Letter to the Editor | Can all Singaporeans really achieve FIRE (Financial Independence, Retire Early) while still living in Singapore?

Dear Editor,

I refer to The Independent Singapore’s featured news: S’poreans say the “Singaporean dream” is no longer 5Cs—cash, car, card, condo, country club; now it’s FIRE—financial independence, retire early (Oct 1).

In this highly commercialised, competitive economy and high-paced working environment, someone who wants to achieve 5Cs in cash, car, card, condo, and country club is not easy. In short, he/she must build a successful career and be financially stable and independent.

Even so, I believe every one of us wishes for financial independence and can retire early. However, in reality, due to variable restraint factors, I am also sceptical that everyone can achieve financial independence and afford to retire early.

After all, we should ask ourselves the core purpose of opting for early retirement. Do we have a clear plan, vision, or objective after retirement?

Besides having the vital “vitamin” – a robust financial foundation and well-being for leading a cosy and free-and-easy retirement, an individual’s mental well-being should also be paramount.

Hence, equipping with plentiful spiritual sustenance is essential to sustain the continuity of a healthy lifestyle in someone’s retirement.

For example, pursuing an individual’s keen hobby (like having a regular outdoor photography or painting activity), second/new career or business venture.

Looking from another perspective, if the number of individuals opting for full retirement is getting increasingly bigger instead of partial retirement, it will cause loss and waste of human resources.

Simultaneously, it indirectly impacts the country’s economic development and the Government’s manpower policy formulation.

Teo Kueh Liang

The views expressed above are those of the author/contributor and do not necessarily represent the views of The Independent Singapore

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