![]() ![]() The average rate of return from investments dropped to 0.4 per cent, from 0.7 per cent in 2022, while people are now saving 25 per cent of their monthly income, down five percentage points from 2022. OCBC noted that the ability to contribute to retirement plans has dropped across the board as investment returns fell in 2023 and people managed to save less of their income. Respondents in their 50s intend to start planning only when they are 60, two years later than what this group said in 2022. This was a common observation across all age groups, with respondents in their 20s postponing retirement planning the longest – to 42 years old on average, eight years later than what was said in 2022. Only 60 per cent of respondents said they are working on retirement plans, down 8 percentage points from 2022. Fewer of those with retirement plans say they are on track with their targets, while those who have not started planning at all said they will push back starting to a later age.
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