1 in 2 Singaporeans lack a financial plan for their retirement

Some believe they still have to work beyond retirement to earn.

Asia’s number of elderly persons is expected to triple from 438 million in 2010 to more than 1.26 billion by 2050.

According to DBS, this unprecedented "retiree boom" or “silver tsunami” threatens to negatively affect retirement income security.

DBS adds that as this unfolds, responsibility for retirement income security is increasingly falling on the shoulders of individuals, instead of the state alone. As an advanced economy, Singapore faces these sorts of issues.

Only 25% of Singapore respondents have implemented a financial plan for their retirement, while another 25% are still at the planning stage. The rest (50%) do not have a concrete financial plan in place.

Nevertheless, one in two Singaporeans (50%) believe they will have to work beyond the normal retirement age, according to another study. It showed that many Singaporeans understand they will have to extend their working years in part- or full-time activities that allow them to complement their retirement incomes.