HSBC made a survey called “Future of Retirement” and it was found that:
- 1/3 of Singaporeans expect their standard of living to fall when they retire.
- 78% of working-age Singaporeans are worried about having enough money to live on day-to-day in retirement.
- They expect their savings to only last 13 out of 23 years in retirement.
- 15% of the working-age surveyees believe they will never fully retire.
- 33% of working Singaporeans are not saving for their retirement.
- 41% of working Singaporeans say paying off their mortgage is preventing them from adequately preparing for retirement. This compared to only 23% of working people globally.
By default, nobody can retire these days. Gone are the days which if you work hard, you can retire. Instead, it is important to work smart and manage your money wisely.
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