Asia is fast growing older. Its number of elderly persons is expected to triple from 438 million in 2010 to more than 1.26 billion by 2050.
- While most Asians, including Singaporeans, hold high expectations for their retirement years, many are leaving it too late to make their hopes a reality.
- Almost three-quarters of Singaporeans, for example, plan to retire between 55 and 65, and 85% expect to receive an average of S$3,500 per month for 15 to 20 years or more.
- Only a quarter of them have implemented a financial plan to make that happen.
The report finds there are several reasons why Singaporeans are failing to prepare for their post-work years. Many see retirement planning as an intimidating task.
The DBS Retirement report “The Best is Yet to Be” explores the shifts that are becoming a major challenge for Asia as a whole, and Singapore in particular.
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