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The former administrative assistant is part of an emerging group that is eroding the stereotype of the frugal grandparent.
He goes on holiday once or twice a year and last year, spent a month in France. He drives a Toyota Corolla, plays golf occasionally, has about $200,000 worth of insurance and spends around $300 a month on health supplements.
Carrying what is being called the 'silver dollar', he and his peers are now being pursued by businesses such as insurance companies, travel agencies and health and wellness firms.
Nearly 100 such businesses will exhibit products this weekend at a convention to raise awareness of the value of this long-neglected group. The event will be at Suntec International Convention and Exhibition Centre in Raffles Boulevard.
However, the event is aimed at the young too, said Mr Wong Meng Meng, chairman of the organising committee for the Silver Industry Conference and Exhibition (SICEX).
It is to demonstrate to both the old and the young that ageing is not necessarily a problem but can be a business opportunity.
'At 55 to 80, you have a chance to live your own life, to do what you want to do. In fact, that is the best time to enjoy your life because...your children have grown up,' he said.
Mr Samuel Ng, principal of Young-At-Heart College, which offers classes to over-50s on everything from ageing issues to tai chi, agrees.
A 60-year-old today is different from one 10 years ago, he said, adding: 'They are more affluent, more educated and have different aspirations. In the past, their aspiration was grandparenting. Now they want to enjoy life more.'
Recent studies show more are enjoying their retirement.
Research by credit card company Mastercard projects that consumer spending by baby boomers in countries such as Singapore, South Korea, India and China will almost treble from US$228 billion (S$326.3 billion) in 2005 to US$616 billion in 2015.
For Singapore, economist Yuwa Hedrick-Wong estimates the spending of the over-65s during this period will jump from US$3.6 billion to US$10.8 billion.
Hence, the wooing of the silver dollar, with the over-65s forecast to make up 20 per cent of the population in 2030, up from 10 per cent today.
AXA Life Insurance, for example, used the findings of its global surveys to help design two new retirement-related financial products: Retirement Income Solution and Retirement Savings Solution.
Others, like Mr Ng Soon Seng, are jumping in too. Three years ago, the managing director of Insiphil bought a company making digital magnifiers to help people with vision problems read.
He tells The Straits Times that sales here of the devices, which cost up to $2,800, have doubled in the past six months.
Travel agency Insight Vacations said it has started selling tour packages that move at a slower pace and don't involve strenuous activities, designed for older travellers. It is a strategy matched by the likes of SA Tours and Chan Brothers.
Fitness First gyms are starting an exercise programme called BODYVIVE for the over-60s. It includes elements of yoga, dance and tai chi.
Perhaps the most unexpected beneficiaries of the growing silver market are the cosmetic surgeons. A check with five surgeons found the number of over-60 clients coming in for Botox injections and liposuction, among others, has risen.
Dr Erik Ang said one in about five of his patients is now in his 60s. 'Compared to five years ago, the senior citizens of today are less conservative and more willing to spend on themselves.'
