Retirement hopes and fears

Many individuals choose to continue working beyond the age of 65, as they want to remain active during their twilight years. However, there are also those who prefer to take it easy, de-stress, and spend quality time with loved ones while pursuing hobbies they missed during their busy working years. For retirees or those nearing retirement, their primary concerns include financial depletion, health issues, increasing inflation, and loss of social interaction. Despite these fears, they aspire to live a healthy and financially stable life in their golden years, relying on daily routines, travel, and support from family and friends.

A recent survey conducted by Etiqa Insurance and Takaful, which involved more than 1,800 respondents from Malaysia and Singapore, shed light on the retirement readiness and outlook of individuals in these countries. In Malaysia, only 23% of respondents feel confident about retiring comfortably, given the expected longer lifespan of 73.4 years – the fifth highest in Southeast Asia. Surprisingly, almost half of the Malaysians surveyed only begin retirement planning at the age of 55 and above, leaving them with a mere five years before reaching the current retirement age of 60.

On the other hand, Singaporeans take a proactive approach to retirement planning, as they start preparing for it as early as their early adulthood at the age of 34. This stark contrast in retirement planning habits showcases the different mindsets and prioritization between the two nations.

To better understand the retirement preferences and concerns of individuals, Etiqa Insurance and Takaful conducted an extensive survey, which yielded invaluable insights. The findings have shed light on the retirement landscape in Malaysia and Singapore, providing essential information for policymakers and financial institutions to cater to the needs and concerns of retirees aiming for a comfortable and fulfilling retirement.

For a visual representation of the survey findings, please click here.