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Wednesday, 15 June 2011

Most S'poreans expect to have less than S$150,000 in CPF on retirement

SINGAPORE : People in Singapore who plan for their retirement will have about S$153,000 in retirement savings and investments, according to a survey by HSBC.

Those who do not plan - 28 per cent of individuals - will retire with a smaller amount of about S$80,000.

The Future of Retirement survey said about 76 per cent of those with a retirement plan rely on life insurance to finance their retirement.

Not surprisingly, these people also have a more positive outlook and fewer worries about retirement.

However, 65 per cent are concerned about the prospect of unforeseen events derailing their retirement plans.

The 2011 report, "The Power of Planning", is the sixth in a series and is based on interviews with more than 17,000 people in 17 countries.

The Singapore report was based on views of 1,046 respondents from the republic.

Finances are at the top of most Singaporean's minds when it comes to retirement - 55 per cent cited concerns about the need for more savings as people are living longer.

Furthermore, 29 per cent - the highest in Asia - were also concerned about costs of caring for older parents.

The majority of Singaporeans - 65 per cent - expect their CPF lump sum to be below S$150,000 when they retire.

According to the study, Singaporeans estimate that they will need an average monthly retirement income of S$3,000.

Commenting on how Singaporeans can save for their retirement nest egg, CEO of HSBC Insurance, Walter de Oude, said if a 65-year-old has S$150,000 in his CPF account, he can expect to receive about S$1,400 every month from CPF Life.

In order to receive a monthly income of S$3,000 during retirement, he will have to supplement his CPF savings with another investment.

- CNA/al

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