The findings are drawn from adults and those at the higher end of the wealth spectrum.

Singaporeans say that saving for retirement is their number one goal for the next 12 months, although in reality many of them aren’t sufficiently prepared – including those in higher earnings brackets, a survey by Sun Life Asia finds. 

A study of 505 Singaporeans found that more than half (55 per cent) of them say that their largest regret is not saving enough and wisely for their retirement. 

Some 42 per cent of Singaporeans will only start planning for retirement within five years of their planned retirement date. Even those with higher earnings may be unprepared for retirement – 15 per cent of high-income respondents do not save at least 10 per cent of their income.

The survey, entitled Retirement Reimagined: facing the future with confidence, surveyed people in Singapore as part of a study of over 3,500 respondents across mainland China, Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam.

However, while saving for old age is a top priority, many Singaporeans are ill-equipped to deal with financial realities as 42 per cent will not grapple with planning for retirement expenses until five years or less before retirement, and 15 per cent will not plan for this at all.

HNW challenges
Even high-income individuals face challenges in preparing for retirement. Some 40 per cent of high-income respondents will still leave planning for retirement expenses until five years or less before retirement, while 11 per cent will not plan for this in any way.

The study found that 15 per cent of such respondents save less than 10 per cent of their income for retirement. Among high-income retirees, 15 per cent were caught off guard by higher-than-expected costs, despite only 4 per cent failing to plan for their retirement expenses.