High-net-worth individuals (HNWIs) in Singapore are redefining retirement by adopting “portfolio lives,” according to a new study by Manulife and FT Longitude. The report, titled “The New Fluidity,” reveals that 57% of HNW respondents intend to continue working beyond traditional retirement age, with 30% planning to work indefinitely. This shift reflects a broader trend towards maintaining active roles in advisory capacities and new ventures.
Despite this proactive approach to post-retirement life, the study highlights significant gaps in wealth planning. Only 16% of respondents have a fully integrated wealth plan, although 70% express a desire for a single trusted adviser to coordinate their financial needs. Concerns about income sustainability and healthcare costs are prevalent, with 59% and 55% of respondents, respectively, identifying these as top priorities. However, fewer than half feel adequately prepared for unexpected medical expenses or cross-border healthcare costs.
The report underscores the importance of succession planning, noting that 38% of respondents are concerned about preserving wealth across generations. Yet, over half have not involved the next generation in wealth planning discussions, raising concerns about effective stewardship. Michelle Fang, Chief Marketing Officer of Manulife Singapore, emphasised the role of insurance in providing liquidity and continuity, aiding families in navigating succession without disrupting long-term investment strategies.
The study surveyed 1,000 HNWIs across Asia-Pacific and the Middle East, with 250 participants from Singapore, highlighting the evolving landscape of wealth management in the region.
