Examining the idea of retirement of Singapore

• Main Authors: Leow, Elaine Yu Lin, Heng, Yi Ming, Lam, Jian Hua
• Other Authors: School of Humanities and Social Sciences
• Format: Final Year Project
• Language: English
• Published: 2014
• Subjects: DRNTU::Humanities
• Online Access: http://hdl.handle.net/10356/59746
• Institution: Nanyang Technological University

With CPF and our savings becoming increasingly inadequate in meeting our retirement needs even for those in the middle-income brackets, Singaporeans are expressing growing concerns about their future. This paper seeks to answer the question of whether they can retire comfortably, through a combination of quantitative surveys, qualitative interviews and simulations. Our findings show that while it is possible, that assumption rests heavily on certain personal and institutional drivers. Across all groups, despite the optimism of the younger generation about their future prospects, we find that Singaporeans are generally unprepared, which is a very worrying sign. From our observations, factors such as cultural determinants and early planning are potential avenues for researchers and policy-makers to further understand and remedy the situation. We hope this paper can serve as a building block for future studies on ways to strengthen a social safety net weakened by declining birth rates and one of the world’s most rapidly ageing populations.