For those fresh graduate who got their first job in their 20s, have you ever think of how many years can you survive in your profession?
For the initial few years, it is quite easy to job-hop and get pay rise. Companies like to recruit young people with 2-3 years of experience.
What will happen 10 years later if you lost your job, for instance retrenchment happen? In general, most of the people will not be able to achieve financial freedom after 10 years of working. Can you still get a similar job that pay not lower than your last drawn? How long can you wait for the next job assuming that at this age, you have young children to support?
At this juncture, will you
- Get similar job that pay lower
- Find part-time job
- Became private tutor
- Became homemaker
- Find a job that is not your profession and pay lower, for example shop assistant
- Startup own business
- Sell things online
- Drive taxi, uber or bus
- Wait
Based on my observation, not many people are lucky enough to be able to secure a highly-paid job once they hit 50. Even though the official retirement age in Singapore is 62 and re-employment age has been raised to 67, we might not be lucky enough to be able to still stick to our profession and with decent pay. Will we end up picking up cardboard, selling tissue or clearing plates when we are old?
At the age of 50, we still can't withdraw CPF and there is no unemployment benefit in Singapore.
I throw out this question, hoping people can start to think about it and start to plan how to overcome it when this thing happen.
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