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Many S'poreans doubt they can retire before 60: Aviva survey

More than half of Singaporeans (54 per cent) say they would like to retire before the age of 60, but only a third (36 per cent) believe they will actually be able to do so, according to a survey by insurance firm Aviva.

SINGAPORE: More than half of Singaporeans (54 per cent) say they would like to retire before the age of 60, but only a third (36 per cent) believe they will actually be able to do so, according to a survey by insurance firm Aviva.

The study also shows that there is a gap between how much Singaporeans think they will need for their retirement and how much income they will actually have.

Fifty-six per cent of respondents believe that they will need S$2,000 to S$6,000 per month to maintain an adequate standard of living.

However, 48 per cent say they will actually have less than S$2,000 per month based on their current financial plan for retirement.

The survey also shows that Singaporeans continue to save in great numbers.

More than 90 per cent say they have some form of savings in place, and more than half (56 per cent) say they have started saving specifically for retirement.

Aviva said it is important to be prudent and careful in financial planning.

“Continue on the path in terms of getting adequate advice, start saving early, understand the gap that you have in terms of what your aspirations are, find out where you are, and then decide and prioritise what you want to do in life,” said Daniel Lum, director of Product and Marketing at Aviva Singapore.

The Aviva Consumer Attitudes Survey was conducted in 13 countries around the world, and included 1,000 respondents in Singapore. 

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