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Thursday, 22 April 2010

New survey shows 60% of Singaporeans want to retire by 60

By Satish Cheney

Posted: 22 April 2010 0631 hrs

SINGAPORE: A new survey showed that 60 per cent of Singaporeans want to retire by the time they reach 60 years of age.

However, only 40 per cent have developed - or intend to develop - a proper retirement plan.

The survey was commissioned by Russell Investments, a global financial services firm.

The aim is to show how Singaporeans are preparing for life after work.

The company said that less than 20 per cent have accessed professional financial advice when it comes to retiring.

More than 500 fully-employed Singaporeans aged between 35 and 55 participated in the poll conducted in December 2009 and January 2010.

A big fear for more than half the respondents is that they will outlive their money.

In fact, around 70 per cent said they are "very likely" to indulge in part-time employment when they retire.

"Singaporeans are actually preparing themselves for a decline in their quality of living during retirement - no wonder the majority of locals aren't looking forward to their retirement years," said Edmund Teo, Regional Director, Sales and Marketing at Russell Investments.

9 in 10 S'poreans do not feel well prepared for retirement - Revisit

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