{"id":112933,"date":"2019-12-07T14:20:20","date_gmt":"2019-12-07T07:20:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/69-of-singaporeans-feel-they-cannot-retire-comfortably-survey\/"},"modified":"2019-12-07T15:03:10","modified_gmt":"2019-12-07T08:03:10","slug":"69-of-singaporeans-feel-they-cannot-retire-comfortably-survey","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/69-of-singaporeans-feel-they-cannot-retire-comfortably-survey\/","title":{"rendered":"69% of Singaporeans feel they cannot retire comfortably: Survey"},"content":{"rendered":"


\n60% of Singaporeans are not prepared for retirement, while 69% feel that they cannot retire comfortably, according to a survey done by digital wealth manager, Syfe, which was published on Wednesday (4 Dec).\u00a0
\nThe survey, which uses an index developed by Syfe to measure retirement readiness at four levels, showed a huge gap in retirement readiness between Singaporeans; most are either at their highest retirement readiness or at the lowest, reported Today Online.
\nThis trend could be reflecting the widening income gap in the country, the firm stated.
\n\u201cLeft unchanged, it also suggests that retirement inequality will only worsen as people become older with varying levels of savings,\u201d Syfe said.
\nUsing a sample size of 1,000 Singaporeans aged from 25 to 60 years old, the survey measured the retirement readiness based on four factors: their expected retirement lifestyle and needs, current income, accumulated savings, savings rates and investments, and home ownership. Each participant was given a score based on the four levels of retirement readiness: High, adequate, low or very low.\u00a0
\nAround four in 10 citizens were found to be grossly ill-prepared for retirement, while about three in 10 were highly prepared. These groups accounted for 66% of the people surveyed.
\nAccording to the report, the widening income gap might be the reason why a majority of those polled fell into the two extreme ends. It also stressed that this might lead to a bigger retirement inequality in the future.
\nThe poll also revealed that 60% of Singaporeans are not well-prepared for retirement, while 69% believe that they would be unable to retire comfortably.
\nMillennials more prepared for retirement?
\nMillennials, on the other hand, seem to be more prepared for retirement.
\nCitizens aged 25 to 34 who were polled seemed to be heading for a comfortable retirement, provided that their savings rate and relatively low debt levels are maintained until then.
\nHowever, such maintenance may no longer be feasible when they grow older and receive more financial responsibilities.
\nThe participants aged 34 to 35, those who have to take care of older parents and young children, appeared to be the least ready for retirement. This may be due to higher debt levels and lower savings rate compared to other age groups.
\n\u201cThis suggests that youth is a huge advantage when it comes to building wealth for retirement. With fewer financial responsibilities, millennials may find it easier to save more,\u201d said the report.
\n\u201cTo continue staying on course for their desired retirement, millennials should aim to save as much as possible in their 20s and early 30s, and consider investing their surplus savings to fortify their nest egg.\u201d
\nSurvey: Homeowners have lower retirement readiness
\nThe survey also found out that homeowners overall scored lower on retirement readiness than those living in rental homes.
\nAround 30% of homeowners surveyed had savings of less than 10% of their salary, while their median retirement readiness score was set at the \u201cvery low\u201d level.
\n\u201cThese results suggest that homeownership does not guarantee retirement security, especially if an individual is not saving enough for retirement. While a property is usually considered a financial asset in the long term, it is essentially still a liability until its mortgage is paid off,\u201d noted Syfe.
\nREAD:\u00a0Should You Take That Big, Fat CPF Housing Grant When Buying A HDB Flat?
\n\u201cAn individual with most of their retirement savings tied up in property assets could be facing a less-than-ideal retirement since this property wealth does not contribute to retirement income.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…69% of Singaporeans feel they cannot retire comfortably: Survey<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

60% of Singaporeans are not prepared for retirement, while 69% feel that they cannot retire...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-112933","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tnv","jetpack-related-posts":[{"id":102058,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-singaporeans-want-to-invest-in-overseas-properties\/","url_meta":{"origin":112933,"position":0},"title":"More Singaporeans want to invest in overseas properties","date":"December 6, 2018","format":false,"excerpt":"\r 4 in 5 Singaporeans say they would consider investing in overseas property if they had the financial resources, according to a survey. With the rising prices of residential properties here, four in five Singaporeans said they would consider investing in overseas real estate if they have the money and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":147326,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singaporeans-buy-24-9-of-five-village-retirement-chain-freedom-lifestyle-villages-for-40m\/","url_meta":{"origin":112933,"position":1},"title":"Singaporeans buy 24.9% of five-village retirement chain Freedom Lifestyle Villages for $40m","date":"October 7, 2024","format":false,"excerpt":"\r 'This is a capital-intensive business. We really want to expand' \u2013 chairman Bill McDonald.\r \r Source : nzherald.co.nz\/Property\r Read more...Singaporeans buy 24.9% of five-village retirement chain Freedom Lifestyle Villages for m","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":106706,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-acquisition-by-singaporeans-soar-in-q1-2019\/","url_meta":{"origin":112933,"position":2},"title":"Private Home Acquisition By Singaporeans Soar In Q1 2019","date":"April 30, 2019","format":false,"excerpt":"\r Singaporeans\u2019 share of local home purchases rose the highest in a decade versus foreigners, with 79 percent of private apartments snapped up by locals during the first quarter of 2019, reported Bloomberg citing OrangeTee & Tie. In fact, the proportion of locals acquiring luxury homes soared 69 percent from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8188,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-singaporeans-now-living-in-condos-survey\/","url_meta":{"origin":112933,"position":3},"title":"More Singaporeans now living in condos: survey","date":"March 10, 2016","format":false,"excerpt":"\r Apartment blocks in Singapore. More Singaporeans now own their own homes, according to results of the latest General Household Survey released by the Department of Statistics (Singstat) on Wednesday (9 March). In 2015, homeownership among resident households reached 90.8 percent, up from 87.2 percent in 2010. Chinese households recorded\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20884,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hsr-to-benefit-terminus-cities\/","url_meta":{"origin":112933,"position":4},"title":"HSR to benefit terminus cities","date":"July 20, 2016","format":false,"excerpt":"\r With travel time between Singapore and Kuala Lumpur cut to just 90 minutes, buying a second home or working in Malaysia will become a more attractive proposition for Singaporeans once the high-speed rail (HSR) is completed in 2026, said analysts who spoke to TODAYonline. The advantages brought forth by\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121484,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-dbs-loan-allows-seniors-to-borrow-against-their-private-property\/","url_meta":{"origin":112933,"position":5},"title":"New DBS loan allows seniors to borrow against their private property","date":"August 17, 2021","format":false,"excerpt":"\r New DBS loan allows seniors to borrow against their private propertySingaporeans and Singapore Permanent Residents aged 65 to 79 will be able to borrow against their fully paid private homes to top up their CPF Retirement Sums that will be used for the CPF LIFE scheme. Seniors owning private\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/08\/condo-singapore.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/112933"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=112933"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/112933\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=112933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=112933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=112933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}