16-12-2013, 10:03 AM
"It’s time to Rethink Retirement". This is the title for a report from Allianz on retirement study globally. A public copy is available from the link below
Ref: https://www.allianz.com/v_1363944313000/...h_2013.pdf
There was an article on The Edge, Dec 9 2013 issue, related to the report. The author had accessed more detail report, may be a paid version.
The findings, base on the both sources:
"A survey in Singapore revealed that 60% of the elderly still receive the most support from their families and that only a small portion of their income stems from the Central Provident Fund, the main pillar in Singapore. In addition, some retirees were able to take out a private pension – probably thanks to Singapore’s economic upswing – and are now drawing income from their accrued private savings."
"The Central Provident Fund (CPF) may be a mandatory savings scheme for all working-age Singaporeans, but it provides only an average of 2% of the disposable income in retirement for people in the city-state."
The study was done base on 2010 statistics, so CPF Life scheme was not included. But only 2% contribution from CPF for retirement is unexpected, even we knew CPF is not sufficient for retirement. The main contribution, 60% of it, still from family supports.
Financial freedom is becoming more relevant nowaday, not to get out of the rat-race, but to ensure sufficient support for retirement.
Ref: https://www.allianz.com/v_1363944313000/...h_2013.pdf
There was an article on The Edge, Dec 9 2013 issue, related to the report. The author had accessed more detail report, may be a paid version.
The findings, base on the both sources:
"A survey in Singapore revealed that 60% of the elderly still receive the most support from their families and that only a small portion of their income stems from the Central Provident Fund, the main pillar in Singapore. In addition, some retirees were able to take out a private pension – probably thanks to Singapore’s economic upswing – and are now drawing income from their accrued private savings."
"The Central Provident Fund (CPF) may be a mandatory savings scheme for all working-age Singaporeans, but it provides only an average of 2% of the disposable income in retirement for people in the city-state."
The study was done base on 2010 statistics, so CPF Life scheme was not included. But only 2% contribution from CPF for retirement is unexpected, even we knew CPF is not sufficient for retirement. The main contribution, 60% of it, still from family supports.
Financial freedom is becoming more relevant nowaday, not to get out of the rat-race, but to ensure sufficient support for retirement.