Retirees in Singapore face 8 years of hardship after savings run out

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An honorable member of the Coffee Shop Has Just Posted the Following:

Over half inadequately prepared or not preparing at all for retirement.
Fears surrounding retirement include poor health and financial hardship, with almost half hoping to continue working past retirement.
Majority expects cash savings to fund retirement.
Future retirees in Singapore face the grim prospect of their retirement savings running out halfway through their retirement, as they estimate their savings to cover only nine out of the 17 years they expect to live in retirement, according to HSBC's latest study, the Future of Retirement: A New Reality. This is also the case in Asia and globally where on overall average, retirement assets dry up just over half-way (56%) through retirement.

During the remaining eight years depleted of retirement savings, they are left to grapple with rising healthcare costs and other burdens associated with old age as they transition from active retirement into the years of frail retirement. It also does not help that over half (56%) of Singapore respondents acknowledge that they are not preparing adequately or not preparing at all for retirement.



Years of retirement Vs Years of retirement savings will last

http://www.hsbc.com.sg/1/2/personal/...s-in-singapore


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