Retiring for elderly in Singapore can be sometimes hard, although they knew that they will have the pleasure to rest from their job for the rest of their life they are still have a hard time to manage how to retire specially if they think about their homes.
“The Singapore Life Panel has been collecting detailed data from nearly 12,500 Singaporeans aged 50 to 70 every month.Not surprisingly, the analysis by overall wealth distribution shows that most Singaporeans have far more of their wealth wrapped up in property.For the 30th percentile on the wealth distribution, more than 80 per cent of their wealth is in the form of housing.The average ratio of housing to non-housing equity is significantly larger than that of other countries, says Assistant Professor Li Jing of Singapore Management University's School of Economics.”
This statistics shows that Singaporean’s are more likely saving for their homes and other properties. Now, that’s a wise move and thinking.
Extract from Strait Times https://www.straitstimes.com/business/unlocking-the-value-of-our-homes-in-retirement