Almost half of Singaporeans believe they won't be able to retire comfortably
About 84% of them are worried about finances post-retirement.
About 48% of Singaporeans have low confidence in retiring comfortably, a survey by Etiqa Insurance found.
The low confidence stems from their worries about finances and health post-retirement, the study stated.
Findings showed that 84% of Singaporeans want to be financially independent, whilst 73% want to be physically independent post-retirement.
Singaporeans also feel that their retirement won’t be as comfortable as they expect it to be due to fears of failing health (42%) and running out of funds (23%).
According to Etiqa Insurance, the findings only show the need for Singaporeans to prepare for retirement as early as possible.
“Singaporeans need to prepare for about two decades of post-retirement living. As life expectancy lengthens, issues on ageing take on greater urgency such as failing health and loss of income due to retirement,” Etiqa Insurance said.
As per the study, only one in five Singaporeans started retirement planning from the age of 24 or even younger.