Singaporeans "positive" about retirement

It seems that Business Times is trying to reverse the negativity of its report on retirement funds gap yesterday.

Today, it reported on the findings of yet another retirement-related survey, this time by AXA Group. The AXA Retirement Scope 2007 survey found that Signaporeans are 2nd in terms of monthly savings for retirement ($824), among 16 countries surveyed.

A simple calculation shows that the $824 figure is derived possibly by taking $2,497 as the average gross monthly income. That is, the survey respondents from Singapore earns a gross salary of $2,497 per month and 33% of this is $824 (employer CPF contribution is 13% while employee's is 20%).

With this seemingly high retirement savings, it's little wonder that Singapore is ranked 4th in the same survey in terms of disposable income ($2,122). "But this finding could be skewed by the survey's high 'no answer' rate," added BT.

If it's really $2,122 in today's dollars, then I think many people will be quite ok.

After looking at the survey report, I also found that:

- Singapore also ranks well in terms of the percentage of respondents describing themselves as healthy.
- 4 in 10 retirees hold a paying job. (My gosh... we like to work!)
- Close to 80% of retirees claim their quality of life has improved. (It's probably because of this point that BT concluded that Singaporeans are "positive".)
- But 48% say their reitrement income is not sufficient. (I'm not sure if BT had looked at this. Do you consider this "positive"?)


http://www.salary.sg/2007/singaporea...ut-retirement/

[glenndanker]

It should be unless some uncles spent their money at Batam or splurged at Geylang. If they have some money sense I would think that they should have pretty good retirement.

[dhrye89]

Probably not so good after the recent crisis.

You mean after spending their life savings on overpriced heartland condos?

Actually this crisis is nothing like a crisis. Or maybe the worst is yet to come. Imagine the 2 IRs opening to much fanfare but poor business... with only our uncles and aunties patronising, along with maybe a few backpacking low spending ang mohs... Btw, my ang moh colleague from Germany flew here in an almost empy SQ flight!

[dhrye89]

Nope. probably, it wiped out their savings when they purchased those junk bonds.
CPF alone is not enough for retirement. I am not so sure if the article is accurate.