In 2014 and 2018, the government finally introduced a set of meager benefits for those born in the 1940s and 1950s, but it's almost entirely focused on medical expenses and far from a "real" state pension.
That got my interest. Apparently there's a HDB lease buyback scheme, basically a reverse mortgage I guess? Though with stronger family ties over there I'm not sure how popular that would be when considering children, inheritance, and all that.
https://www.hdb.gov.sg/residential/living-in-an-hdb-flat/for...
But yeah, you basically sell whatever years of your 99 year lease you don’t need (calculated off the youngest occupant, so a 40 year old only needs 50 years of housing). Government gives you lump sum for your CPF, which you convert to an annuity at retirement for an income stream.
But you’re right, with family, typically the kids take over the HDB and living expenses for their parent. They get the HDB when the parent passes.
As boomers were entering adulthood in 1970, the GDP per capita in Singapore was US$900, in Australia it was $26,000.
Australian pensioners are the wealthiest of that cohort on the planet. Due to rampant property gains and incredibly favourable tax laws, technically you can live in a $10M mansion and still collect a full pension + benefits.
The two countries took wildly different trajectories and as such have very different attitudes by the generations that grew up in that time.
For a thousand dollars or so you can get setup and run your own hawker stall a couple hours a day in Singapore, lower that cost to a few hundred if selling sundries. The only equivalent I could think of for Australians is weekend markets which are full of oldies, but those are transient tents on some grass which are usually quite competitive to get and are once a week/month things.
Undoubtedly there's many who do need the income even in old age, but there's also a big cultural difference and many don't really consider retirement a thing. They may work a lot less, but have no plans to stop until physically unable, this is pretty common attitude to see.
Also, you're off by a factor of around 20x on your estimate of the costs of setting up a hawker stall: https://blog.seedly.sg/how-much-to-be-hawker-singapore/
After leaving Malaysia it ranked right down the bottom on basically every economic and social measure, unemployment was at 10% and many lived in slums. Plenty of third world countries had better GDP per capita numbers.
Also my estimates are just fine according to that clickbaity link and a minute of research:
Upfront:
$10 tender application
$39 three year hawker license
$321 Basic Food Hygiene Course
$260 Stainless steel cart + delivery From JB [1]
$49 a month for a stall at Mei Chin Road
$600 a month in cleaning/service fees
$1000 a month in raw materials for say 100 chickens + everything else. Serves 1000 dishes.
[1] https://www.carousell.com.my/p/second-hand-stall-stainless-s...
I think too many young people are quick to forget that there are many boomers who didn't get the opportunity to own property back in the day, and they're fucked over by the bubble even harder than we are.