Changing mindset on retirement age

it's interesting today's Straits Times titled an article on 'Time to put the idea of retirement age to rest?'. Coz actually i never thinks abt retirement. But i believe most people do.

However, this article is abt retirement age (under Singapore law). The article suggests tat perhaps retirement age should be removed. I agree entirely! I believe as long as the person is still fit and healthy, and more importantly, perform the tasks given and continue to add value to the company, he should be allow to work perpetually.

And if retirement age is the milestone when people can redraw their CPF money, perhaps rename it to 'Withdrawal Age'. So, retirement age is no more!

i guess changing name is just a small part of a big National issue. Changing mindset is more important. Changing the mindset of employers and employees is a key task! We're still a long way to go..

10-12-15% savings method

Getting some savings tips from Saving For Retirement by Paul Westbrook..

Age 25: Save 10% of yr salary
Age 30: Save 12% of yr salary
Age 40: Save 15% of yr salary

Assumptions:
1. retiring at 65
2. live to 90 yrs old
3. annual salary increment of 3%
4. 65% of yr last drawn salary upon retirement to maintain lifestyle