41% of Singapore's richest need to save $1.6m for retirement (finds Friends Provident survey)
Retirement tops the savings priority list amongst affluent investors surveyed, with ‘rainy day’/emergency needs second and education for children third.
41% of affluent Singaporeans surveyed believe they need to save a capital sum of about S$800,000 to S$1.6 million to retire at age 65. Another 24% think they need S$1.7 million to S$2.4 million for retirement. 45% of the respondents determined the amount of money they needed for retirement themselves while about a quarter of respondents relied mainly on guesswork and appear to have no real idea how much they need for retirement.
Source: Singapore Business Review
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