When Huiqi (not her real name) decided to retire at the age of 37, she knew that her lifestyle choice represented an opportunity cost: Retiring early meant that she would be not be able to own a home or buy that fancy car, but it would give her the freedom to enjoy the independent life she'd always wanted.
In the past year since she's retired, the 38-year-old former business consultant has travelled extensively, and redirected her efforts to helping the community through numerous volunteer activities.
For Huiqi, the prospect of remaining in the endless rat race was not aligned with her values. "A lot of decisions are supported by the overall picture and what's important to [the individual]: I had to ask myself, do I want to look rich, or do I want more time freedom? It was pretty easy to convince myself."
She might shop at "swop meets" and not be able to afford fancy meals, but for her, the sacrifice is worth it.
For many others, however, retirement conjures up images of leisurely business class trips to Europe, weekly golf sessions, and a private condo to boot - and why not? We work incredibly hard, and it's normal to aspire to an upwardly mobile lifestyle.
A 2022 OCBC survey revealed that 34% of Singaporeans in their 20s want to retire in style. That means: living in a private property, owning a car, and travelling regularly. Calculations reveal that such a lifestyle would cost about $6,000 a month.
When Her World polled 800 women for the What Women Want 2023 survey, we found that the average Singapore woman believes that she needs around $880,000 in savings to retire.
Huiqi's goal was $600,000, but she quickly points out that it's not just about achieving that magical number, but also about "making sure you have systems in place that can generate money".
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Esta historia es de la edición July 2023 de Her World Singapore.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
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When plans to demolish the Merlion Tower on Sentosa were announced in 2019, some Singaporeans were sad to see one of the island's most iconic attractions go. After all, the quirky creature – with the head of a lion and the body of a fish – had been a significant part of their memories of Sentosa.The 37m-tall, 12-storey structure, completed in 1996 and designed by Australian sculptor James Martin, was a focal point for laser light shows and projections that transformed its ivory facade into a vibrant display of colours.The Merlion Tower was a popular attraction for families. Singaporean couple Anand and Vrunda Patel would often take their children there for outings. Vrunda, now 50, fondly recalls climbing the structure and admiring the views of Sentosa from the Merlion's mouth. “Outside the Merlion, there was a beautiful step garden with flowing water. I used to love walking there,” she shares.Years later, the statue, covered in dirt and grime, required a refresh. The demolition was not only part of a larger vision to connect Resorts World Sentosa (RWS) in the north to the three beaches (Palawan, Tanjong and Siloso) on the island's south, it was also the start of a massive rebranding project to transform Sentosa from a recreational family destination to a premier lifestyle attraction.Today, Sentosa Sensoryscape stands in its place. Set within a lush landscape, the 30,000 sqm attraction features a 350m-long connector that leads visitors to six sensory gardens – where they can explore the gardens’ massive vessel-like sculptures, observe the various flora and fauna inhabiting the space, and interact with Instagrammable light displays through an augmented reality app after nightfall.“To attract younger visitors, our additional focus is on creating more authentic and immersive experiences, recognising that this demographic seeks deeper, more engaging interactions with the places they visit,” says Thien Kwee Eng, CEO, Sentosa Development Corporation (SDC).Just as Sensoryscape is designed to create an otherworldly atmosphere after dark, the Sentosa Night Mode campaign, launched in August, aims to introduce the island as a day-to-night destination for both locals and tourists, who would typically only make day trips to Sentosa. In addition to more nightlife events – such as the recent Waterbomb Festival, which saw about 10,000 revellers partying to a live K-pop line-up – the initiative includes extended operating hours at key attractions, along with street performances and dining promotions.It’s a move that has boosted visitorship to the island, with total numbers reaching 16 million this year.“This is a 20 per cent increase in the number of visitors as compared to the same period last year,” reveals Kwee Eng.
TAKING THE LEAP
It’s 10 am on a Monday, and Gan Guoyi, 40, walks into Jigger & Pony with a set of dry-cleaned clothes – a picture of calm amid the aftermath of last night’s chaos. The Singapore bar recently secured a spot in the Top 5 of The World’s 50 Best Bars 2024 list, announced in Madrid on Oct 23. To celebrate, she threw a three-night promotion from Nov 10, where customers enjoyed five premium cocktails for just $5 each at select bars like Gibson, Live Twice, Sugarhall, Como Pony Jakarta, and Jigger & Pony.Naturally, the event was a hit, and Guoyi, who was manning the guest list at Sugarhall, only managed a few hours of sleep the night before. Still, she arrives promptly to our photo shoot without complaints.
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