The third annual edition of the HSBC Future of Retirement global survey reveals that Singaporeans are generally optimistic about their retirement years*. Pre-retirees and retirees embrace positive attitudes to ageing and retirement, which reinforces the perception that older people are leading more active and fulfilling lives. In fact, eight out of 10 Singaporeans between 70 and 79 years old continued working because they wanted to.
While most Singaporeans view retirement positively, they recognise that financial security plays an important part in helping them achieve their goals and dreams during retirement. More than half surveyed indicated that they were worried about not having enough money when they grow old.
Insights to Singaporeans’ attitudes to ageing and retirement
While Singaporeans believe they are generally healthy now, seven out of 10 people feared illness and disability when they grow old.
Family and friends are important to individuals. Eight out of 10 want to spend more time with family and friends when they retire from work.
Six out of 10 expect to continue working for as long as possible.
Family and self-reliance are the top two sources of retirement income amongst those who have retired.
Being financially prepared for your retirement is probably the most significant goal to achieve in your financial planning journey, and one that is likely to require time and dedication to fulfill. If you have not planned for your retirement, you should consider starting now
By 2030, one in five Singaporeans will be above 65 years old. Current average life expectancy is 79 years old compared to 67 years old more than 30 years ago.
Source: Singapore Department of Statistics
Find out what Singaporeans think in HSBC Future of Retirement global research on attitudes towards ageing and retirement.
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