ESM Goh compared Singapore's situation to mid-life saying that changes need to be made to avoid a mid-life crisis.
He said that Singapore is at an inflection point and that a new social compact would need to be formed between the people and the government.
"I dare say that Prime Minister Lee Hsien Loong and his Cabinet are having a tougher time governing Singapore than Mr Lee Kuan Yew and I had. And it is not going to get easier," said Mr Goh.
That's because today's external environment is more complex and uncertain.
He cited the domestic problems that Singapore is facing including rising costs of living, slower economic growth, an ageing population and a better educated younger generation with higher expectations.
He said that in order to prevent Singapore from going downhill, major changes and policy reviews would be needed. He also explained that the government is already reviewing and improving some key policies that affect Singaporeans.
Talking about jobs, ESM Goh elaborated that "To help low-wage workers, the government has widened the coverage of Workfare this year. As we restructure our economy to be less reliant on foreign workers and to ensure sustainable growth, the government has promised to find ways to help affected workers, including PMETs, as well as the SMEs."
He also made promises about making HDB flats and healthcare affordable.
He notes that all these subjects are reflected in the themes that arose from the Our Singapore Conversation (OSC) process.
Mr Goh also added that PM Lee's national day speech would address all these points and put out a plan on how to tackle the problems.
"But we must not pile unrealistic demands on the government. It is not in the country's long-term interests if the government does not have the time and political space to plan and think strategically and long-term for Singapore," said Mr Goh.
"Singapore had managed to do well in the first few decades of our independence primarily because of our ability to think ahead, and put in place long-term policies that benefited the country, even when it meant some short-term pain.
"We must not lose this edge, especially at a time when the world around us is changing rapidly. We will all be worse off if the government of the day is chased from pillar to post, forced to apply band-aid solutions to complex problems or to flip-flop policies to stave off populist pressures."
Mr Goh's call to Singaporeans: Support the government in areas that will ensure the country's long-term success, even if it involves certain sacrifices sometimes.