Retirement’s longevity challenge

A baby born in Singapore today can expect to live until around 84 if male and 86 if female although these are just averages. There are already around 1,500 people aged 100 or older living in Singapore right now, up from 1,200 in 2015. A long retirement is no longer an outlier scenario. It is increasingly the default. And most people are nowhere near prepared for what that actually means financially.

In this episode of WealthBT, a podcast by BT Correspondents, Genevieve Cua speaks with Koh Hui-Jian, chief executive of Manulife Investments in Singapore, about what a strong retirement system actually looks like, where the gaps are and what individuals need to do differently to avoid running out of money before they run out of time.

Why listen

• Why CPF alone is unlikely to be enough for a 30 to 40-year retirement  Koh explains the structural mismatch between what the system was built for and the retirement reality Singaporeans now face, including the growing challenge for gig and platform workers who are only now being brought into the CPF fold.

• Why 78 per cent of Singaporeans still rely on simple savings to fund retirement  The gap between what people aspire to in retirement and what their current savings behaviour will actually deliver is significant. Koh puts numbers to it.

• Why a portfolio that is too conservative is just as dangerous as one that is too risky  An overly conservative portfolio will not keep pace with inflation over 30 years. Koh explains the glide path approach and why the difference between an all fixed income portfolio and a mixed one could amount to S$1,200 a month in retirement income.

• Why advice should be infrastructure, not just a product sales tool  Koh makes the case for a hybrid model of digital check-ins and human advice at key life events, and explains why regular engagement makes a measurable difference to retirement outcomes.

If a long life is a blessing, then making the right plans for it will be what makes it feel that way. Listen now.

Discover more episodes at bt.sg/podcasts. Got feedback? Email us at btpodcasts@sph.com.sg.

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Written and hosted by: Genevieve Cua (gen@sph.com.sg)

With Koh Hui-Jian, chief executive, Manulife Investments Singapore

Edited by: Howie Lim & Claressa Monteiro

Produced by: Genevieve Cua, Howie Lim & Chai Pei Chieh

A podcast by BT Podcasts, The Business Times, SPH Media

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Do note: This podcast is meant to provide general information only. SPH Media accepts no liability for loss arising from any reliance on the podcast or use of third party’s products and services. Please consult professional advisors for independent advice.

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