Singapore, 18 January 2022 – AIA Singapore today unveiled that when it comes to retirement planning, a higher number of adults aged 36-45 and families with kids¹ are most concerned about retirement savings dropping in value due to rising inflation. While this emerged as the top concern, less than half (39%) take inflation into account when planning for their retirement. The study amongst 455 respondents² was conducted in November 2021.

 

Pre-retirees also appear to have lowered their retirement expectation at a time when the nation's headline inflation rose to its highest in over 8 years³. With the lingering concern that their savings will not be sufficient to maintain their current lifestyle during retirement, almost 74% are prepared to reduce expenditure if the value of their retirement savings decreases.

 

In addition, Singaporeans may not be aware of how much exactly they will need for retirement and are not planning long enough for their golden years. While they intend to retire at about 60 years old, they expect their savings or investment to last them till about 69 years old⁴. However, with the average life expectancy in Singapore at 84.8 years old⁵, there is a worrying gap of 15 years planning.

 

Ms. Melita Teo, Chief Customer and Digital Officer, AIA Singapore, said, "We recognise that the continued economic uncertainties have brought great distress and eroded financial confidence. True to AIA's brand promise of enabling healthier, longer, better lives, we continue to take a holistic approach in helping Singaporeans be prepared with a well-rounded golden retirement, which we believe will bring the greatest value to our customers' retirement planning journey."

 

"With AIA as a partner, a holistic approach to retirement means wealth and wellbeing will both grow hand in hand, not at the expense of one or the other. We are committed to continuously innovating in this space to ensure more individuals and families in Singapore can achieve their Wealthbeing."

 

 

AIA Elite Secure Income is a first-of-its-kind retirement plan that provides a steady stream of monthly retirement income wherein 100% of the total basic premiums paid will be guaranteed upon retirement. The plan leverages the long-term wealth creation strategy of the world's finest asset managers to capture potential upside while limiting exposure to market volatility in the unfortunate event of market downturn.

 

Irma Hadikusuma, Chief Product Proposition Officer at AIA Singapore, said "AIA Singapore is launching AIA Elite Secure Income to address the desire amongst Singaporeans to secure their retirement plans by capturing significant potential upside of investments market while making sure that their initial savings remain guaranteed upon retirement. We are focused on providing individuals and families in Singapore with innovative and valuable propositions to help them live well, save well and plan well as they seek to forge their own legacies."

For more information on AIA Elite Secure Income and AIA's comprehensive retirement proposition, please visit: https://www.aia.com.sg/en/our-products/investments/aia-elite-secure-income.html

 

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AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.

 

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$330 billion as of 30 June 2021.

 

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.

 

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: "AAGIY").