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Future retirees in Singapore face the grim prospect of their retirement savings running out halfway through their retirement, as they estimate their savings to cover only nine out of the 17 years they expect to live in retirement, according to HSBC's latest study, the Future of Retirement: A new reality. During the remaining eight years, they are potentially left to grapple with rising healthcare costs and other burdens associated with old age as they transition from active retirement into frail retirement. At the same time, over half (56%) of Singapore respondents acknowledge that they are not preparing adequately or not preparing at all for retirement.

A new reality is the latest report in HSBC's series of independent global studies on retirement. The report, which surveyed over 15,000 people in 15 countries and territories including Singapore, aims to identify people's retirement needs and how they are preparing for it, providing authoritative insights into key issues associated with ageing populations and increasing life expectancy around the world. More than 1,000 respondents in Singapore participated in this study.

Click here to know more on the latest trends and retirement gaps