1 in 2 Singaporeans lack a financial plan for their retirement

Some believe they still have to work beyond retirement to earn.

Asia’s number of elderly persons is expected to triple from 438 million in 2010 to more than 1.26 billion by 2050.

According to DBS, this unprecedented "retiree boom" or “silver tsunami” threatens to negatively affect retirement income security.

DBS adds that as this unfolds, responsibility for retirement income security is increasingly falling on the shoulders of individuals, instead of the state alone. As an advanced economy, Singapore faces these sorts of issues.

Only 25% of Singapore respondents have implemented a financial plan for their retirement, while another 25% are still at the planning stage. The rest (50%) do not have a concrete financial plan in place.

Nevertheless, one in two Singaporeans (50%) believe they will have to work beyond the normal retirement age, according to another study. It showed that many Singaporeans understand they will have to extend their working years in part- or full-time activities that allow them to complement their retirement incomes. 

Join Singapore Business Review community
A NOTE FROM SINGAPORE BUSINESS REVIEW

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.


The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.


So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.