Retirees in Singapore face 8 years of hardship after savings run out

Over half inadequately prepared or not preparing at all for retirement.
Fears surrounding retirement include poor health and financial hardship, with almost half hoping to continue working past retirement.
Majority expects cash savings to fund retirement.
Future retirees in Singapore face the grim prospect of their retirement savings running out halfway through their retirement, as they estimate their savings to cover only nine out of the 17 years they expect to live in retirement, according to HSBC's latest study, the Future of Retirement: A New Reality. This is also the case in Asia and globally where on overall average, retirement assets dry up just over half-way (56%) through retirement.

During the remaining eight years depleted of retirement savings, they are left to grapple with rising healthcare costs and other burdens associated with old age as they transition from active retirement into the years of frail retirement. It also does not help that over half (56%) of Singapore respondents acknowledge that they are not preparing adequately or not preparing at all for retirement.



Years of retirement Vs Years of retirement savings will last

http://www.hsbc.com.sg/1/2/personal/wealth/retirement/retirees-in-singapore

The hardship really hits home when they have a serious ailment.

Scrooball (clone) said:

The hardship really hits home when they have a serious ailment.

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If you have serious ailment, you'll be dead soon so you don't have to worry about your savings running out.

I am already prepared for the future. Quick and easy way.

http://en.wikipedia.org/wiki/Suicide_bag

Leongsam said:

If you have serious ailment, you'll be dead soon so you don't have to worry about your savings running out.

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.... as the popular saying in SG goes, it is better to die than to fall sick in this country. Seems dying is a blessing and being sick is a punishment, whether you are a retiree or not. How can a first world country with such 3rd world health care policies for its own people?

blindswordsman said:

.... as the popular saying in SG goes, it is better to die than to fall sick in this country. Seems dying is a blessing and being sick is a punishment, whether you are a retiree or not. How can a first world country with such 3rd world health care policies for its own people?

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The healthcare in Singapore must be top notch as the country has the 3rd highest life expectancy in the whole world. Kudos to the PAP for doing such a good job.

Leongsam said:

If you have serious ailment, you'll be dead soon so you don't have to worry about your savings running out.

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I have long prepared to die if inflicted with serious ailment, until the mild stroke. I realized that there are ailments that are serious but one won't die. What's worse is one may even lose control or ability to determinate your own life. You can't even commit suicide if you are paralysed. So how?

Seee3 said:

I have long prepared to die if inflicted with serious ailment, until the mild stroke. I realized that there are ailments that are serious but one won't die. What's worse is one may even lose control or ability to determinate your own life. You can't even commit suicide if you are paralysed. So how?

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Such ailments are apolitical. They happen frequently in NZ under a democratic government too.

Leongsam said:

Such ailments are apolitical. They happen frequently in NZ under a democratic government too.

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Sorry, we are looking from different angle. I was not interested in the politics of providing free medical care by the state. I am more interested in educating the old not to fear death and not to cling on to life if the quality of life is no longer worth living.

I don't expect the state to give free medical care. However, I am against the state promoting constant medical check ups and tests but yet making medical cost exorbitant and causing waiting time to become so incredulously long for the poor. The state should just promote healthy lifestyle. What is the use of going for annual check ups if one continues to smoke and eat oily stuff?

Highest carbon emission in Southeast Asia for our size hello? You really expect to be healthy living here?

Leongsam said:

The healthcare in Singapore must be top notch as the country has the 3rd highest life expectancy in the whole world. Kudos to the PAP for doing such a good job.

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WITHOUT PREJUDICE,
hmm....we are short of hospital beds leh.

They should retire to pinoyland or indonland or matland where its cheaper and the dollar can be stretch.... Stay spore must b rich..n if these old farts already own their hdb..retire overseas n survive on the rent can live like barons...so kpkb for wat?

"8 years of hardship will be followed by 8 years of abundance", thus prophesized Harry in the Book of Nod. Vote the PAP in 2016 and you can never go wrong.

The_Hypocrite said:

They should retire to pinoyland or indonland or matland where its cheaper and the dollar can be stretch.... Stay spore must b rich..n if these old farts already own their hdb..retire overseas n survive on the rent can live like barons...so kpkb for wat?

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The only hope for singaporeans to retire in dignity will be to destroy all the fucking PAP bastards and their collaborators

STRING THEM FROM LAMP POSTS WITH PIANO WIRES OR BBQ THE ROTTEN PAP BASTARDS
THEY ARE THE EVIL CREATURES ALL OUT TO RAPE AND SCREW SINGAPOREANS LIKE VAMPIRES

TREAT THOSE PAP BASTARDS AS THE VAMPIRES AND MONSTERS THAT THEY ARE

Well, they deserve what they vote for. Vote for robbers and expect robbers to share the loot? KNN, Stinkees really daft.

GoldenPeriod said:

I am already prepared for the future. Quick and easy way.

http://en.wikipedia.org/wiki/Suicide_bag

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People who are looking for at the final solution may be interested in "The Final Exit"
http://www.amazon.com/Final-Exit-Pr...id=1396871527&sr=8-1&keywords=hemlock+society

I would recommend it to the last leaf

Sinkees don't do their math ...they pay ridiculous sum for their 'subsidized' pigeon hole and barely utter a sound as they were beguiled into believing that it was affordable since they needn't pay out of pocket. Meanwhile, their retirement savings is barely increasing as the mortgage eats up the monthly CPF contribution.
Reality only sets in when they are unemployed or when they retire. Then it is too late.
The solution is simple: 'subsidized' flat should be sold at construction cost plus 10 percent. The land cost should not be included.

winnipegjets said:

Sinkees don't do their math ...they pay ridiculous sum for their 'subsidized' pigeon hole and barely utter a sound as they were beguiled into believing that it was affordable since they needn't pay out of pocket. Meanwhile, their retirement savings is barely increasing as the mortgage eats up the monthly CPF contribution.
Reality only sets in when they are unemployed or when they retire. Then it is too late.
The solution is simple: 'subsidized' flat should be sold at construction cost plus 10 percent. The land cost should not be included.

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No fucking choice.

PAPs and that smear of shit on sole of shoe LKY screwed and fucked us of BILLIONs in the past.
They intend to screw and fuck us of billions more in the future so that they can eat well and live well the way LKY eat well and lived well by working for the Japanese Kempeitai in WW2.

The only hope for singaporeans to retire in dignity will be to destroy all the fucking PAP bastards and their collaborators

STRING THEM FROM LAMP POSTS WITH PIANO WIRES OR BBQ THE ROTTEN PAP BASTARDS
THEY ARE THE EVIL CREATURES ALL OUT TO RAPE AND SCREW SINGAPOREANS LIKE VAMPIRES

TREAT THOSE PAP BASTARDS AS THE VAMPIRES AND MONSTERS THAT THEY ARE

i tot you go back past like michael k fox and do a darth vader to tell like dictator ... ah yew, wah si lin lau peh.

Most Sinkies have the 'the boat will straigten when it ocomes to the bridge' mentality. They either are very comfortable with the status quo and think that there will be more good years' or will 'resort to their fate' since they think they are victims of circumstances and are powerless in changing their fate. That's why they never bite the bullet and save or work harder to make more money.