Singapore’s ageing population is facing increasing retirement pressures, with many high-income individuals planning to work beyond retirement age, according to Sun Life’s latest survey, “Retirement Reimagined: Asia’s Retirement Divide.” The survey reveals that 80% of high-income respondents in Singapore expect to continue working past retirement age, driven by financial necessity and a lack of retirement readiness.
The survey highlights that nearly half (48%) of high-income respondents cite income needs as the primary reason for remaining in the workforce, aiming to support daily living costs and secure long-term financial stability. Additionally, many seek mental stimulation (62%), social connections (52%), and a sense of purpose (52%) through continued employment.
Christopher Albrecht, CEO of Sun Life Singapore, noted, “What we’re seeing is not a single retirement experience, but two very different realities. For those who are prepared, working longer can be a choice that offers flexibility and freedom. For others, it reflects financial pressure.”
Financial security remains a key factor in retirement optimism, with 50% of high-income non-retirees citing it as a reason for looking forward to retirement. However, rising costs and economic uncertainties pose significant challenges, with 49% of respondents concerned about future expenses.
The survey also reveals that many high-income individuals face the dual financial burden of supporting both elder relatives and young dependents, leading 45% to postpone retirement. Furthermore, the increasing reliance on generative AI for financial decisions highlights a potential gap in financial literacy, as traditional advice sources see a decline.
Albrecht emphasised the importance of expert guidance, stating, “AI can be a helpful starting point, but it often lacks the nuance and personalisation needed for long-term financial security.”
