By Kenny Chee

SINGAPOREANS generally have not planned well for their retirement, according to a survey by global bank HSBC.

The majority of Singaporeans polled in the survey - aged between 30 and 70 - said that they saved only $100 to $200 a month for their retirement.

This works out to a total of less than $100,000 for retirement, which experts say might not be sufficient.

Mr Walter de Oude, chief actuary and head of products and marketing from HSBC Insurance, told my paper: "If you retire at the age of 65, for example, and live up to the age 95, there's no way you can sustain even a downgraded lifestyle for 30 years with $100,000."

To rectify this, he said that Singaporeans could set aside regular savings for a financial plan that could grow into a nest egg by the time they reach retirement.

However, they need to be careful that their savings are not eroded by inflation over time. To do that, they could use the help of a financial consultant who would advise them accordingly.

The HSBC poll also found that three in 10 Singaporeans were unsure about their retirement plans, and one in four does not believe in buying any form of insurance at any point in his lifetime.

Nearly six in 10 also considered retirement as being free of debt. This could be because of the common perception among Singaporeans that being in debt is bad, said Mr Alex Seah, senior vice-president for marketing and product development with HSBC Insurance.

Conducted in April, the survey polled more than 14,000 people across 15 markets, with 1,000 from Singapore aged 30 to 70 years.

The survey findings were shared at the second my paper Executive Series seminar last Saturday, which was organised in partnership with HSBC Insurance. The session was attended by close to 200 participants.

The seminar covered investment advice and market updates by four speakers: Mr Seah from HSBC Insurance; Mr Albert Tse, Singapore head of retail sales at Schroder Investment Management; Mr Frankie Lee, head of Asian property equities at Henderson Global Investors (Singapore); and Mr Leon Goldfeld, chief investment officer for HSBC Global Asset Management (Hong Kong).

One participant who picked up useful tips at the seminar was Mr Tan Choon Meng.

"I now have a better idea of what I could invest in and diversify into," said the 32-year-old software consultant.

 kennyc@sph.com.sg

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