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A significant gap exists between when Singaporeans would like to retire and when they think they will actually be able to do so.
This was the key finding of the latest Consumer Attitudes Survey by Aviva, which canvassed employees above the age of 18 in 13 markets worldwide, including 1,000 respondents in Singapore.
According to the survey, the majority of Singaporeans (54%) stated they would like to retire before the age of 60.
However, only one in three Singaporeans (36%) believed they will actually be able to do so.
Furthermore, the findings revealed 53% of Singaporeans are concerned about not being able to afford an adequate standard of living in retirement.
“Singaporeans understand the need to plan for retirement,” Daniel Lum, director of product and marketing, Aviva Singapore, said,
“However, there is a significant shortfall between how much they think they need during retirement and how much they will actually have.”
According to the report, 56% of respondents stated they will need S$2,000 to S$6,000 per month to maintain an adequate standard of living.
However, 48% of respondents highlighted they believe they will have less than $2,000 per month based on their current financial plan for retirement.
“This disparity has quite understandably led to the majority of Singaporeans being worried about their standard of living in retirement. Coupled with inflation and low interest rates, it is unsurprising that two thirds think they will not be able to retire at their preferred age,” Lum stated.