Holistic retirement : the current state and perceptions of six dimensions of wellness and financial wellness of Singaporeans on retirement.

Abstract

Increasing life expectancy and falling birth rates have led to an ageing population in Singapore. This increase in retirement years have necessitated proper planning for retirement and having accurate views of retirement and retirement planning.

Past researches have revealed that there are many misconceptions on retirement planning. A person’s lifespan can be divided into different stages, known as the Four Ages, and at each different stage a person will have varying views of retirement. These views serve to enhance the overall well-being of a person when they retire, and can be described as the six dimensions of wellness as used by the Council of Third Age.

Literature reviews and past surveys have also indicated the importance of “financial” wellness as part of creating a holistic well-being. This financial aspect of retirement is also linked to other dimensions of wellness.

The purpose of this research paper is to examine the perception of Singaporeans with regard to retirement planning and to investigate the six dimensions of wellness with regard to retirement as well as financial wellness, in order to create a holistic retirement environment for Singaporean retirees.

From the results of our research, we are then able to present recommendations for the planning of a holistic retirement for the Singapore population.