Tamil Murasu – Financial Security Leads to a Happy Retirement

At 76, retired technician Ramaiah Vijayanaman has discovered the key to a happy and independent retirement: financial planning and disciplined spending.

“You have to save well and spend wisely. That’s why my wife and I don’t depend on our children for money,” he shared.

Mr. Vijayanaman worked with a security company until the age of 70, diligently building up his retirement savings. Even after retiring, he found ways to stay productive—earning some income during the COVID-19 pandemic by delivering food prepared by his wife to relatives.

His wife, Janaki, also 76, still works part-time in the packaging industry. The couple live with their third son in a four-room flat, managing their household budget carefully and maintaining savings for unforeseen circumstances.

Support from Government Schemes

During his working years, Mr. Vijayanaman benefited from the Workfare Income Supplement (WIS) Scheme, which boosts the income and CPF savings of eligible lower-wage workers. He also made full use of public support schemes like U-Save rebates, service and conservancy charges discounts, Medisave top-ups, and CDC vouchers provided through various national assistance programmes.

To cut daily costs, he prefers using public transport and benefited from $60 public transport vouchers issued to low-income households following fare increases in December 2024.

Monthly payouts from his retirement savings, combined with government support schemes, help him live comfortably. But financial security, he says, is not just about covering daily expenses—it includes being prepared for medical needs without financial anxiety.

When he suffered a minor stroke last year after a fall at work, his hospital bills were largely covered by the Pioneer Generation Scheme, with the remaining costs paid through Medisave. The scheme provides eligible seniors with annual Medisave top-ups ranging from $300 to $1,200, which can be used for insurance premiums under MediShield Life, CareShield Life, and ElderShield.

Like all Singaporean families, the Vijayanamans also benefit from CDC vouchers introduced in 2021. His wife used the $500 vouchers issued in May to purchase groceries and household essentials. Additionally, all Singaporeans aged 60 and above receive SG60 vouchers worth $800 in celebration of the nation’s 60th birthday, redeemable at businesses that accept CDC vouchers.

A Life of Hard Work

Mr. Vijayanaman’s journey is a testament to resilience and hard work. After completing vocational training at 16, he began his career at the Air Force Canteen. He was among the first Singaporeans to serve National Service and underwent an apprenticeship at Sembawang Shipyard while in the Vigilante Corps. He later joined the Navy, and after several years, moved to MRT Corporation (now SMRT), rising to the rank of Chief Engineer. His last major project was the Tanah Merah Link to Changi Airport before leaving the company at age 52 due to restructuring.

At a friend’s suggestion, he later obtained a security license and worked at the International French School in Singapore for over five years. “I even won the Best Security Guard Award during SG50,” he said proudly.

Eventually, long working hours took a toll on his health, and he retired at 70 after suffering a fall, heeding his son’s advice to stop working.

Adapting to a New Lifestyle

Upon retirement, Mr. Vijayanaman withdrew $20,000 from his personal savings and set the rest aside for emergencies. Initially unsure about their financial future, he and his wife made lifestyle changes to stretch their budget.

“We use public transport with our senior concession cards, even if it means leaving home earlier. Singapore’s system is reliable and much cheaper than driving,” he explained.

“We don’t buy new clothes unless necessary. My sons still get clothes for us, even though we’re content with what we have. If I refuse, they get upset,” he added with a laugh.

Staying Active and Giving Back

Despite health challenges, Mr. Vijayanaman and his wife remain actively involved in social work. Both volunteer at the Sree Narayana Mission Active Ageing Centre in Woodlands, where Janaki conducts cooking classes and he enjoys socialising with fellow seniors, especially in Malay.

He visits the centre weekly for yoga to support his stroke recovery. “Earlier, life was just work, home, and sleep. Now I’m more at peace,” he reflected.

He also enjoys visiting places of worship of different faiths to meet people and promote racial harmony.

Saving and Sharing

“Managing a home is like managing a country—you must plan and save,” he advises. “If you don’t start saving now, you’ll face bigger problems later.”

Mr. Vijayanaman also encourages others to give back instead of gambling. “Instead of spending on 4D, why not donate food to temples or to those in need in poorer countries?”

Today, he actively encourages fellow seniors to engage in activities at ageing centres. “When people say it’s too far, I point out the direct bus routes. Then they realise it’s actually convenient.”

He’s also preparing to train other seniors to become befrienders at the nearby Sree Narayana Mission Senior Care Centre. “Seniors like us need to know how to manage our money, live healthily, and most importantly, be independent,” he said.

He’s living proof that retirement success comes from planning early and staying engaged.

💡 Visit https://go.gov.sg/tfb-tm for programmes and resources to help you plan for retirement.
🧭 You can also explore the Together for Better roadshows held island-wide to begin your vibrant ageing journey.

Click here to read the article