Camrysfa Turbocharged October 13, 2014 Share October 13, 2014 One in three Singaporeans over 55 have not begun saving for retirement More than half, or 55 per cent, of those in the 25-34 age group have also not started to save for retirement. The survey also found that about 64 per cent of those who have started saving were reliant on the Central Provident Fund (CPF) as the main source for their retirement savings many Singaporeans' savings remained tied up in property. http://business.asiaone.com/news/one-three-singaporeans-over-55-have-not-begun-saving-retirement SINGAPORE - Nearly one-third, or 31 per cent of Singaporeans over the age of 55 have not begun to save for retirement. This statistic was revealed in the latest Aviva Consumer Attitudes survey, which assesses and tracks consumer attitudes to savings and insurance. More than half, or 55 per cent, of those in the 25-34 age group have also not started to save for retirement. Overall, 44 per cent of Singaporeans have not started saving for retirement. According to the survey, 41 per cent said of those who did not save said that they cannot afford to save, while 25 per cent are saving for other priorities, such as their children's education. Mr Daniel Lum, Director of Product and Marketing at Aviva Singapore, explained that this situation was due to many Singaporeans not knowing or being intimidated by how much savings they need. "They may underestimate the amount required and think they still have time to delay saving. On the flip side, they could also overestimate the amount needed and intimidate themselves into not making a decision," he said. The survey also found that about 64 per cent of those who have started saving were reliant on the Central Provident Fund (CPF) as the main source for their retirement savings. A total of 54 per cent also have endowment or investment-linked plans, while 45 per cent have direct investments such as shares, bonds or unit trusts. As for medical expenses, more than seven out of ten Singaporeans rely on CPF, or more specifically, Medisave (73 per cent) and Medishield (70 per cent). About one-third (34 per cent) plan to make use of their Integrated Shield plan and another 32 per cent have listed cash as part of their plan. According to Mr Lum, while CPF was a great tool that offered one of the highest guaranteed returns, many Singaporeans' savings remained tied up in property. "The challenge remains for Singaporeans to build a diversified retirement portfolio that earns returns high enough to beat inflation, as well as to ensure they will have sufficient cash in their later years, rather than being asset-rich - See more at: http://business.asiaone.com/news/one-three-singaporeans-over-55-have-not-begun-saving-retirement#sthash.nONhkSHz.dpuf ↡ Advertisement Link to post Share on other sites More sharing options...
Wt_know Supersonic October 13, 2014 Share October 13, 2014 no worry ... govt said the hdb you are living worth a pot of gold anytime can turn into money Link to post Share on other sites More sharing options...
Toothiewabbit Supersonic October 13, 2014 Share October 13, 2014 (edited) Of course lah!!... we paid everything in cash wat... . Edited October 13, 2014 by Toothiewabbit 5 Link to post Share on other sites More sharing options...
Picnic06-Biante15 Supersonic October 13, 2014 Share October 13, 2014 (edited) One in three Singaporeans over 55 have not begun saving for retirement More than half, or 55 per cent, of those in the 25-34 age group have also not started to save for retirement. The survey also found that about 64 per cent of those who have started saving were reliant on the Central Provident Fund (CPF) as the main source for their retirement savings many Singaporeans' savings remained tied up in property. http://business.asiaone.com/news/one-three-singaporeans-over-55-have-not-begun-saving-retirement SINGAPORE - Nearly one-third, or 31 per cent of Singaporeans over the age of 55 have not begun to save for retirement. This statistic was revealed in the latest Aviva Consumer Attitudes survey, which assesses and tracks consumer attitudes to savings and insurance. More than half, or 55 per cent, of those in the 25-34 age group have also not started to save for retirement. Overall, 44 per cent of Singaporeans have not started saving for retirement. According to the survey, 41 per cent said of those who did not save said that they cannot afford to save, while 25 per cent are saving for other priorities, such as their children's education. Mr Daniel Lum, Director of Product and Marketing at Aviva Singapore, explained that this situation was due to many Singaporeans not knowing or being intimidated by how much savings they need. "They may underestimate the amount required and think they still have time to delay saving. On the flip side, they could also overestimate the amount needed and intimidate themselves into not making a decision," he said. The survey also found that about 64 per cent of those who have started saving were reliant on the Central Provident Fund (CPF) as the main source for their retirement savings. A total of 54 per cent also have endowment or investment-linked plans, while 45 per cent have direct investments such as shares, bonds or unit trusts. As for medical expenses, more than seven out of ten Singaporeans rely on CPF, or more specifically, Medisave (73 per cent) and Medishield (70 per cent). About one-third (34 per cent) plan to make use of their Integrated Shield plan and another 32 per cent have listed cash as part of their plan. According to Mr Lum, while CPF was a great tool that offered one of the highest guaranteed returns, many Singaporeans' savings remained tied up in property. "The challenge remains for Singaporeans to build a diversified retirement portfolio that earns returns high enough to beat inflation, as well as to ensure they will have sufficient cash in their later years, rather than being asset-rich - See more at: http://business.asiaone.com/news/one-three-singaporeans-over-55-have-not-begun-saving-retirement#sthash.nONhkSHz.dpuf at this age group, just settle down with HDB loan & marriage, got money to save meh ..... Gov want us to have more babies and get marry young or want us to save. Make up your mind pleaseeeeeeeeeeeeeeeeeeeeee ...... Edited October 13, 2014 by Picnic06 5 Link to post Share on other sites More sharing options...
