Feb 5, 2011
S'poreans most concerned with saving for retirement
By Lorna Tan, Senior Correspondent
-- ST PHOTO: ABDUL AZIZ HUSSIN
NOW the financial crisis has passed, people here are most concerned with putting more cash aside for retirement and rebuilding their savings, according to a new survey.
About 70 per cent of respondents believed their Central Provident Fund (CPF) savings will provide only some or a little of their retirement income.
Of this group, 70 per cent said they already had an alternative plan to supplement their nest egg, although only 27 per cent of the total number of respondents had a formal retirement plan.
The survey, commissioned by global financial services company Citi, found that continuing to work and relying on insurance and investments were the most popular ways chosen by people to add to their retirement fund.
About 52 per cent indicated that they would continue to work as long as possible. The same number also said they would rely on insurance proceeds, while 51 per cent would turn to investment products.
About 41 per cent said the total amount of their retirement savings was still behind where it was two years ago, before the crisis, while 45 per cent said this amount remained the same as it was before the crisis.