Singaporeans “positive” about retirement


It seems that Business Times is trying to reverse the negativity of its report on retirement funds gap yesterday.

Today, it reported on the findings of yet another retirement-related survey, this time by AXA Group. The AXA Retirement Scope 2007 survey found that Signaporeans are 2nd in terms of monthly savings for retirement ($824), among 16 countries surveyed.

A simple calculation shows that the $824 figure is derived possibly by taking $2,497 as the average gross monthly income. That is, the survey respondents from Singapore earns a gross salary of $2,497 per month and 33% of this is $824 (employer CPF contribution is 13% while employee’s is 20%).

With this seemingly high retirement savings, it’s little wonder that Singapore is ranked 4th in the same survey in terms of disposable income ($2,122). “But this finding could be skewed by the survey’s high ‘no answer’ rate,” added BT.

If it’s really $2,122 in today’s dollars, then I think many people will be quite ok.

After looking at the survey report, I also found that:

  • Singapore also ranks well in terms of the percentage of respondents describing themselves as healthy.
  • 4 in 10 retirees hold a paying job. (My gosh… we like to work!)
  • Close to 80% of retirees claim their quality of life has improved. (It’s probably because of this point that BT concluded that Singaporeans are “positive”.)
  • But 48% say their reitrement income is not sufficient. (I’m not sure if BT had looked at this. Do you consider this “positive”?)

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