Top concerns for Singaporeans: Retirement adequacy, healthcare and cost of living

Source: Channel Newsasia, 16 Feb 2015

Source: Channel Newsasia, 16 Feb 2015

The top concerns of Singaporeans are retirement adequacy, healthcare and cost of living. Singaporeans fear having inadequate funds after they retire to cover their daily expenses and higher living cost, especially for those who are still paying their housing loans. Some Singaporeans foresee gaining help from the Silver Support scheme, while some believe that depending on oneself is crucial to pay off home loans and to prepare for their retirement. There is also a greater pool of people requesting for more withdrawal flexibility from their CPF accounts upon retirement.

Many are concerned that healthcare and hospitalisation costs may be very expensive especially for critically ill patients. Such problems will still persist despite of MediShield Life scheme that will be administered in end-2015.

Many Singaporeans also request for more financial assistance to subsidies “everyday goods and services”. Some felt that the government should relief financial burden on food such as distributing grocery vouchers.

Do you share the same concerns as what is stated above? Or do you have other concerns? Are you adequately prepared for your future in terms of medical costs, increasing cost of living and your retirement? If you don’t prepare and delay it longer, the shorter time you have left. Financial planning starts now and you re-adjust your financial plans as you pass through different phases of your life. Do you want to be in control of your finances without any uncertainty or do you want to delay your planning and live life full of uncertainties?

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