According to a survey by Manulife Asset Management, Singaporeans are underestimating their retirement needs and life expectancies.
The survey found that most young married couples are expecting to have about 19 years of retirement when in fact, it should be about 24 years based on retirement ages and life expectancies.
In fact, it may be even longer for women who can outlive their partners by up to 11 years.
Despite this long retirement period, not enough Singaporeans are saving enough to tide them through retirement.
Interestingly, the survey also revealed that 71% of young individuals believe they will have to work during retirement but in actual fact, only 26% of retirees now are working.
This could be due to the fact that there are few jobs available for retirees which is even more worrying as many will be left jobless and without enough savings to retire comfortably.
Similarly, while 55% of respondents felt that they expect to support their elderly parents, only 20% are actually doing so right now.
This is again worrying as the level of support that elderly parents can receive is limited.
Overall, the results of the survey paint a grim picture for retirement in Singapore as many young people are not planning sufficiently and it would appear that there is not a lot of help available for retirees in terms of job availability or support from children.