21 Feb '11, 5am

Just 14% of Singaporeans say they're financially ready for retirement - lower than Asia-Pacific & global averages

Only 14 per cent of the Singapore consumers surveyed admitted they are financially ready for retirement. -- ST PHOTO: SAMUEL HE ONE in three Singaporeans plans to retire/was already retired before he reached 60 years of age, two years earlier than the current statutory retirement age of 62 years old in Singapore, according to Nielsen's Global Aging Report. However, only 14 per cent of the Singapore consumers surveyed admitted they are financially ready for retirement - the lowest when compared to the Asia Pacific (22 per cent) and global (18 per cent) averages. In Singapore, 82 per cent said personal savings would be their primary source of retirement income. Travel is Singapore consumers' most favoured post-retirement activity, leading with 73 per cent, followed by volunteer work (51 per cent) and joining a club and participating in its activities (49 per cent). More than...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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