00:00No, I barely save money.
00:01I mean, currently right now, I'm saving money for my wedding.
00:04Budget is tight, but we'll see who needs it first.
00:08It's quite a challenge nowadays to give a priority of what you need to save.
00:13The current retirement age in Singapore is 63,
00:16and on July 1, 2026, it's set to be raised to 64
00:19and the age of re-employment to 69.
00:22Though the amount of savings required to retire
00:24largely depends on what kind of lifestyle you want to lead,
00:27building a comfortable retirement sum
00:29should start as early as possible,
00:31with Singapore's Central Provident Fund helping
00:33by requiring employed Singaporeans to contribute
00:35a portion of their wage based on their age.
00:38Budget 2024 also saw enhancements made to the Silver Support Scheme
00:42as well as the Matched Retirement Savings Scheme
00:45to enable more Singaporeans to meet their retirement needs.
00:48But is that enough?
00:50We wanted to find out what Singaporeans take into consideration
00:53when planning for their retirement.
00:55Asia One recently did a survey on people's perceptions towards retirement,
00:59which received 1,092 responses.
01:02A fully paid-up house and a fully paid-up health insurance
01:05were the top two retirement must-haves,
01:07with being able to go on an overseas trip at least once a year coming in third.
01:11Fewer than 3 in 10 respondents aged 35 and above
01:14said that they were on track to reach their retirement goals.
01:17Among older respondents, fewer than 1 in 4 respondents aged 55 and above
01:22were on track as well,
01:23with only 39% of retirees stating that they have enough funds to retire.
01:28Around 10% of respondents 35 and above have yet to start planning for retirement.
01:33The most common reason for not starting
01:34was that they were already finding it difficult to make ends meet.
01:38Being afraid it would make them stressed and anxious,
01:40as well as not knowing where or how to start,
01:43were the two other common reasons why respondents
01:45have not started planning for their retirement yet.
01:48For respondents who have clear retirement goals
01:50but have not yet reached these goals,
01:52the rising cost of living,
01:54making enough from investments,
01:55as well as covering daily household expenses,
01:58were seen as the most common challenges to achieve their retirement goals.
02:02Of the respondents who replied that they don't know or don't care
02:05about their retirement planning journey,
02:07making ends meet,
02:08keeping myself healthy and well,
02:10and taking care of my family were the most stated key priorities.
02:14To expand on our findings,
02:15we headed out to find out what Singaporeans consider to be
02:18must-haves for retirement.
02:20I want an easy life.
02:22I don't need to worry about anything,
02:24like, for example, paying for stuff.
02:26Basically, just enjoy social life with friends or with my family.
02:30I think I should have enough savings in the CPF account.
02:35A very steady passive income when I reach my retirement age.
02:42I think for me, like a house,
02:45so that my children and probably their grandchildren
02:49can live in it for the time being.
02:51I think most important is plenty of savings.
02:54Must-haves for retirement need to be financially independent.
02:58You need to achieve FIRE.
02:59Same. I want to have my house paid off already.
03:02I think for me, it's like, as long as I have a house,
03:04then no liabilities, no debt, nothing to pay off.
03:08There's no liabilities and having a healthy and happy family.
03:13$5,000 recurring income.
03:15I wouldn't have to worry about if I have the next money from CPF and all that.
03:21So, something to keep in mind.
03:23Just so that I can spend for kids,
03:27making sure that they have allowance and all that.
03:30No, I barely save money.
03:31I mean, currently right now, I'm saving money for my wedding.
03:36I just hope for my CPF to cover for me.
03:40If I keep working, then my CPF will build up.
03:41Generally, no, I have not started planning for retirement
03:44because I wouldn't say I'm young,
03:46but it will still need time for me to plan for really the future.
03:50Yes, I did.
03:51When I was very young, I saved $500 a month.
03:57Semi, semi-planning.
04:00Yeah, because now there are some other priorities.
04:03The planning would either be for children's education,
04:07or if they are smart enough, they have scholarship,
04:10then they don't need the money, then it will be for my retirement.
04:14I mean, budget is tight, but we'll see who needs it first.
04:19I did save a bit.
04:20I've started planning financially,
04:23so I have my own financial advisor to help me save every single month.
04:28I'm quite young to start financial planning,
04:32but I'm very worried about how to afford a HDB house.
04:36So, it's something that I'm planning towards together with retirement as well.
04:42No, not yet.
04:44Haven't also.
04:45Not really, but I feel like it's a bit too far off.
04:49But I've thought about it, but I haven't really started it.
04:52For me, it's no, because I'm currently saving for a house.
04:56Singapore is very expensive.
04:57If you work an average or above average job,
05:00then you can pay for whatever that you need,
05:04for house, for your expenses.
05:06Focusing on studying, pay off my tuition fees and stuff.
05:11I think the difficult part of saving is inflation,
05:14and the cost of living goes up, food also goes up, everything goes up.
05:19It's quite a challenge nowadays to give a priority of what you need to save.
05:24Of the people we interviewed, the majority of them said
05:27that having sufficient savings is a must-have in retirement,
05:30with the fully paid-up house coming in second.
05:32Six out of ten respondents have yet to start planning for retirement,
05:36with some choosing to rely on the CPF instead for now,
05:39as the cost of living in Singapore is too high.
05:42Of these six respondents, other reasons they listed were
05:45that they were saving for a larger expense, like a house or a wedding,
05:48paying off their tuition fees,
05:50or that retirement was simply too far away to start planning for.
05:54So, what do you think?
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