Some 46 percent of Singaporeans expect their families to take care of them in their retirement, a new survey on retirement and wealth reveals.
Singaporeans are, by and large, unprepared for retirement, according to a survey by St. James’s Place Wealth Management Asia (SJP Asia), in which 48 percent of respondents said they lack the savings for the lifestyle they want when they stop working.
According to the survey, conducted among 1,045 Singaporeans with household incomes of S$70,000 ($49,300) to S$250,000, over one-in-eight (13 percent) believe they will need to work past retirement age owing to a lack of savings, with two-thirds (66 percent) concerned about being a financial burden to those closest to them.
«These findings highlight the growing challenges that Singaporean families face as they age and also underscores the importance of robust financial planning for millennials, the first generation that will reportedly earn less than their parents,» SJP Asia said.
Lifestyle Sacrifices
Some 57 percent of respondents – who range from 25 to 54 year old and hold personal investments in stocks, property, shares, funds, etc. – said retirement planning was «a significant source of stress» in their lives.
Twenty-three percent said they were ready to make sacrifices, including reducing their expenditure on lifestyle services, luxury goods and travel to accommodate their retirement plans, and more than one-third said they are considering retiring abroad, with Malaysia (25 percent), Australia (15 percent) and Thailand (13 percent) being the most popular destinations. 
Generation Wealth Planning Overlooked
SJP Asia highlighted «worrying trends» in generational wealth transfer planning: 60 percent have not made plans to transfer wealth and assets to their family, and only 40 percent intend to do so over the next five to ten years. 
The most cited reasons for the lack of planning were the lack of knowledge of tax implications (53 percent), understanding inter-generational wealth transfer (50 percent) and difficulty in apportioning wealth to family members (40 percent).
The survey also noted that the lack of a will (38 percent) or inadequate estate planning may also have serious financial and legal ramifications for many families in Singapore, in addition to risks of potential family discord.

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