With the start of the new lunar calendar cycle year, MM Lee's sound advice is most timely.

He cautioned against indiscriminate spending, and be prudent with our expenses.

The Government has rolled out a longevity insurance scheme which will benefit an ageing population.

It is, therefore, a social obligation and individual responsibility not to turn our back to the scheme to ensure our well-being in our old age.

Those born after 1965, when Singapore became independent, may not experience the hardship of their forefathers.

With a booming economy, and a desire for luxurious things, the younger generation may not envision a need for a long-term retirement plan.

I am an advocate for early planning, and there is no better way than to plan for your retirement the moment you begin your working career.

Work out a path to suit one's personal exigencies without taxing your well-being and comfort.

It will pay dividends in the years down the road, and you can look back with satisfaction that you had made an early start.

It will then be time to sit back to enjoy the fruits of your labour.

Bennie Cheok