3 Cruel Facts About Singaporeans’ Attitude To Retirement Planing
A recent survey had shown that although most Singaporeans worry about their retirement and hoping not to do the same thing until the age of 60 plus, they did not take action in planning for their retirement. A lot of them having excuses such as saving for child education or even paying off existing loans.
But this is, apparently, something that doesn’t concern most of our fellow Singaporeans—in spite of long hours at work, widespread problems with stress and low levels of job satisfaction, few people bother to prioritise retirement planning.
Despite the fact that people always talk about how worried they are about retirement, over 4 in 10 of the Singaporeans who responded to a recent survey had not started saving for retirement, including 27% of the respondents aged over 55. Amongst those who had started saving for retirement, to 69% “saving” meant relying completely on CPF.
Now, the interesting thing about this survey is that respondents were asked to state their excuses for not saving for retirement. 36% said they simply couldn’t afford to, 25% said they had other priorities like their children’s education, and 19% were trying to pay off existing loans.
The above survey results chill me to the bone. I’ve already heard way too many tourists and expats ask in disturbed tones why there are so many super old people working in menial jobs. Thanks to our aging population, I can only imagine what the situation will be like a few decades from now. 3 Disturbing Observations About Singaporeans’ Attitude Towards Planning for Retirement – MoneySmart.sg
Remember it is never too early to starting retirement planning.