Based on the latest HSBC Future of Retirement report, Singapore is predicted to be one of the toughest countries to retire in in the world due to financial pressures.
In the report, three in one workers aged 45 or above think they will not be able to retire fully in Singapore. This is twice the global average of 18% of respondents who feel the same way.
Meanwhile, the number one reason given by almost 70% of respondents was the lack of savings which contributes to their inability to retire. The two other reasons contributing to their inability to retire was the existence of dependents who still reply on them and existing debt that is yet to be paid up.
Out of the 68% of pre-retirees would like to retire within the next five years, almost half said they were unable to do so. 90% said they would struggle financially because they have not saved enough, are in debt or have family financially dependent on them.