The Financial Challenges of Living Longer

The average life expectancy in Singapore is around 84 years old.  The average Singapore retires age 65 years, and starts drawing down on his CPF and retirement funds then.  The vast majority do not plan for 20 years of life without income, in an environment of diminishing returns and deteriorating standards of living.  There is also insufficient funds to cover the likelihood of living with critical illness for years.  Adequate financial planning means addressing these issues long-term, and building up sufficient reserves, which is challenging.