A FIFTH of working adults in Singapore are unsure of when they can afford to retire.

More than a third are clueless about how much money they would need for their golden years. And close to a fifth feel they need more than $1 million to retire comfortably.

These findings are from a recent study done by global information and media firm The Nielsen Company. The results were released on Wednesday. The survey, which was conducted in September, involved 550 working adults here.

The study touched on three main issues: their ideal retirement age, what age they can afford to retire, and how much money they need to retire.

Said Ms Connie Nielsen (Singapore)'s associate director for customised research : 'Given that retirement may not be a widely broached topic, it's not surprising to find parts of Singaporeans who are uncertain when they can afford to retire and how much they actually need to retire.'

Industry experts say planning for retirement is something which more than half of Singaporeans do not do.

Said financial consultant Mic Tan: 'Those who are in their 30s think it's too early. Those who are their 50s think it's too late.'

'A change in mindset is needed - they should plan for retirement from the day they start work.'

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