Lack of money for medical bills tops Singaporeans' retirement fears: Nielsen survey

Singaporeans' biggest fear is not having enough money to pay for medical bills during their retirement, a survey has found. -- ST FILE PHOTO: NURIA LING
Singaporeans' biggest fear is not having enough money to pay for medical bills during their retirement, a survey has found. -- ST FILE PHOTO: NURIA LING

Singaporeans' biggest fear when it comes to ageing is not having enough money to pay for medical bills during their retirement, a survey has found.

They also worry about not being able to look after themselves and losing physical agility when they grow old, according to a poll by global survey firm Nielsen.

These worries were cited by nearly three in five out of more than 500 Singaporeans who participated in the Internet poll between August and September last year. It was part of a global survey on ageing which covered 30,000 respondents in 60 countries.

The survey also found that two out of three Singaporeans want to retire before the age of 65, with three in ten wanting to do so before 60 years old.

The vast majority - nearly four out five - said they will rely on personal savings and investments as the primary source of income after they retire.

Mr Luca Criseri, Nielsen's head of financial services in Singapore and Malaysia, said the polls speaks about Singaporeans' "desire to be self-reliant and self-sufficient". He added that it is an opportunity for financial firms to help Singaporeans build their retirement nest eggs early.