Sun Life Survey Results: New Outlook on Retirement

Sun Life Asia has just released the results of a survey on the retirement outlook in the Asia- Pacific region, where the population over 60 will account for nearly a quarter by 2050.

The survey "New perspectives on retirement: Confidently embracing the future" conducted in 7 countries, including Vietnam, shows that people are moving towards financial independence, shifting from dependence on family and state pensions to personal savings and investments.

In Vietnam, saving for retirement is a top priority for the next 12 months, but many people are not fully prepared. About 67% only plan for retirement expenses within 5 years before retirement, and 7% do not even plan. Worryingly, 23% do not save at least 10% of their income for retirement, missing out on the opportunity to optimize their income to cope with inflation.

For retirees, 26% admitted they had no budget, leaving 20% surprised by higher-than-expected costs, especially for healthcare and living expenses. This trend is likely to continue due to inflation. However, younger generations are adjusting their expectations, planning to retire later, citing the love of their work, the need to save more, and staying physically active.

Mr. Luc Nhon Ly, General Director of Sun Life Vietnam, emphasized that this is an opportunity to build a safe and healthy retirement future through smart financial decisions today.

Source: Sun Life

Source: https://phunuvietnam.vn/sun-life-cong-bo-ket-qua-khao-sat-vien-canh-moi-ve-huu-tri-tu-tin-don-nhan-tuong-lai-20241022114334946.htm