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Most S’poreans plan to rely on savings, investments after retirement: Nielsen

The majority of Singaporeans polled in the Nielsen Global Survey about Aging said they plan to rely on their personal savings and investments as their primary source of income after retirement.

SINGAPORE: The majority of Singaporeans polled in the Nielsen Global Survey about Aging said they plan to rely on their personal savings and investments as their primary source of income after retirement.

The survey, conducted between August and September 2013, polled more than 30,000 consumers in 60 countries throughout Asia Pacific, Europe, Latin America, the Middle East, Africa and North America.

The sample size in Singapore was 502.

The survey findings also showed that 29 per cent of Singaporean respondents plan to retire before they reach the age of 60.

For 45 per cent of Singaporeans, their ideal retirement age is younger than their planned or actual retirement age.

Singaporeans are also worried about medical costs related to aging.

Some 58 per cent feared not having enough money for medical costs, followed by losing the ability to care for basic needs (57 per cent), and losing one's physical agility (56 per cent).

More than three quarters of Singaporean respondents (77 per cent) said after retirement, they would like to focus on staying physically and mentally fit, spending time with their family (63 per cent) and eating healthy (44 per cent).

Respondents were also asked what would be their most realistic living arrangement when they became too old to care for themselves and cannot live alone.

38 per cent of respondents in Singapore said they plan to live at home with their spouse, while 17 per cent said that they will stay with their children.

17 per cent of them said they would live in an assisted living facility, while 16 per cent said they would choose to live in a nursing home. 

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