by Koh Hui Theng

FALLING sick - that's the No. 1 worry Singaporeans have about their retirement years. No. 2? The loss of employment and income.

These were some results unveiled in the fifth annual Hongkong and Shanghai Banking Corporation's (HSBC) Future Of Retirement study, It's Time To Prepare. It polled more than 14,000 people across 15 countries and territories like China, Britain and the United States.

In Singapore, 1,007 people aged between 30 and 70 were quizzed in April about their retirement plans.

The findings showed that almost one in two here worry about the cost of illnesses, and one in four fret over a loss of employment and income.

The same study also showed nine in 10 Singaporeans are unclear about their retirement plans. Mr Kevin Looi, 42, a manager in a manufacturing firm, is a typical case.

He and 180 participants at last Saturday's my paper Executive Series talk, co-organised by HSBC, picked up tips from experts, namely Mr Bill Johnston, head of distribution at HSBC Insurance; Mr Rajeev De Mello, Western Asset Management's portfolio manager and country head; Mr Albert Tse, Schroders Singapore's head of retail sales; and Ms Karen Lim, vice-president and retail-sales head of South-east Asia at AllianceBernstein.

Mr Johnston said it is vital to start putting aside money now.

'Knowing how much is required to retire comfortably, picking investments that help you plug the shortfall and choosing a quality fund manager to manage one's finances are key,' he told my paper.

Mr Looi said: 'It's time to think about my future. 'I've not sought financial advice, so I'm here to find out more about different insurance plans and what to do.'

Engineer Adrian Hiew, 29, who also found the talk useful, added: 'I've gained more information about the various ways to grow my money.'

kohht@sph.com.sg

For more my paper stories click here.