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Many Singaporeans risk retiring asset-rich but income-poor: Report

Published on Apr 20, 2013 8:01 AM
 
Almost 80 per cent of elderly households get financial support from their children, but this is unsustainable, given the declining household size, rising elderly dependency ratios and declining fertility here. -- PHOTO: THE BUSINESS TIMES

MANY Singaporeans risk retiring asset-rich but income-poor, according to a new report by Manulife Asset Management.

Singaporeans have traditionally had a high savings rate, and their combined total wealth is a hefty 2.3 times Singapore's national annual economic output or gross domestic product (GDP).

However, the nest eggs they have tucked away are still insufficient to ensure retirement income security, Manulife says.

Singaporeans may be generally wealthy, with per capita household wealth of about US$205,000 (S$250,000), it adds.

 
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Background story

BUILDING A NEST EGG

It is increasingly important for individuals to allocate their household wealth in ways that generate a recurring income stream.

- Manulife Asset Management Singapore senior managing director Jill Smith