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%).
 



More From Singapore Business Review
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.3708-0.0013-0.09%
    USDSGD=X
    1.5055-0.0018-0.12%
    EURSGD=X
    2.1440+0.0008+0.04%
    GBPSGD=X
    90.4326+0.1185+0.13%
    SGDJPY=X
    5.6548+0.0051+0.09%
    SGDHKD=X
    2.7887+0.0026+0.09%
    SGDMYR=X
    9,855.5732+9.3281+0.09%
    SGDIDR=X
    4.5298+0.0059+0.13%
    SGDCNY=X
    1.0020+0.0006+0.06%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,094.90+6.90+0.63%
    GCQ15.CMX
    14.79+0.03+0.18%
    SIZ15.CMX
    47.57+0.92+1.98%
    ^XAU
    2.36-0.02-1.03%
    HGU15.CMX
    48.92-1.60-3.19%
    CLZ15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.55-0.07
    ^FVX
    2.20-0.06
    ^TNX
    2.93-0.03
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.455-0.065-12.50%
    N21.SI
    2.30-0.20-8.00%
    MC0.SI
    0.315-0.005-1.56%
    E5H.SI
    0.315+0.005+1.61%
    5WA.SI
    0.134-0.005-3.60%
    5DN.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.148+0.020+15.62%
    T77.SI
    0.18+0.02+12.50%
    AVX.SI
    0.365+0.035+10.61%
    5DS.SI
    0.194+0.015+8.38%
    Y08.SI
    0.37+0.03+7.25%
    P9D.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.20-0.08-27.27%
    5UO.SI
    0.325-0.065-16.67%
    5I3.SI
    0.205-0.040-16.33%
    5GD.SI
    0.17-0.03-15.00%
    D79.SI
    0.315-0.055-14.86%
    Y35.SI