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Singaporeans underestimate retirement needs, start saving too late: Survey

Published on Jul 2, 2014 4:54 PM
 
The emerging affluent in Singapore are not hitting their retirement goals because they underestimate their retirement needs and start saving late, a new survey has found. -- PHOTO: ST FILE

SINGAPORE - The emerging affluent in Singapore are not hitting their retirement goals because they underestimate their retirement needs and start saving late, a new survey has found.

The survey's findings, released by DBS Bank on Wednesday, showed that 73 per cent of the 800 respondents polled plan to retire at between 55 and 65 years old and have average savings of $571,715.

More than 85 per cent expect to live on a retirement income of $3,500 per month, for the next 15 to 20 years and more.

The bank said: "This reflects a gap as the retirement fund would last them for 13 years, which falls short of the average life expectancy in Singapore."

 
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