Over 6 out of 10 retirees are grossly unprepared for retirement, reveals survey

Over 1 in 3 are still working to stay afloat.

By the time most Singaporean workers enter retirement, over 6 out of 10 have squirreled away $186,040 in savings, according to a survey by Nielsen and commissioned by NTUC Income.

This figure is less than half the average amount that most people expect will be sufficient for retirement, which stands at $376,270.

Some 66% of retirees wished they had started planning for retirement earlier, with 65% saying that they do not expect their savings to last throughout retirement.

They also listed financial support from their family and children as the third most important source of income during retirement.

Meanwhile, a third or 33% of retirees say that they are financially worse off than in pre-retirement.

Six out of 10 people start saving only at age 45, and starting late is the primary reason for the inability to retire comfortably, the study said.