Last Updated on 8, June 2016
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.
Sources:
My comments:
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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Most Sinkies’ retirement plans are their children i.e. expecting their kids to provide $$, food & shelter. Otherwise just have to work until drop dead. This situation is no different than 100 years ago. The problem today is people are just living too damn long. More should die earlier. E.g. in the good old days, those with diabetes, or hypertension, or hyperlipidaemia will usually die in their 50s or early-60s at most. Modern medicine merely prolongs lives but doesn’t provide quality or living well.
There are still professions where you can retire from simply working, doing the same old day-in-day-out. Good example is medical doctors. Even as a locum polyclinic doctor, you’re paid $100/hr (in fact this is considered very low to most doctors). Work just 5 hrs a day Mon-Fri providing polyclinic-level quality and you’re getting a salary of at least $10,000 a month. Many local doctors, especially married females, are quitting hospitals to become part-time polyclinic doctors.
Should go to Indonesia to be doctor. Paid by thousands.
Can’t understand why so many from Malaysia – at least 50%.
Malaysia not enough doctors also! They get doctors from other places too and so many Malaysians become doctors from all over the world. All recognized like other countries.
No need kids help in Malaysia
As @ end 2011,there were 11.3k EPF members with >RM1mill in their accts!
a dividend of rm60-75k/yr..working out to rm5-6k/month
backtrack a bit to end 2011 for nos of members on higher saving levels & interestingly,the data were as follows….;
rm600-700k =9,668 members
rm700-800k =6,308 members
rm800-900k =4,415 members
rm900- 1M =3,165 members
> rm1M =11,174 members
Naturally by deduction,the total ACTIVE members nos in the > rm1M should be less than 3k…but contrarily,it is the highest at more than 11k members…
Assuming that the ACTIVE members are nos 2k ie not 55 yrs old yet to take out everything,there are by reasoning another 9k like me who are leaving our $ in the EPF as a 1)investment vehicle (6% is more attractive than bank fd’s) or 2)to live out a better part of our retirement from its dividend..
The crux is that the’depend on EPF for retirement’ is achievable even for a MCEeee (Form 5) guy like me from the early 70’s… at least for now.