Interesting Green: People ‘not saving enough for retirement’

Source Website: https://www.tnp.sg/news/business/people-not-saving-enough-retirement
By Aw Cheng Wei, The New Paper, 26 September 2018 at 06:00 am

PHOTO: Chief executive of Prudential Singapore Wilf Blackburn (third from left) says the findings underscore the importance of financial planning.
PHOTO: PRUDENTIAL
Picture posted by Aw Cheng Wei, The New Paper on 26 September 2018 at 06:00 am
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https://www.tnp.sg/news/business/people-not-saving-enough-retirement

Survey shows most people in S'pore plan to keep working after retirement age

People in Singapore are living longer, but their savings may peter out sooner than expected as they enter their golden years.

A survey released yesterday by international research firm Economist Intelligence Unit (EIU) and insurer Prudential found most respondents plan to rely on a wide range of assets to support themselves financially after they turn 62 - the standard retirement age - but they also plan to rely on drawing a salary.

A longer life expectancy is one reason for inadequate savings.

Other sources of retirement funds could be cash savings, the Central Provident Fund (CPF) and inheritance.

The report, titled Ready for 100? Preparing for Longevity in Singapore, polled 1,214 residents in March this year. It was commissioned by Prudential.

"People are just not saving enough for retirement," said Mr Laurence Lien, chairman of the Lien Foundation, whose expert opinion was sought for the report.

"If they are planning for 84 or 88, rather than 90 or 94, they are in for a shock."

PHOTO: People are just not saving enough for retirement. If they are planning for 84 or 88, rather than 90 or 94, they are in for a shock. The report, titled Ready for 100? Preparing for Longevity in Singapore, polled 1,214 residents in March this year. It was commissioned by Prudential.
Picture posted by Kathleen Coxwell on 06 July 2016
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https://www.newretirement.com/retirement/loneliness-puts-retirees-at-risk/
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In fact, about three in four respondents in EIU's survey said they are not financially ready or they do not know if they are financially ready for life until 100.

Survey results showed that 8 per cent of respondents expect to rely entirely on their salaries after they turn 62 while 44 per cent expect to rely significantly on their salaries. Some 33 per cent said they would rely somewhat on salaries, and the remaining 15 per cent said they would not rely on their salaries at all.

When asked to what extent they expected to rely on wages in meeting expenses after 62, respondents ranked salaries fourth, after cash savings, the CPF and national medical insurance schemes.

Chief executive of Prudential Singapore Wilf Blackburn said the findings come as Singaporeans are living longer, underscoring the importance of financial planning.

"Our intent with (the report) is to get people to reimagine life," said Mr Blackburn, "and how we plan to spend it."

For example, "forming the ability to keep re-skilling and learning new things and staying relevant is going to be the most important way that people are going to insure themselves".

PHOTO: "Our intent with (the report) is to get people to reimagine life," said Mr Blackburn, "and how we plan to spend it."
For example, "forming the ability to keep re-skilling and learning new things and staying relevant is going to be the most important way that people are going to insure themselves".
Living to 100 presents both opportunities and issues to be overcome. It requires us to be more self-aware and proactive.
Picture posted by knowyourmeme.com - Waited too long
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According to Population.sg, an online initiative by the National Population and Talent Division, 1,100 Singaporeans lived to at least 100 in 2015.

A World Health Organisation report last year stated that the average life expectancy at birth for Singaporeans is 83.1 years, third longest in the world, after the Japanese and the Swiss.

The report also covered factors such as health, relationships and work, as these "are known to contribute to the length and quality of (people's) years".

"Living to 100 presents both opportunities and issues to be overcome," said Mr Blackburn.

"It offers us the promise of being with our loved ones, pursuing work and enjoying lifestyle activities for longer... At the same time, it requires us to be more self-aware and proactive."

PHOTO: About three in four respondents in EIU's (Economist Intelligence Unit) survey said they are not financially ready or they do not know if they are financially ready for life until 100.
Picture posted by NY Finances Website
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https://www.nyfinances.com/how-to-maintain-a-healthy-work-life-balance-in-your-60s-and-beyond/

PHOTO: Encountering an empty nest at home is the time to reimagine a life; Spiritual Direction's challenge: Respond to the voice of Jesus.
When every part of our body and life becomes an instrument of righteousness, it also becomes a consecrated instrument of Christ, through which He manifests His character and ministry. We will become the kind of people we were meant to be - reflecting the beauty and holiness of God, and the compassion and love of Christ. Become "Little Christ".
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By Aw Cheng Wei, The New Paper, 26 September 2018 at 06:00 am
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Reference

[1] Aw Cheng Wei, The New Paper, People ‘not saving enough for retirement’, posted on 26 September 2018 at 06:00 am, https://www.tnp.sg/news/business/people-not-saving-enough-retirement

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