a new survey commissioned by global financial services company, citi revealed that 70% of respondents believed that cpf savings will only provide some or a little of their retirement income.
some key findings:
1. only 27% of the total number of respondents had a formal retirement plan.
2. continuing to work and relying on insurance and investments were the most
popular ways to add to their retirement fund.
3. approximately 52% will like to work as long as possible.
4. about 45% said the total amount of their retirement savings remained the
same as it was before the global financial crisis.
5. 22% felt they knew how much was needed for their retirement savings and
were on track to getting it.
6. about 55% were not sure how much they needed but had started saving.
7. only 27% had discussed wealth transfer plans with their family members or
a financial adviser.
8. but only 19% of singapore residents had an up-to-date will.
notes:
the online poll was conducted across 11 markets in the asia-pacific including singapore, australia, china, hong kong and india.
it was conducted in november 2010 with 500 randomly selected respondents crossing genders, ages and income groups.
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