By TEH SHI NING
HALF the working Singaporean population has yet to make financial plans for retirement even though three in five wish to retire by age 60, a new survey by global financial services firm Russell Investments has found.
'These findings are somewhat startling,' said Mahendran Nathan, Russell's chief executive for Asean, Hong Kong, Taiwan and India, who thinks they reflect a lack of awareness of the need for retirement planning and thought over what an increased retirement age might imply.
The desired retirement age of 60 reflected in the survey's results is shy of the current statutory retirement age of 62. Singapore's government has been preparing companies for the rollout of new re-employment legislation which will effectively raise the retirement age to 65 by 2012, and 67 eventually.
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