Older Singaporeans surveyed are more confident about retiring by the age of 65 than the younger groups

Older Singaporeans surveyed are more confident about retiring by the age of 65 than the younger groups

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Those aged 45-54 showed the most confidence (96%), while those aged 35-44 showed the least confidence (91%).

About nine in 10 (91%) Singaporeans recently surveyed said they are confident about retiring by age 65, according to the Etiqa Insurance Singapore Retirement Survey published this week.

According to the survey, conducted in May 2022 and involving 1,029 individuals aged 18 to 64 years old, older respondents showed more confidence as compared to their younger counterparts. In particular, those aged 45-54 showed the most confidence (96%), followed by those aged 55 and above (95%). The share of the remaining demographics is as follows:

  • aged 18-24: 83%
  • aged 25-34: 88%
  • aged 35-44: 91%

The survey then looked at how confident these above respondents are in retiring comfortably. Per the findings, one in two are assured that they will have a comfortable and happy retirement, of which:

  • 12% indicated they are 'very confident';
  • 44% said they are 'somewhat confident';
  • 8% noted they are 'not confident at all', and
  • 36% indicated they are 'somewhat not confident'.

Among the age groups, those aged above 55 showed more assurance that they can retire comfortably (68%); while 57% of those aged 25-34 showed it, followed by those aged 45-54.

Meanwhile, respondents aged 18-24 were the least assured (44%), followed by those aged 35-44 (46%).

Keeping the above in mind, the survey revealed what really matters to Singaporeans after retirement, with finances, physical health, and leading a healthy lifestyle leading the way. 

  • 84% want to be financially independent;
  • 73% want to be physically independent;
  • 73% want to lead a healthy lifestyle;
  • 38% want to have emotional and social support, and
  • 32% want to have a plan for daily routines.

In terms of mental wellbeing, however, emotional and social support are most significant to the youngest age group (18-24 years old), with the level of importance declining as the age of the respondents increases:

  • aged 18-24: 54%
  • aged 25-34: 47%
  • aged 35-44: 35%
  • aged 45-54: 29%
  • aged 55 and above: 25%

What Singaporeans are most worried about when it comes to retirement

It comes as no surprise then, that the top worries and concerns of Singaporeans relate to what they seek most in retirement. According to the survey, a significant number worry about the state of their health and finances post-retirement.

Specifically, 42% of the respondents fear most about their health failing, and 23% are worried about whether their money will run out. The remaining top fears cited include:

  • no confidence in retiring by age 65 (9%)
  • inflation or unexpected events/crises (9%)
  • future increase in minimum age for CPF payout (8%)
  • losing social interaction (5%)
  • losing work benefits (4%)

[ALSO READ: 33% of active CPF members who turned 55 in 2021 have not met CPF's Basic Retirement Sum]

The above aside, the survey also looked at where Singaporeans would like to live after retiring. A majority (83%) said they plan to remain in Singapore, while the remaining (17%) plan to move to another country for retirement, with the main reasons being lower cost of daily expenses, and lower cost of housing.

  • aged 55 and above: 95%
  • aged 45-54: 86%
  • aged 35-44: 85%
  • aged 25-34: 76%
  • aged 18-24: 75%

ALSO READ: Southeast Asians want to achieve early retirement, with 12% in Malaysia saying they are "on track"

Image / Etiqa

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