Over 7 out of 10 Singaporeans brace for cash-strapped retirement on back of insufficient CPF funds

Seniors are counting on dole-outs from younger family members.

Will you be ready to support senior family members when they’re sixty-four? An alarming number of Singaporeans think that they do not have enough funds to rely on, a survey by CLSA revealed.

According to CLSA, 78% of respondents are not topping up their CPF income in order to bolster retirement funds, and 71% think they will not have enough funds to retire on.

In spite of this, 69% do not have other retirement-savings vehicles to rely on and 44% would not be willing to sell their property if they fall short of their retirement income.

“Perhaps our respondents are hoping that younger family members will provide financial support in future, or that the government will loosen the eligibility criteria for the lease buyback scheme (either by the income limit or by the size of HDB property). Overall, although Singaporean households are more leveraged than they have been historically, and the disparity in income and wealth continues to grow, we feel comfortable that majority of the population can weather a material downturn,” noted CLSA.