Baby boomers, defined as those born between 1946 and 1964. Singapore has a greying population. By 2030, one in five Singaporeans will be aged 65 and above.
Minister in the Prime Minister's Office Lim Boon Heng, who chairs the ministerial committee on ageing, estimates that there are close to one million baby boomers in Singapore today, which is about 30% of the population and half of the workforce.
In Singapore, those presently at the age of 65 years of age can expect to live another 19 years on average. That is to say, we should plan on the basis that we will live well into our 80s.
"Reinventing retirement" conference on Jan 8 and 9, 2009 looks into the active employment beyond 50 years. The Government consistently encouraging and persuading the people to work beyong retirement age, Some of the key objectives of the conference : defining new age-friendly employment policies, and promoting long-term financial planning. Having the senior citizens to continue to work will contribute to Singapore's economic growth and they are also a big market for the "silver years " industry. This covers products from age-friendly devices and medical aids to travel and personal finance.
Reasons for staying employed beyond retirement age not necessary must be for bread and butter's sake. The new wave comprises the baby boomers who have a lot of purchasing power, much more than the elderly of two decades ago. They are also more educated and attracted to more sophisticated offerings. Staying in employment allowed them to keep active, stay connected, and lead a secure and meaningful lives.
