Last Updated on 23, November 2015
A recent poll conducted jointly by DBS and Straits Times reveal that:
- 48% have not even started planning for retirement.
- Among the remaining 52% who said they have started planning for their golden years but felt that it may not be enough.
In addition, the top concern is not having enough sources of passive income, followed by outliving one's savings, and inflation.
In a second poll also conducted by DBS & Straits Times, 40% wished they had started planning and saving when they were younger. About 20 per cent wished someone had shown them the way, and about one in 10 said they should have spent less and saved more.
Comments:
The survey results reinforce past survey findings that there is a strongly retirement gap in Singapore. I don’t think anyone wants to work throughout their lives but at the rate many Singaporeans are going, it is likely retirement is merely an illusion.
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hmmm ST didn’t reveal the age groups of the respondents. Usually most people don’t think about retirement planning until 35 or older. Especially Sinkie guys who start their real working lives relatively late at 25.
The survey also reveal that having a plan & saving may not yield you a secure retirement:-
Although 83% of retirees polled said they consciously planned & saved for their retirement, but yet only less than half are confident of having enough money to last their retirement.
A large proportion (46%) also mentioned having to rely on other family members to provide a portion of their retirement funding.
My gut feel is that no more than 20% of retirees are truly financially independent enough to retire. The other 80% of so-called retirees are dependent on their children giving them “pocket money” else they would have to work until they drop dead.
And I think this will still be the reality for the current generation of existing workers.
Most of these surveys are not independent -i.e. run by some insurance firms or advisors or financial cos.
If the survey shows 100% planned and happy, they’ll be out of business.
It would be helpful for this site if there are more discussion on the available products and insurance plans out there (annuities, UL etc). If these does not breach any regulations or create problems.
Cut long story short: benefit the reader here. Maybe help reader to contact website creator for further advice.
You can always post your question here: https://consultwho.sg/questions
For a more detailed response, you need to engage the service of a financial adviser.
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