STEPHEN YIP, 59, is on a pension after

retiring from the Public Service Division,

Prime Minister's Office. The former

Public Affairs Executive now spends

his golden years as a tennis coach.

I started planning when I was around 30 years old, a couple of years after marriage. A large part of the CPF savings was used to finance my home. It helped a lot at that time, as I did not have to pay hard cash. Financing the home for 20 years using the CPF would have inevitably depleted the savings in any CPF retirement nest egg. I had my doubts that the CPF would be adequate to last through retirement. As for children, you would wish to see them come forward to help out, but do not depend on it.

You need to start off with an enforced savings plan, increasing gradually over the years as you earn more. Saving is a good habit for individuals to develop. I had by then decided to remain in the Civil Service and on the pension scheme as a safety net so that on retirement, I would still draw a meaningful source of income for life. With savings, a gratuity from pension and a monthly pension from the government, these resources would put you on a good footing towards retirement.

My last appointment was that of a Public Affairs Executive. I retired in January 2006. I decided on early retirement.

Around 80 per cent of my pension is used as expenses. Whatever remains is put aside as savings for short holidays and shopping. Travelling has been the biggest expense. I have holidayed in the US, Europe and Asia.

I play more tennis than coaching to keep busy. My priority is to keep fit and maintain my tennis skills.

The logical thing is to cultivate the habit of saving earlier. It must come with an enforced savings plan that increases over the years when your earning power permits. A lot of personal sacrifice is required. However, it will let you look forward to retirement and to have the time to enjoy the fruit of your labour.

KELVIN WANG, 27

is a Senior Executive with

the Singapore Land Authority.

I have been in the workforce for close to two years.

Yes, though nothing is cast in stone. I'll review it every year to keep it relevant to my current situation.

To have comfortable savings set aside for old age in case I have to depend solely on myself.

Unit trust, shares and CPF.

Since 2002, when I started my University studies.

Unit trust, insurance, shares, CPF.

Travelling and medical bills.

Yes. Although the future is unforeseeable, planning can still reduce the amount of uncertainty I might face.

Start young! Planning saves you worry in time to come.