The SG60 Financial Future Poll also gave further insights into baby boomers top regrets for delaying retirement planning.

 

Almost all baby boomers (94 percent) said they would have changed their approach to financial planning, according insights from the SG60 Financial Future Poll commissioned by Prudential Singapore, which surveyed 1,000 Singapore residents aged 17 to 76 in July 2025.

The baby boomers surveyed said they wish they had started financial planning 12 years earlier – at age 28, rather than 40. On average, Singaporeans across all ages said they should have started five years earlier.

Reflecting on their life journey, baby boomers’ top regrets for delaying retirement planning include:

• 61 percent wish they built stronger financial habits sooner.
• 49 percent think they could have retired much earlier with timely financial planning.
• 45 percent feel they would have experienced less stress about retirement savings.
• 35 percent wish they had begun investing earlier.
• 28 percent regret unnecessary spending.

Said 62-year-old Sherafina Tan: “In hindsight, I wish I had started planning for retirement much earlier. Now that I’m retired, I’m more aware of how quickly expenses can add up, especially as the cost of living continues to rise and healthcare becomes more expensive. Although I have supportive children, I don’t want to be a financial burden to them. I was thinking I’ll spend 10 to 20 years in retirement, but it may be 30 years or more since we are living longer. I should have done more with my spare cash by investing the money.”

The high cost of living (75 percent), healthcare costs (56 percent), and insufficient income growth (50 percent) were cited as key concerns among the respondents of the different age groups.

Added Jeff Ang, CEO of Prudential Financial Advisers Singapore: “Older Singaporeans are now focusing on how to live well beyond 60 and into their golden years. They need lasting wealth streams to manage the inevitably increasing costs of living due to inflation and other factors. Your CPF and bank savings are a good start to achieving financial security. This should be complemented by a diversified wealth portfolio with the right investments to bring in passive income and adequate life and health insurance coverage to support your lifestyle over time.”

When asked how they would fund their retirement, the majority of respondents cited CPF savings (67 percent) and bank savings (62 percent) as their top sources of funding for retirement. They also intend to draw on other wealth generation options including stocks, index mutual funds/Exchange Trade Funds (“ETFs”) tracking indices such as S&P 500, bonds, insurance policies and investment-linked plans (ILPs).