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Retirement Planning in Singapore: Key Facts and Figures

RETIREMENT PLANNING IN SINGAPORE: KEY FACTS AND FIGURES FACING RETIREMENT The top aspirations for retirement are to spend time with friends and families (71%) and enjoy frequent holidays (63%) 71% 63% Spending time with friends and traveling. retirement aspiration are key The biggest fears in retirement are poor healthcare (70%) and financial hardship (62%) 62% 70% MANY PEOPLE ALSO HAVE CONCERNS OR FEARS FOR THEIR RETIREMENT WHICH, IF ANY, OF THE FOLLOWING CONCERNS OR FEARS DO YOU HAVE? DO YOU THINK YOU ARE PREPARING ADEQUATELY FOR CONFORTABLE RETIREMENT? Yes, I am preparing about adequately1% Over half are not preparing adequately or at all for retirement 44% No, I am not preparing adequately Yes, I am preparing adequately 8% more than Don't Know '5% No, I am not -12% preparing at all THE HARDSHIPS IN SAVINGS FOR RETIREMENT 58% 47% 38% of Singapore respondents are regular savers, higher than the global average nearly half of Singaporeans not saving for retirement blame daily living costs as the reason for their predicament of respondents said that buying a home affected their ability to save for retirement Calculate your Retirement Needs Now TOP 5 REASONS THAT HELD BACK SINGAPOREANS FROM SAVING FOR RETIREMENT Why have you never saved specifically for retirement O Nearly half say they cannot save for retirement due to the cost of day-to-day living All my money goes into living day-to-day living 47% I'm saving/investing in a erent way 32% I've never really thought about it 31% Retirement is too FAR for me to start saving 22% The economic climate has been too unstable 12% TOP 5 "LIFE EVENTS" THAT AFFECT THE ABILITY TO SAVE FOR RETIREMENT Buying a home/paying a mortgage 38% Becoming unemployed 29% Paying for children's education 24% Starting a family 23% Significant drop in earnings/pay out 22% TOP 5 REASONS TO START SAVING AND PLANNING FOR RETIREMENT The Key driver in saving and planning for retirement is the Fear of financial hardship in later life KEY FACTS ON FINANCIAL PLANNING 44% 45% (61% ) of respondents saving for retirement is due to having a financial plan of them believed that financial planning has increased their savings futura 61% 28% 26% 23% 19% Fear of not having enough in to live on later life Starting a family Buying a home Seeing my retired parents' standards of living/quality of life is lower than I want Advice from a professional financial advisor Calculate your Retirement Needs Now Source: "The Future of Retirement - Singapore Repor" - HSBC MONEYSAWY SC CURRENT NEWS • EXPERT VIEWS Infographics Concept: Demopin Pte Ltd demOspin Your idea deserves a story

Retirement Planning in Singapore: Key Facts and Figures

shared by shanemarks3 on Nov 04
1 comment
This is an infographic on the retirement planning in Singapore. The importance of retirement planning cannot be overstated.




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