Singapore has emerged the global top scorer in retirement finances this year, although it performed poorly for retirees’ quality of life and material wellbeing, according to an annual retirement security index.SINGAPORE emerged the global top scorer in retirement finances this year, although it performed poorly for retirees’ quality of life and material wellbeing, according to an annual retirement security index.
The performance indicators are grouped into four thematic sub-indices – health, finances in retirement, quality of life, and material wellbeing. Among Asian countries, India jumped to 27th place for retirement finances from 36th place last year, thanks to better rankings in governance, interest rates and inflation. China also made progress with a double-digit climb in the inflation indicator.
Singapore still has room for improvement for insured health expenditure, which considers the level of expenditure in health that is not insured. Despite improving five places in this indicator, Singapore still had the seventh-lowest score for it globally. Singapore also performed poorly in the material wellbeing sub-index, which measures the ability of a country’s population to provide for their material needs. Singapore ranked 32nd out of the 44 countries, down from 29th last year. This was due to a slight drop in income equality, although the city-state retained the highest rankings for income per capita and employment indicators.
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