‘I’m at the work-for-fun stage’: Singaporeans in their 40s reflect on careers, retrenchment and retirement
SINGAPORE: Your 40s can be a rather uncertain stage in your career. You’re no longer a fresh graduate trying to get your foot in the door, but you’re not necessarily close enough to retirement to start putting your feet up either.
For some Singaporeans, this stage of life has brought financial security and the freedom to walk away from work. For others, however, the thought of being retrenched, having to find another job, or starting over in a different industry is still very much a concern.
The subject came up on Reddit after a user asked: “Singaporeans in your 40s, how are you doing? They say once you reach your 40s, it becomes harder to find a new job. Employers may prefer younger people, and it's probably not as easy to start over or change careers.”
“Are you still happy with your current job? Do you worry about losing your job at this age? If you were retrenched tomorrow, how confident are you about finding another job?”
Beyond career worries, the user wanted to know how financially prepared people in this age range were for the next stage of life. Had they been saving seriously, investing, paying off their homes, and building up their CPF?
Most importantly, could they see themselves retiring comfortably at 60 or 65?
The responses offered quite a mixed picture. Some Singaporeans said they had already retired after years of financial planning, others were financially comfortable enough to quit but preferred to keep working, and some were still navigating the uncertainty of mid-career changes.
One Redditor shared that they had left their industry about 1.5 years ago.
They shared that they began planning seriously for retirement in their late 30s, following “an unfortunate short period of burnout.”
“It was a craft that I was very passionate and successful in. But I also left, as I fell out of love with the very niche industry that I was in for more than 2 decades. Sadly, the industry I left is in chaos right now, with frequent layoffs and closures over recent years. But if I'm to return to it, I would rather do so in a senior consultancy role instead of as a full-time employee.”
Another Redditor who had also retired early said they were “financially comfortable.”
“I’ve thought about it. I’m 15 years away from being 60. And so far, unless something happens, I would be fine by 60-65. I am comfortable. Not luxurious. I mean, I don’t have to be a hawk and chope places at Kopitiam for my meals, but I am not dining at rooftop restaurants at every meal either, haha.”
A third commenter said they felt confident they could find another way to earn a living if they were retrenched.
“I’m neither happy nor unhappy [with my job]. If I get retrenched, I will find a way. I have been in electrical engineering, carpentry, plumbing, data science, and infosec. Will go into funeral services via my contacts if retrenched.”
They also shared that retirement had been on their mind since they were around 25. Having planned for it for years, they were now financially comfortable enough to call it a day if they wanted to.
“I can retire now if I want, but I will be bored. I’m at the work-for-fun stage right now.”
A fourth commenter shared, “I am ok with my current job. I have been doing the same thing for 20+ years, and I am just mainly bored. My job is recession- and AI-proof, and I do not worry about losing it. In fact, I can work as long as I want.”
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“I am definitely planning for retirement, but I prefer to have a broad plan and see how things go rather than set a date like 65. My plan is to work less by 55 and retire 5-10 years after, depending on how life turns out to be. I can financially retire by 55 if I really do want to set a date, but my plan is to work beyond that for a few more years.”
A fifth added, “I just changed jobs. It's very different from my previous job; I basically relearned everything from scratch, and the learning curve is steep and especially challenging for a 40+ auntie. Definitely worry about losing the job but I think I am used to the thoughts after having been retrenched twice already due to offshoring. Have been thinking about retirement for many years. Still trying to work towards my goal.”/TISG