thread at www.sammyboy.com.
20-10-2014, 06:20 PM
A delusion? PAP confident it regained lost ground
