3 in 10 Singaporeans eye retiring before hitting 60 years old

And they'll rely on their savings.

According to Nielsen, 78 percent of Singaporean respondents say they plan to rely on their personal savings and investments as primary source of income after retirement.

Respondents from Singapore stood most confident about utilizing personal savings and investments as their primary source of income when retired as compared to the other countries in Southeast Asia. 

The Nielsen Global Survey about Aging, which polled more than 30,000 Internet respondents in 60 countriesi, also revealed that 29 percent of Singaporean respondents plan to retire before they reach the age of 60 years.

For almost half of Singaporeans (45%) their ideal retirement age is younger than their planned/actual retirement age. In other Southeast Asian countries, even more respondents plan to have retired below the age of 60 years: Malaysia (50%) Indonesia (49%) Vietnam (44%), Thailand (33%) and The Philippines (30%). 

“The fact that most Singaporeans rely on their own savings and investment speaks about their desire to be self-reliant and self-sufficient,” said Luca Griseri, Head of Nielsen’s Financial Services in Singapore and Malaysia. “It presents an opportunity for financial service providers to facilitate this by offering adequate financial products that help citizens build their retirement funds early on. Information about what are the correct strategies for building a retirement nest is key, so that Singaporeans can start planning for their retirement early.