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MR CHARLIE Ang Hwa Leong is to be commended for his bold concept of an offshore retirement city for retired Singaporeans in Monday's letter. The merits of the concept are far reaching and create benefits to citizens, Singapore and the country hosting the project. On top of that, it makes sound economic sense. A strong Singapre dollar and escalating inflationary pressures make such ideas hard to ignore.
Well-heeled Singaporeans, individually and in small groups, retire overseas in scenic locales with easy access to air travel. However, citizens who are less well off have fewer options.
The Government can consider the merits of this concept for the fast-ageing population, test it with well designed incentives for private developers to implement condominium-size offshore projects in scenic and accessible locations. Fares offered by budget airlines make regular return trips to Singapore affordable. The Internet makes keeping in touch with one's family a non-cost issue. Nowadays, you can be away and but really not away from home.
As the Japanese and Koreans have discovered, CPF or other retirement funds can go much further offshore and afford one a higher standard of living than in one's home country. This approach can optimise funds to create maximum economic value for a well-earned retirement.
Loh Ah Sze
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