Amongst this group 45% postponed retirement and 23% cut lifestyle expectations.

Staff Reporter

, Singapore

/Galen Crout from Unsplash

Amongst this group 45% postponed status and 23% trim manner expectations.

Singaporean elders expect to remain successful nan workforce beyond accepted status age, arsenic galore stated emotion unprepared for nan future.

A caller study from Sun Life Singapore, Retirement Reimagined: Asia’s Retirement Divide, revealed that 73% of each respondents and 80% of high-income individuals scheme to activity past retirement. 

For nan high-income bracket, nan motivations are split; whilst 62% worth intelligence stimulation and 52% activity societal connection, 48% admit they request nan other income for regular surviving and semipermanent security.

Cost pressures are a superior obstacle, pinch 49% of high-income respondents worried astir early expenses and 42% citing ostentation arsenic a awesome concern. 

Planning horizons besides stay short, arsenic 22% of high-income individuals only commencement status readying wrong 2 years of leaving full-time work. 

Consequently, only 39% of this group consciousness very assured successful their existent status strategies.

Financial strain is further exacerbated by family obligations. 

Many Singaporeans look nan dual unit of supporting aged parents and young children simultaneously. 

Amongst high-income respondents, 45% person postponed retirement, and 23% person downsized their manner expectations owed to these caregiving roles. 

Furthermore, 80% expect to proceed providing financial support to children aliases relatives moreover aft they retire.

The study highlights a beardown relationship betwixt wellness and status optimism. 

Those pinch affirmative outlooks often property their position to better-than-expected intelligence wellness (55%) aliases beingness wellness (48%). 

Conversely, 27% of those who retired earlier than planned did truthful because of mediocre health. 

There is besides a near-unanimous displacement successful mindset regarding status age, pinch 97% of high-income respondents stating that status should beryllium a individual prime alternatively than a mandatory age.

A notable inclination successful nan study is nan doubling of Generative AI usage for financial decision-making, which roseate from 15% to 34% complete nan past year. 

This displacement comes arsenic reliance connected accepted proposal declines. Specifically, consultation pinch banks dropped from 47% to 40% since 2024, whilst usage of independent financial advisors fell from 44% to 42%. 
 

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