14 May 07
Singaporeans on average expect to live only nine to 12 years after retiring, though they are likely to live far longer, according to a study issued Monday.
In reality, they can anticipate living another 17 years or more after they they stop work, said insurer Manulife, noting that the misconceptions means retirees run the risk of outliving their resources.
The survey published in The Straits Times polled 450 people.
“Awareness of longevity risk is low,” the newspaper quoted Darren Thomson, Manulife Singapore’s president and chief executive.
Based on the government’s statistics for 2006, the average life expectancy at age 65 is 82.1 years for men and 84.4 years for women.
“With longevity, the retirement period is extended and the risk of outliving one’s resources is higher,” Thomson said.
For pre-retirement respondents, the average planned retirement age was 63, the study said. On average, those queried expected their retirement savings to be able to support them for 12 years.
Those already retired had financially planned for nine years.
The primary concern among respondents was unexpected health-care costs