Wrinkled with worry: 2 out of 3 Singaporeans unprepared for retirement

Darkness looms in twilight years.

Two thirds of Singaporeans dread they will not be able to retire before the age of 60. This fear is fueled by beliefs that they will be unable to uphold maintain an adequate standard of living in retirement.

Latest findings from Aviva’s Consumer Attitudes Survey released May 27 show that 560 out of 1000 respondents (56%) believe that they will need S$2,000 to S$6,000 per month to maintain a suitable standard of living. 

However, 480 respondents claim that they actually have only less than $2,000 per month based on their current financial plan for retirement.

Mr Daniel Lum, Director of Product and Marketing at Aviva Singapore, said, “Singaporeans understand the need to plan for retirement. However, there is a significant shortfall between how much they think they need during retirement and how much they will actually have. This disparity has quite understandably led to the majority of Singaporeans being worried about their standard of living in retirement. Coupled with inflation and low interest rates, it is unsurprising that two thirds think they will not be able to retire at their preferred age.”