SINGAPORE: Singapore residents are increasingly seeking a “purposeful and active post-career life” retirement instead of passive rest, yet many are not taking adequate steps needed, said Irma Hadikusuma, Chief Marketing and Healthcare Officer of AIA Singapore.
The eighth edition of the AIA Live Better Study, released on Wednesday (Sept 17), found that overall holistic wellness in the city-state slipped from 61.5% to 60.3% compared with last year, reflecting residents’ challenges across financial, mental, physical, and social well-being.
Notably, 55% of Singapore residents plan to work part-time, full-time, or start a business upon retirement—not purely for financial reasons (28%) but for a sense of purpose (27%), to cure boredom (26%), or to try something new (18%). Despite this, only 47% feel optimistic that they could enjoy their desired lifestyle in retirement.
Unsurprisingly, financial readiness remains a concern. Only half of residents claimed to be financially stable, with those in their 40s showing the most negative outlook (29%) amid worries over the cost of living (62%) and healthcare expenses (54%).
While 46% of respondents said physical health is key to a happy retirement, only 40% foresee spending time managing their health conditions, particularly among younger seniors (45%).
Respondents also mentioned that happiness in retirement is tied to spending time with family (61%) and friends (41%), with more married individuals (53%) having a more optimistic outlook towards retirement than singles (36%).
The study found singles were more worried than married residents about lack of caregiving arrangements (34%, 23%), isolation (29%, 20%), and cognitive decline (44%, 35%), leading many to plan for part-time work, social activities, and community engagement.
Still, only 37% had thought seriously about social wellness and how to maintain it.
In addition, while the majority of Singapore residents (70%) have started planning for some areas of retirement, many have not given enough thought to maintaining social wellness (21%), the possibility of retiring alone (20%), long-term care (17%), and insurance coverage (14%).
Ms Hadikusuma noted that “more support and education are needed–particularly around financial readiness, physical health, and crucially, the often-overlooked power of social connections.” /TISG
Featured image by Depositphotos (for illustration purposes only)
