Singapore was ranked best globally for Retirement Finances this year, but performed poorly on the Retiree’s quality of life and material well being.
Retirement finances here refers to the soundness of a country’s financial system, the level of savings and investment, and the preservation of the purchasing power of savings.
Quality of life captures the level of happiness and fulfilment in a society, air quality, water and sanitation, biodiversity and habitat, as well as natural environment factors.
The Global Retirement Index (GRI) has 19 performance indicators that cover key aspects for welfare in retirement:
- Having the material means to live comfortably in retirement
- Access to quality financial services to help preserve savings value and maximize income
- Access to quality health services
- Clean and safe environment.
In the article released by The Straits Times, Singapore slid by two spots to 41st out of 44 nations, dragged down by lower scores in the happiness and environment factors, in terms of quality of life.
In terms of retirement finances, Singapore dethroned New Zealand to take the top spot this year, up from 2nd place in 2018.