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Jun 14, 2008, 5:26 GMT

Many well-off Singapore residents yet to start retirement savings

Singapore - Nearly half of Singapore's affluent residents have yet to start saving for their retirement although they would like to stop working in their mid-50s, a poll said on Saturday. Only 25 per cent were turning to professionals for advice, preferring their family and friends instead, said the findings emerging from the Zurich International Life (ZIL) Wealth Monitor and published in The Straits Times. The 400 queried, including 200 expatriates, earned 8,000 Singapore dollars (5,970 US dollars) to 10,000 Singapore dollars (7,462 US dollars) a month. While 69 per cent said they would rather save for the future than spend excessively now, few were doing so, the report said. Twenty-seven per cent were not optimistic about attaining sufficient funds for retirement. Only 7 per cent of the expatriates and 8 per cent of the Singaporeans were confident of achieving their goal. It is clear that 'saving for retirement has to start at an early age,' said ZIL regional director Carlos Sabugueiro. He cited a 'timidness towards taking the first step in investing for the future,' particularly amid the current market volatility.

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