In a healthcare statistic research released by the Centre for Research on the Economic of Ageing (CREA), 25% of the retirees aged 65 and above develoepd chronic diseases like cancer and stroke in 2016.

According to a senior research fellow at CREA, although Singaporeans are in a “considerable” risk of major health shocks, they are also living longer which poses serious financial implications:

“As Singaporeans age, they are at considerable risk of major health shocks, and these have long term financial implications.”

The problem will also likely exacerbate as the country’s population ages. By 2030, the number of retirees in Singapore will double to 25% of the population. Despite the worrying statistic, the Singapore government had proceeded to increase retirement age to 67, and eventually further to 71 years old.

Another key issue the research found is that lesser Singaporean elderly are working full-time jobs. Around 36 per cent of individuals aged 50 and 59 expect to work full-time at 65, but at present, only 26 per cent of 65-year-olds hold full-time jobs.