Future retirees in Singapore face the grim prospect of their retirement savings running out halfway through their retirement. A majority estimate their savings to cover only nine out of the 17 years they expect to live in retirement. This was the conclusion of a study done by Hong Kong Shanghai Banking Corp (HSBC). Close to half of those polled indicate they expect to continue working past retirement.
More than 1000 people in Singapore took part in the study.
“There is cause for concern from the finding that the retirement savings of people in Singapore will run out after nine years which is about the time they are entering into frail retirement and a stage of their lives when medical costs and other elderly care expenses are expected to rise.”
– Paul Arrowsmith, Head of Retail Banking and Wealth Management, HSBC Singapore