- Nigel Nolan
Singaporeans Attitudes and Preparedness for Retirement
In a recent survey about Singaporeans attitudes towards and preparedness for retirement conducted for Etiqa Insurance Singapore, most people (91%) seem confident that they will be able to retire by the age of 65. In terms of having already prepared financially for retirement, 58% have already made plans, but those in older age groups are better prepared: 76% of those over 55 have plans in place, while only 32% of those ages 18 to 24 have done so. However, this increases to around 60% for those aged between 25 and 54.
In terms of being able to retire comfortably and happily (i.e. having sufficient money to do so), more than half are confident that they will.
What matters most to Singaporeans after retirement is to be financially independent, being healthy, and leading a healthy lifestyle. These translate into their biggest fears after retirement which are failing health and running out of money.
Most respondents (83%) stated that they want to live in Singapore after retiring, and those who plan to move to another country state that the reason for doing so is the lower cost of housing and daily living expenses.
What people plan to do activity-wise after retirement is travel, spend time with their family, and start a new hobby. However, almost half (49%) of respondents plan to do some part-time work, while 17% plan to look after their grandchildren.
The main lesson from these survey results is the need to start one’s financial planning for retirement early (i.e. shortly after entering the workforce). This will lead to greater confidence in being able to retire comfortably and happily. As one of the main concerns for people for when they retire is maintaining good health, another lesson is to start leading a healthy lifestyle as early as possible in order to ensure the best possible chance of being healthy later on.
You can read the full survey results at https://www.etiqa.com.sg/wp-content/uploads/2022/09/Retirement-Survey_Final.pdf or a summary of them at https://www.etiqa.com.sg/press-releases/etiqa-insurance-singapore-retirement-survey-2022/