Interesting facts about retirement
Think you know all about retirement?
These 4 facts will make you think otherwise!
Fact #1
We are living longer.
How does this this affect your retirement plans?
Your intended retirement savings amount may not last you through your entire retirement period. To build up more funds, you may have to consider working past your intended retirement age.
Disclaimer: The life expectancy statistic is an average figure. The actual lifespan of an individual may be longer or shorter than average. A prudent retirement plan will need to consider planning beyond the average life expectancy.
Source: Department ofStatistics, Complete Life Tables 2008 - 2013 for Singapore Resident Population
Source: Department ofStatistics, Complete Life Tables 2008 - 2013 for Singapore Resident Population
Fact #2
Cost of living is rising.
How does this this affect your retirement plans?
When you have to spend more on daily necessities, you’ll have less to spend on the things you want to pursue.
Assumption on inflation rates
Food: 3%
Medical & public transport: 6%
Disclaimer: Excludes major medical conditions, travel, dining in restaurants and other costs.
Fact #3
Downgrading to fund your retirement is not that simple.
Fact #4
The better the retirement lifestyle you want, the higher the income you need.
Source: 2013/2014 DBS Financial Motivations Survey
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