On 22 November, OCBC Bank released their findings from their 2022 Financial Wellness report. In one section of the report, they conducted a survey with 2,182 participating working adults, ages ranging from 21 to 65 years old, on their preferred retirement lifestyle.
Surveyees were presented with three different retirement lifestyles to choose from with three different price tags. These retirement lifestyles ranged from basic and essential to luxurious. Participants were then asked what their preferred retirement lifestyle was.
Retirement Lifestyle A, the most basic retirement lifestyle: With such a lifestyle, one would expect to own and be living in a HDB apartment, commute by public transport, use government assisted healthcare services and be able to take up to two regional holidays a year.
Retirement Lifestyle B is more of a middle ground. With such a lifestyle, one would own and live in a HDB apartment, commute by private transport, be able to consume a combination of private and public health care, employ a part time domestic helper and take regional holidays up to three times a year.
The more luxurious Retirement Lifestyle C entails owning and living in a private property, driving a high-end car, consuming private healthcare, employing a full time domestic helper, enjoying lifestyle and wellness experiences and being able to take long-haul international holidays up to two times a year.