15 Jun '11, 12pm

Most S'poreans expect to have less than S$150,000 in CPF on retirement

SINGAPORE : People in Singapore who plan for their retirement will have about S$153,000 in retirement savings and investments, according to a survey by HSBC. Those who do not plan - 28 per cent of individuals - will retire with a smaller amount of about S$80,000. The Future of Retirement survey said about 76 per cent of those with a retirement plan rely on life insurance to finance their retirement. Not surprisingly, these people also have a more positive outlook and fewer worries about retirement. However, more than half - 59 per cent - of the respondents feel that they are under-insured, slightly higher than the global figure of 55 per cent. The 2011 report, "The Power of Planning", is the sixth in a series and is based on interviews with more than 17,000 people in 17 countries. The Singapore report was based on views of 1,046 respondents from the republic. Finances are ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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