LifeStyle Updates : Retirement Survey

URL: https://www.theedgesingapore.com/news/singapore-economy/42-singapore-respondents-will-only-start-planning-retirement-within-five

OpenAI:

Here are the 5 key points from the article on The Edge Singapore about retirement planning in Singapore:

• Late Planning: 42% of Singapore respondents plan to start retirement planning within five years of their retirement date.

• Lack of Preparation: 16% of Singapore retirees have not planned their retirement expenses.

• Unexpected Costs: 18% of retirees were caught off-guard by higher-than-expected costs.

• Key Cost Factors: The main factors contributing to higher costs were the general cost of living (64%) and healthcare expenses (43%).

• Financial Adjustments: As a result, 57% of retirees had to cut spending, and 50% had to liquidate investments.

My Thoughts: 

Retirement is an exercise that is good to start early on.

Easier to make mistakes and roar back when young.

A lot of lessons will be learnt along the way.