We all have our version of what we think retirement will be. For some, it’s images of an idyllic time spent with loved ones. For others, maybe it’s pursuing your hobbies and sitting on a sandy beach drinking tequila. Yet the prospect of retirement can also seem increasingly out of reach for many Singaporeans. Earlier, we shared that DBS recommends a retirement nest egg of S$550,000 for basic needs and up to S$1.3 million for aspirational goals. Yet in a survey of 2000 adults by OCBC Bank, it was found that not only do many seem woefully unprepared for retirement, many also underestimated the amount they needed. Around 75% of seniors in their 60s and 85% of those who were married without kids underestimated the amount they needed, even though they selected the most basic lifestyle among the choices provided. And in this same survey group, only 54%, or slightly…
