Posted from
Redwire Times
Future retirees in Singapore face the grim prospect of their
retirement savings running out halfway through their retirement. A
majority estimate their savings to cover only nine out of the 17
years they expect to live in retirement. This was the conclusion of
a
study done by Hong Kong Shanghai
Banking Corp (HSBC). Close to half of those polled
indicate they expect to continue working past retirement.
More than 1000 people in Singapore took part in the study.
People in Singapore also say that they will require more than
60% of their current annual household income to live comfortably.
That works out to be around $5000 per month.
“There is cause for concern from the finding that the retirement
savings of people in Singapore will run out after nine years which
is about the time they are entering into frail retirement and a
stage of their lives when medical costs and other elderly care
expenses are expected to rise.”
- Paul Arrowsmith, Head of Retail Banking and Wealth Management,
HSBC Singapore
"60% of their current annual household income to live
comfortably. That works out to be around $5000 per month" that
means current annual income is $100,000 !!
$5000 per month or $60000 per year, if you want to live 17
years, you need to have $1million, not counting inflation over the
17 years!! bankers will always tell you, put your money in their
banks, if you have the $1million, and they draw big salary for
managing your money, for your retirement.
By the time we retire, most of us would have paid up our HDB,
children grown up, why do we need $5000 to live comfortably?
Listen to the bankers, you will live miserably, thinking that
others are better than you, you might as well die.
