February 21, 2011

SINGAPORE: Only 14% ready to retire, money wise

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SINGAPORE / The Straits Times / Singapore / News / February 21, 2011

By Linette Lin

ONE in three Singaporeans plans to retire/was already retired before he reached 60 years of age, two years earlier than the current statutory retirement age of 62 years old in Singapore, according to Nielsen's Global Aging Report.


Only 14 per cent of the Singapore consumers surveyed admitted they are financially ready for retirement.  ST Photo: Samuel He

However, only 14 per cent of the Singapore consumers surveyed admitted they are financially ready for retirement - the lowest when compared to the Asia Pacific (22 per cent) and global (18 per cent) averages.

In Singapore, 82 per cent said personal savings would be their primary source of retirement income.

Travel is Singapore consumers' most favoured post-retirement activity, leading with 73 per cent, followed by volunteer work (51 per cent) and joining a club and participating in its activities (49 per cent).

More than 26,000 consumers in 53 countries throughout Asia Pacific, Europe, Latin America, the Middle East and North America took part in Nielsen's Global Aging Report.

Copyright © 2011 Singapore Press Holdings Ltd.