Health the top retirement concern here, and most expect Govt to cover costs: Survey
- POSTED: 22 May 2014 12:18
Deteriorating health is a main concern for many Singapore investors, with almost three-quarters of those surveyed saying it is their No 1 retirement concern, revealed a financial services survey Thursday (May 22).
SINGAPORE: Deteriorating health is a main concern for many Singapore investors, with almost three-quarters of them saying it is their No 1 retirement concern, according to a financial services survey.
In Manulife’s quarterly Investment Sentiment Index in Asia survey, released on Thursday (May 22), 71 per cent of 500 investors in Singapore say deteriorating health is their top concern.
On average, Singapore investors expect recurring long-term healthcare expenses to set in from about the age of 59, and many are taking steps in order to be prepared.
“We see in the survey findings that as people get older, they realise they tend to be healthier than they originally thought, so the impact of higher health expenses is delayed, say from their late-50s to mid-60s. That said, however, it’s a reality that those higher costs will kick-in – that’s inevitable,” said President and CEO of Manulife Singapore Annette King.
However, while two-thirds of respondents say they will purchase, renew or maintain their personal health insurance during retirement, 72 per cent of those surveyed expect their medical needs during retirement to be taken care of by public medical services.
“Singaporeans recognize that healthcare costs will rise as they get older, but they are misguided if they think that healthcare costs will account for a similar slice of the household budget in retirement as it does now,” said Ms King.