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Old 22-01-2015, 01:26 PM
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I see some good outcome of this survey. At least those people who said they would need to work till they die are aware of this. Also a good number of them in the survey also realised that their savings can only last 13 years from the moment they retire. If they stopped at 65, their savings will last them till they are 78.

There are many people, from what I gather from the various posts here, who think they have enough money and can retire early (at or before 55). For these people, the rude shock may come too late when they find that their savings run out even before they hit 65!

So, if you dont know how long your savings can last you, just continue working as long as you can. Dont take the chance.

Quote:
Originally Posted by Unregistered View Post
Quote: singapore business review....

FINANCIAL SERVICES, HR & EDUCATION | Staff Reporter, Singapore Published: 20 Jan 15 800 views - See more at: [url=://sbr.com.sg/financial-services/in-focus/work-until-you-die-over-half-singaporeans-grossly-unprepared-retirement-#sthash.kpAGHWaB.dpuf]Work until you die: Over half of Singaporeans grossly unprepared for retirement, reveals HSBC | Singapore Business Review[/


WHERE ARE YOU STANDING!?

Work until you die: Over half of Singaporeans grossly unprepared for retirement, reveals HSBC 1 in 3 residents older than 45 have no savings. Retirement is costly business, and a distressing majority of working-age Singaporeans are extremely unprepared for retirement. According to HSBC’s the Future of Retirement study, 53% of Singaporean workers say that they cannot afford to retire comfortably while 15% believe that they will never never be able to fully retire. Even more alarming, 30% of workers aged 45 and over claim that they are not saving or do not intend to save. The report revealed that future retirees in Singapore expect their savings to last just 13 out of an average of 23 years in retirement. Lack of financial preparation during their working years, negative impacts of economic downturn and other life events are the key reasons for the savings shortfall. “Whether it is the high cost of living or an expectation that our pension will cover us in retirement, the reality is many Singaporeans are at risk of getting caught very short, financially, towards the end of their life,” said Matthew Colebrook, Head of Retail Banking and Wealth Management at HSBC Singapore. - See more at: [url=://sbr.com.sg/financial-services/in-focus/work-until-you-die-over-half-singaporeans-grossly-unprepared-retirement-#sthash.kpAGHWaB.dpuf]Work until you die: Over half of Singaporeans grossly unprepared for retirement, reveals HSBC | Singapore Business Review[/


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