Wt_know Supersonic October 13, 2014 Share October 13, 2014 (edited) can be done ... make sure you work till 70 ... at this age group, just settle down with HDB loan & marriage, got money to save meh ..... Gov want us to have more babies and get marry young or want us to save. Make up your mind pleaseeeeeeeeeeeeeeeeeeeeee ...... Edited October 13, 2014 by Wt_know 1 Link to post Share on other sites More sharing options...
Blackyv Turbocharged October 13, 2014 Share October 13, 2014 Only elite can think of retirement, commoner knows they have to work until collapse... I'm surprised they are not aware of this phenomenon.... Link to post Share on other sites More sharing options...
lausai88 Hypersonic October 13, 2014 Share October 13, 2014 One in three Singaporeans over 55 have not begun saving for retirement Assume about 50% of Singaporeans are female and married. Assume 50% of the Singaporean (their husband) have enough saving for the family, husband + wife. If all the assumptions above are true, then don't see any issue since less than 50% (1 out of 3 = 33%) of Singaporeans have no saving for retirement. Link to post Share on other sites More sharing options...
13177 Supersonic October 13, 2014 Share October 13, 2014 Most have not begun saving for retirement? Cause they thought saving already comes from CPF liao? Lol. Link to post Share on other sites More sharing options...
Picnic06-Biante15 Supersonic October 13, 2014 Share October 13, 2014 (edited) Survey done by Aviva Insurance company ..... Make us worrrrrrrrrrrrrrrrrrried so that ppl quickly buy retirement fund .... Why aunty lucy never do the survey? Common sense will tell this age group either just complete in the work force after completing their Uni studies and planning to settle down. How on earth they have RA saving from this age group. Lets says that a couple married at 27, build a dream home (fully deduction of initial payment from both couple in CPF by HDB). At 34 (7 yrs after marriage) first kid in primary 1 and kids need $$$$$ for growth and education. At least at 42 yrs onward, then only can feel a little amount in RA. This is only calculated for a normal uni grad. Those super uni grad with scholarship no need to say lar cos their pay is super high and their promotions are on the extreme right lane in a highway with no obstructions & future look bright. This type maybe only 7% of the top working class. We are talking here majority in the middle income class who had just come out to the workforce and expect to have good RA by 34yrs old... Edited October 13, 2014 by Picnic06 1 Link to post Share on other sites More sharing options...
Goldbug 6th Gear October 13, 2014 Share October 13, 2014 hmm timing guam guam ho... goes hand in hand in extending employment age to 67 Survey done by Aviva Insurance company ..... Make us worrrrrrrrrrrrrrrrrrried so that ppl quickly buy retirement fund .... Why aunty lucy never do the survey? wait link to Union chief Lim Say Say how? 1 Link to post Share on other sites More sharing options...
Jman888 Moderator October 13, 2014 Share October 13, 2014 at this age group, just settle down with HDB loan & marriage, got money to save meh ..... Gov want us to have more babies and get marry young or want us to save. Make up your mind pleaseeeeeeeeeeeeeeeeeeeeee ...... Walau eh, this was done and reported by an insurance company, what do you think their agenda is? 1 Link to post Share on other sites More sharing options...
Freestylers09 5th Gear October 13, 2014 Share October 13, 2014 I watched the news juz now about this The group as young as 18 18 havent think start earn yet how save lol damn funny 1 Link to post Share on other sites More sharing options...
Kb27 Supersonic October 13, 2014 Share October 13, 2014 Another excuse to raise retirement age to 70. 1 Link to post Share on other sites More sharing options...
Goldbug 6th Gear October 13, 2014 Share October 13, 2014 Another excuse to raise retirement age to 70. Temasek chairman LBH already mooted this liao Link to post Share on other sites More sharing options...
Lala81 Hypersonic October 13, 2014 Share October 13, 2014 I watched the news juz now about this The group as young as 18 18 havent think start earn yet how save lol damn funny lol. quite funny. Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic October 13, 2014 Share October 13, 2014 Deduct by cpf, loan installment etc, still got money to save meh? I watched the news juz now about this The group as young as 18 18 havent think start earn yet how save lol damn funny According to investment, retirement saving at 30s Link to post Share on other sites More sharing options...
Picnic06-Biante15 Supersonic October 13, 2014 Share October 13, 2014 Deduct by cpf, loan installment etc, still got money to save meh? According to investment, retirement saving at 30s Investment got pau win both ... If got pau win, I throw all my saving in it.... :angry: This week don't know next week US Fed Fund got collapse or not cos it will affect the world market.... Link to post Share on other sites More sharing options...
Picnic06-Biante15 Supersonic October 13, 2014 Share October 13, 2014 I also got invest very small amount every week...... Hoping for a win fall either Mon or Thurs TOTO draws ... Always keep thinking the next big one will be me and for so many donkey years, still waiting.... ↡ Advertisement Link to post Share on other sites More sharing options...
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