June 26, 2012

Singaporean retirees worry about unforseen expenses


Affluent Singaporean retirees are most concerned about being besieged with unexpected expenses, unlike their peers in Hong Kong, South Korea and Taiwan who ranked inflation their number one worry.
The report by financial services provider Allianz Group polled the wealthiest 20 per cent of the population from the four Asia Tigers - Hong Kong, Singapore, South Korea and Taiwan - in the 50-70 year age bracket.

According to the survey, 83 per cent of respondents from Singapore listed unforeseen expenses as the main financial risk to their retirement while 71 per cent said that inflation was the main risk. Meanwhile, 45 per cent of Singaporean respondents pointed to poorly performing capital markets while just 24 per cent cited outliving their assets.

In contrast, the effects of inflation was the top concern for wealthy retirees in the other three markets.

Read full: The Business Times

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