Singaporeans unclear about retirement income: survey

Published June 13, 2009
By ZEINAB YUSUF

MOST Singaporeans - as in elsewhere - are clueless about what their retirement income will look like, a recent survey by HSBC revealed.

NOT FULLY PREPARED
Singaporeans are focusing on short-term finances rather than long-term considerations like retirement needs

Released yesterday, the fifth annual Future of Retirement study, It's Time to Prepare, questioned 15,000 people in 15 countries and found that 91 per cent of people here do not know what income they will receive in retirement.

Additionally, the survey identified a 'preparedness gap' in people's retirement planning across the world with nearly 9 out of 10 people not feeling fully prepared for their retirement.

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I have identified possible sources for Retirement Income as follows:

1) Dividends from stocks
2) Interests from Fixed Deposit/CPF (leaving it at CPF after 55 years old at 2.5%)
3) Minimum sum payout from 65 onwards
4) Any shortfall to be covered by partial draw-down from Retirement Fund


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