Are you clueless on retirement?

Singaporeans generally have not planned well for their retirement, according to a survey by global bank HSBC. The majority of Singaporeans polled in the survey - aged between 30 and 70 - said that they saved only $100 to $200 a month for their retirement. This works out to a total of less than $100,000 for retirement, which experts say might not be sufficient.

To rectify this, we should set aside regular savings for a financial plan or tool that could grow into a nest egg by the time they reach retirement. However, we need to be careful also that our savings are not eroded by inflation over time.

The HSBC poll also found that three in 10 Singaporeans were unsure about their retirement plans, and one in four does not believe in buying any form of insurance at any point in his lifetime. Nearly six in 10 also considered retirement as being free of debt. This could be because of the common perception among Singaporeans that being in debt is bad.

Basically, in short, we have to work until we are dead. Then we can enjoy our true retirement in the afterlife. Agreed?