SURVEY FINDS THAT CPF SAVINGS ARE INSUFFICIENT FOR RETIREMENT.

Travis Teo of Channel News Asia reports that Singaporeans believe that they will have to work for as long as they can to supplement their retirement income. This is according to a survey by Citibank Singapore.

The bank added that respondents think their CPF savings are insufficient to support them through retirement.

According to the survey, seven in 10 believe their CPF savings will provide only some or little of their retirement income.

In response to that, Singaporeans are turning to alternative means to take them through their silver years.

Citibank said that the alternatives could include proceeds from investment and insurance products.

Out of these products, the survey found that the most popular is whole life insurance.

Some 86 per cent of respondents currently hold or intend to purchase whole life insurance.

It added that the next most popular products are endowment plans.

Overall, 52 per cent of respondents said they would continue to work for as long as possible.

Citibank Singapore’s Head of Wealth Management, Shrikant Bhat, commented that as the life expectancy of Singaporeans increases, so will the amount of savings they need for retirement and there is awareness that they may have to postpone their retirement.

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