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Tuesday, 20 January 2015

More than 1 in 2 Singaporeans doomed to retire under a pile of debt



Read? Will You Try To Pay Off Your Housing Loan ASAP If You Have One? (6)



How to pay off that mortgage by 65?

Financial commitments, economic downturn and unforeseen life events are disrupting Singaporeans’ efforts to save for retirement.

According to a survey by HSBC, 53% of working-age Singapore respondents said paying off their mortgage and other debts (the third highest globally in the report) is the biggest barrier preventing them from preparing adequately. Other respondents nominated recent economic downturns (27%) and unforeseen illness (23%) as the catalyst for reduced retirement saving.


“There are no guarantees in life so Singaporeans need to future-proof themselves against unforeseen events like market fluctuations, economic slumps and other challenges that will inevitably arise at some stage in their lives,” says Matthew Colebrook, Head of Retail Banking and Wealth Management at HSBC Singapore.

The report shows that with the benefit of hindsight, many retirees would have done things differently before they retired to improve their standard of living in retirement, including beginning planning earlier in life.


CW8888: How many will think in this manner? Future Me?


According to the survey, 40 percent of retirees believe that retirement planning should start at the latest by the age of 30 to build an adequate retirement savings pot.

Ian Martin, Chief Executive Officer, HSBC Insurance (Singapore), said: “Retirees’ saving lethargy is a cautionary tale for current workers. However, better late than never, Singaporeans, regardless of age or income, are not without recourse on what they can do to plug the retirement savings gap and mitigate the negative future scenarios. They should start conversations with their wealth advisers soon to plan out their retirement. 




How to pay off that mortgage by 65?
Financial commitments, economic downturn and unforeseen life events are disrupting Singaporeans’ efforts to save for retirement.
According to a survey by HSBC, 53% of working-age Singapore respondents said paying off their mortgage and other debts (the third highest globally in the report) is the biggest barrier preventing them from preparing adequately. Other respondents nominated recent economic downturns (27%) and unforeseen illness (23%) as the catalyst for reduced retirement saving.
“There are no guarantees in life so Singaporeans need to future-proof themselves against unforeseen events like market fluctuations, economic slumps and other challenges that will inevitably arise at some stage in their lives,” says Matthew Colebrook, Head of Retail Banking and Wealth Management at HSBC Singapore.
The report shows that with the benefit of hindsight, many retirees would have done things differently before they retired to improve their standard of living in retirement, including beginning planning earlier in life.
- See more at: http://sbr.com.sg/financial-services/news/more-1-in-2-singaporeans-doomed-retire-under-pile-debt#sthash.R0peyO7K.dpuf

More than 1 in 2 Singaporeans doomed to retire under a pile of debt

How to pay off that mortgage by 65?
Financial commitments, economic downturn and unforeseen life events are disrupting Singaporeans’ efforts to save for retirement.
According to a survey by HSBC, 53% of working-age Singapore respondents said paying off their mortgage and other debts (the third highest globally in the report) is the biggest barrier preventing them from preparing adequately. Other respondents nominated recent economic downturns (27%) and unforeseen illness (23%) as the catalyst for reduced retirement saving.
“There are no guarantees in life so Singaporeans need to future-proof themselves against unforeseen events like market fluctuations, economic slumps and other challenges that will inevitably arise at some stage in their lives,” says Matthew Colebrook, Head of Retail Banking and Wealth Management at HSBC Singapore.
The report shows that with the benefit of hindsight, many retirees would have done things differently before they retired to improve their standard of living in retirement, including beginning planning earlier in life.
- See more at: http://sbr.com.sg/financial-services/news/more-1-in-2-singaporeans-doomed-retire-under-pile-debt#sthash.R0peyO7K.dpuf

5 comments:

  1. Does a bigger residential home translate into higher net worth when one retires or retrenched?

    ReplyDelete
  2. i would or rather economist says, "Everything being equal, yes it would". i.e. the bigger residential home is fully paid up. Why? The worst case is you have some equity if you need to downgrade to a smaller home.

    ReplyDelete
  3. If I can afford and I bought a HDB maisonette (now highly valued due to limited supply) for a family of 3, what's wrong?

    If I cannot afford a HDB 2 room and I bought (maybe stick with renting instead?), now who's the one in trouble?

    What has size got to do with anything?

    ReplyDelete
  4. Worrying all the time whether you can be debt free upon retirement and your health is taking the back seat is the worst mistake.

    Your future you, can only wish to be able to turn back the clock prioritizing it right for retirement.

    ReplyDelete
  5. Probe around at your workplace on the seniors in their late 50s with housing loan extending beyond their 60. Are they regretting more?

    ReplyDelete

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