MISTER Francis Tan, 58, believes in making his money multiply.
He has been investing in blue-chip stocks for the past 10 years and does not plan to stop any time soon, even after his retirement.
The technician, who plans to retire at 65, told my paper: 'It is very important that we learn how to manage our finances well. With the costly living standards in Singapore, having money gives one peace of mind.'
Mr Tan belongs to a group of financially-savvy senior citizens who are active players in the stock market.
They use their own money as capital, most of which came from savings they have accumulated since they started working decades ago.
To help senior citizens achieve financial independence, the Singapore Action Group of Elders (Sage) launched the Sage Second Half seminar, a pre-retirement course that teaches seniors how to plan for their retirement.
About 600 participants are expected at the seminar next month.
For Mr K. T. Koh, a 67-year-old retiree, the rate of return on his investments went up to 10 per cent and the value of his investment portfolio is now at least $200,000.
The former plant manager in a manufacturing company has been investing in the Singapore stock market for 15 years. He said: 'Every investor needs to put in time and effort to study a company and keep up with latest happenings in the market.'
Mr S. H. Loo, 73, a retired engineer, said that he 're-started' investing in the stock market early this year, after stopping for about three years. The reason? The Sage volunteer said that the economy is on the road to recovery. These seniors also emphasised the value of saving for a rainy day, and feel that the culture of saving should be inculcated at a young age.
Mr Tan suggested that schools include lessons on financial management.
He added that he often gives advice to his children on growing their money, such as investing the money in their Central Provident Fund accounts.
