"The Southeast Asian city-state of Singapore may boast of the highest percentage of millionaires in the world, but retiring in this wealthy financial hub is becoming even more difficult for the common man.
"According to a recent study by HSBC, the citizens of this country, which has one of the highest per capita incomes in the world, face the grim prospect of running out of their savings almost halfway through retirement as the high cost of living and increased life expectancy eats into their nest egg.
"Singapore has gradually moved up in human resources firm Mercer's global rankings of the world's most expensive cities, rising to sixth place in 2012 from eighth in 2011 and 11th in 2010.
"There is cause for concern from the finding that the retirement savings of people in Singapore will run out after nine years, which is about the time they are entering into frail retirement and a stage of their lives when medical costs and other elderly care expenses are expected to rise," Paul Arrowsmith, head of retail banking and wealth management, HSBC Singapore, said in the report released earlier this year.
"Will I ever be able to retire?
"People are living longer, through tougher economic times, and expectations about their standard of living in retirement have risen," Arrowsmith added.
"More than half of the 1,000 Singaporeans interviewed for the survey said that either they were not adequately prepared or not prepared at all for retirement as they expected to continue working beyond the age of 65 to be able to afford their desired lifestyle.
"One also needs more money to fund one's retirement in Singapore. According to the study, the annual household income required to lead a "comfortable" retired life in Singapore is the third highest among Asia's major economies, behind Australia and Hong Kong, at $48,773. This figure is 68% higher than what was needed in 2011, the survey, which has been running for eight years, found."
Not really a new problem, nor one unique to Singapore. Many wealthy in America retire to lower cost-of-living areas as much because they cannot afford retirement in the places they earned their livings as for other reasons.
When I was a young man many middle-income retirees moved to Mexico or other 'Banana Republics' where they found the living more affordable.
Many people in this country are expecting Mother gov. to tilt them nipple. As they young people will be paying for it are really going to question themselves about why they though hope and change was a good thing.
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