SINGAPORE - Two in five Singapore residents are not confident about their retirement preparations, according to a report by DBS Bank and Manulife.
The report, which focused on the retirement attitudes, expectations and preparedness of those between 40 and 60 years old, was released on Tuesday (Jan 5).
The DBS-Manulife Retirement Wellness Study, as it is called, surveyed 6,000 people aged 40 to 60 in Singapore, Hong Kong, China, India, Indonesia and Taiwan.
It surveyed 1,008 people here online in November.
It found that 56 per cent of those who have started retirement planning have not sought any form of advice.
Only 36 per cent believe they can retire comfortably with their current savings and investments, while 30 per cent expect to downgrade their current lifestyle and habits when they retire.
Also, 38 per cent are worried about their ability to afford medical costs when they retire, while 32 per cent are not sure how much buffer they would need for healthcare costs when they retire.