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Monday, 20 October 2014

Majority of Singaporeans worried about saving for retirement: Survey


SINGAPORE: The majority of Singaporeans are concerned about not saving enough for retirement, according to a survey of the middle class commissioned by insurer AIA.

About 55 per cent of Singaporeans said they are concerned, compared with the overall figure of 44 per cent across Southeast Asia, the AIA survey, released on Friday (Oct 20), revealed. The survey also found that Singaporeans think they need about US$900,000 (S$1.15 million) on average in savings for retirement - the highest in the region.

Additionally,  67 per cent of Singaporeans indicated that healthcare was the top cost concern, and the top goal among Singaporeans is to be healthy. About 76 per cent of Singaporeans also said they believe children should be responsible for financially supporting their parents, which is above the regional figure of 70 per cent.

Also revealed in the survey was 74 per cent of Singaporeans indicating they are satisfied with their lives, with older respondents - those 55 years old and above – more likely to be satisfied.

About 500 Singaporeans were involved in the survey, which spanned six countries in Southeast Asia.

8 comments:

  1. About $1.2M as investment capital

    Yield of 5% p.a.

    $60K p.a.

    $5K per month as household expenses for two should be comfortable.

    Right?

    ReplyDelete
    Replies
    1. This $1.2M is not realistic. How many people can accumulate cold hard cash of $1.2 million? Of course this survey is targeted to middle class.

      If one has build his wealth 20 years ago before retirement through dividend, his dividend yield on cost is definitely more than 5%. 10% is achievable and realistic.

      For middle class, they also should have attain they CPF reitrement sum and provide basic support during their golden year. If they cannot achieve min sum, then they should think hard now why they can't and learn how to archive that goal.

      Delete
    2. on second thought, we don't need $1.2M @ 5% dividend yield to achieve $5K per month.

      Current CPF life pays $1.2K per month pertually with $155K investment.

      If one has 4X $155K or $620K, put into annuity, he will have $5K per month passive income pertually.

      Cool?

      Delete
    3. Cool man!

      For household of two, we can get about 50% of $5K per month for 2 x $155K = $310K

      No Return My CPF!

      Delete
  2. IMO, this is bias survey especially conduct insurance company. They have vested interest to pain a doom picture so that people get worry and fearful.

    Then they sell ILP other Invetment scheme to the people.

    ReplyDelete
    Replies
    1. Sorry, some type errors. Was going to fast with iPad. :(

      ... bias survey especially conducted by insurance company.
      ... vest interest to paint a doom picture ...

      ... sell ILP and other investment scheme ...

      Delete
  3. Ha! Ha!
    Remind me never ask a barber whether you need a hair-cut.

    ReplyDelete
    Replies
    1. On the other hand it's not easy to retire in Singapore compare to even Malaysia. Yes of course it may be even better to retire in Timbuktu.

      Delete

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