4 in 10 Singaporeans Want to Retire at Age 55 ....but They Are Probably Not Saving Enough

A 2014 Randstad Award survey released earlier this year indicated that almost 4 out of 10 Singaporean employees wanted to retire at age 55.  That is a full 10 years before the official retirement age of 65 in high cost Singapore.  This survey involved over 6,000 employees with ages ranging from 18 to 65.

Is retiring at 55 realistic?

It is not surprising that many had mixed reactions on how realistic this target is.

In yet another survey by HSBC, 4 in 10 Singaporeans were found not to have set aside a single dollar for their retirement.  That is certainly a startling find!  And the main reason for not saving for retirement?  The high cost of living.  A large number of people also gave the reason that they have never thought about it.  Perhaps it is time that people start thinking about the size of their retirement nest egg.

So let's do the math.  4 in 10 want to retire by age 55.  Another 4 in 10 have not saved a single dollar.  I just hope that these people who have not started saving a single dollar for their retirement are not the ones who plan to retire at 55.  Because if they are.....I am guessing they will be in for a rude shock.

Well for those who are interested, please check out these few informative articles on retirement:

• Retirement Planning -  A good article on retirement.
• How to Retire in Singapore - Retirement know-how for Singaporeans.  
• Retirement Planning Mistakes - An informative article on some of the common retirement planning mistakes.
• Retirement Age and Retirement Planning