US article on new "retirement @75yo" new normal?

 Good read.  

From US article, Retiring in your 60s is becoming an impossible goal. Is 75 the new 65?

Few keys points extracted:

1. People are living longer, and daily life is getting more expensive. It may be time to rethink the timeline for leaving the workforce.

2. Americans become eligible to receive their full Social Security benefits at age 67, roughly the same age that UK citizens can claim their universal State Pensions.

3. Government stipends weren't designed to support people their in 80s and 90s,

4. US workers believe the "magic number" for retirement savings is nearly $1.3m (£1.03m) – wealth that most people cannot accumulate by their 60s.

~~~

My takeaway:

1. We SG are blessed. Thanks to SG, we have CPFLife which payouts (though mainly fixed monthly), augmented by our CPF OA interest payout to support our retirement expenses.

2. Most household in SG should have accumulated at least S$1M in CPF. The affluent couples are even typically looking at S$3M in their mid-60s.

3. Recent increase of RA ERS from $308k to $425k helps the 55yo affluence to increase the retired couple with CPFLife monthly payout to $3k x 2 p.m. at age 65.

But I would wonder if man-on-the-street is able to upkeep to contribute such large sum of money in their CPF RA account.


https://www.bbc.com/worklife/article/20240404-global-retirement-increase-65-to-75

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