1 in 10 Singaporean retirees think they are 'financial failures': survey

Not ready for a comfy retirement.

According to new findings from HSBC’s Future of Retirement study: Life after Work?, one in ten (9%) retirees here think that financially they have failed to prepare adequately or at all for a comfortable retirement.

Of this group, 69% only realise this insufficiency on or after retiring and 24% say they will have to go back to work to cover their financial shortfall.

Some retirees in Singapore have sacrificed hopes and aspirations such as travelling (15%), spending more time with their friends and family (13%), starting a business (16%) or living abroad (20%) during their retirement years.

The study found that 26% of retirees, who have not achieved their hopes and aspirations for retirement, believe this is because they have less money to live on than envisaged while 19% blame it on insufficient retirement preparation.

Of those with less money than expected to live out their hopes and aspirations during retirement, 88% regret not saving up more.

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