Early retirement just a pipe dream?

Singaporeans' dreams of retiring at an early age could remain a pipe dream, according to a new survey by insurer Aviva. Just 36 per cent of respondents think they can retire at the age they want to, before the official retirement age of 62. The Aviva Consumer Attitudes Survey showed that 54 per cent of Singaporeans would like to retire before 60. It also showed that 53 per cent of respondents are worried they will not be able to afford an adequate standard of living in retirement.

That fear of inadequate savings in retirement could be one reason for 92 per cent of them having some form of savings in place, one of the highest among the 13 countries polled. Only China (94 per cent) and Indonesia (93 per cent) had more respondents who said they saved for a rainy day.

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