Singaporeans underestimate retirement needs, start saving too late: Survey
Published on Jul 2, 2014 4:54 PM

The below statement say it all :-

"The survey's findings, released by DBS Bank on Wednesday, showed that 73 per cent of the 800 respondents polled plan to retire at between 55 and 65 years old and have average savings of $571,715. More than 85 per cent expect to live on a retirement income of $3,500 per month, for the next 15 to 20 years and more. The bank said: "This reflects a gap as the retirement fund would last them for 13 years, which falls short of the average life expectancy in Singapore."

There is no way a Singaporean who retire at 55 to 65 years can retire with $571,715 to lead a decent life of of $3,500 per month.

If a person live into 85 years old, the amount only can last for 13 years - still got 17 years to go with no income.

Thus Government Policies must ensure that every workers can work up to 70 years and ensure that those who are retrenched and unemployed must have a "catchment reservoir" to catch them to ensure they continue employment and earn an income the moment they lose their job.