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Singaporeans must save $5,033 a month for 'comfy retirement'
That's a whopping 66% of their yearly wage.
According to HSBC's latest study Future of Retirement: A New Reality, in order to live comfortably during retirement, people in Singapore indicate that they will require 66% (or two-thirds) of their current annual household income which works out to be S$60,400 or S$5,033 per month.
This is 68% more than in the last 2011 study where the figure was S$3,000. Singapore’s income replacement ratio, together with Australia (also 66%), is the lowest across 15 countries surveyed where the global average is 78%.
Cash remains a big part of Singaporeans’ wealth portfolio. On what makes up retirement income, the study found that the largest proportion will come from cash savings and deposits which constitutes a third (34%) of retirement income here, followed by investments (19%), and property income and assets (12%).
This reliance on cash to fund one’s retirement income is reinforced by another finding where over two-thirds (69%) of Singapore respondents expect cash savings and deposits to contribute towards their retirement income, followed by life insurance (54%), stocks and shares (37%), and income generated from property (36%).
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