Almost half a century after independence, Singaporeans now live the most number of years after leaving the workforce, according to the Global Sunset Index of 68 countries compiled by Bloomberg. In the world’s sixth-most expensive city, 41 percent of more than 1,000 residents surveyed by HSBC Holdings Plc (5) said they haven’t saved for retirement, with nearly half of them blaming living costs for hampering efforts.
Singapore’s number of elderly will triple to 900,000 by 2030, according to the National Population and Talent Division. The government says that about half of Singaporeans aged 65 today are expected to live beyond 85, and a third beyond 90.
Read full text: Bloomberg
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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