The Gen XY Lifestyle
Etiqa finds many Singaporeans doubt their ability to retire in comfort
Etiqa Insurance Singapore shared the findings from their Retirement Survey 2022, with almost half the respondents indicating low confidence in retiring comfortably.
Singapore has one of the highest life expectancies in the world. Women are expected to live to 88 and men to 84. Given a traditional retirement scenario, retirees will have to prepare for about two decades of post-retirement living. Longer life expectancy can bring along issues such as failing health and loss of income due to retirement
Etiqa Insurance Singapore‘s Retirement Survey 2022 set out to discover Singaporeans’ attitudes towards retirement, to find out if they are ready for retirement, as well as their attitudes towards planning for their golden years.
The survey found almost half the respondents (48 percent) indicating low confidence in retiring comfortably.
Key findings from the Retirement Survey 2022 include:
Making a move: Most Singaporeans (83 percent) intend to stay in the country after they retire. For those who plan to migrate, the main reason is to seek a lower cost of living for housing and expenses.
More family time: With much of their time spent working, 70 percent of Singaporeans are looking forward to spending time with their family after retirement with more men (74 percent) than women (66 percent) expressing this desire to spend time with family.
Continued productivity: Most Singaporeans plan to spend their time wisely by continuing to contribute to society. 1 in 2 respondents (49 percent) plans to continue working part-time post-retirement while 1 in 4 respondents (27 percent) intends to devote time to volunteer work.
Top concerns for retirement: Finances and health are top concerns for Singaporeans after they retire, with 84 percent of respondents indicating financial independence to be of utmost importance and 73 percent of respondents seeking to be physically independent. Other worries include failing health (42 percent) and running out of funds (23 percent).
Starting point: Younger Singaporeans are more worried about retiring comfortably by the age of 65 than their older counterparts. 20 percent have started retirement planning from the age of 24 or even younger.
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