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Singaporeans are not ready for retirement

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Singaporeans feel the need to continue working past the country’s minimum retirement age of 62 in order to manage their finances.

In total, 58% of Singaporeans ages 40 and above said they plan to carry on working when they reach retirement, with 12% wanting to extend their tenure with their current employer.

Thankfully, employers seem to be on board with this mentality, too. Eighty-seven per cent of bosses said they are open to postponing the retirement of existing workers, with 69% of them stating they would give the same benefits and remuneration upon re-employment.

The findings, from a survey by JobStreet, found the main reason for Singaporeans wanting to extend their working lives is finances (37%), but 75% said they would probably prefer part-time or project based employment to assure work-life balance is maintained.

Overall, 55% of Singaporeans said they believe they need $500,000 to retire. However, 40% are less than halfway towards their final savings goal.

In order to reach their goal, local workers stated they wouldn’t mind applying for jobs they are overqualified for (88%), indicating that career advancement is not a priority.

Image: Shutterstock

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