Across Asia, rapidly ageing populations represent a looming challenge to governments, employers, households and financial institutions alike.
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.
Are you ready? Determine your retirement lifestyle with DBS FutureMe.
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