Many high-income earners in Singapore expect to work beyond the statutory retirement age, with a substantial share doing so for financial reasons rather than lifestyle preference, according to new regional research by Sun Life on retirement risks in Asia’s insurance markets. The latest study, “Retirement Reimagined: Asia’s Retirement Divide,” released in February 2026, follows a 2024 regional survey and examines how cost pressures, multigenerational responsibilities, and changing advice-seeking patterns are influencing retirement planning across Asia, including Singapore.
In the 2026 survey, 73% of Singapore respondents said they expect to continue working beyond retirement age, rising to 80% among high-income participants. The data indicates that delayed retirement is becoming a common feature of financial planning among wealthier households. Motivations among high-income respondents are split between non-financial and financial drivers. Some prefer to remain in the workforce for personal reasons: high-income respondents cited mental stimulation (62%), maintaining social connections (52%), and purpose and fulfilment (52%) as reasons to keep working.
At the same time, nearly half of high-income respondents (48%) reported that they expect to work longer because they need additional income to cover daily expenses and support long-term financial security, suggesting that higher earnings do not automatically translate into perceived retirement readiness. “What we’re seeing is not a single retirement experience, but two very different realities. For those who are prepared, working longer can be a choice that offers flexibility and freedom. For others, it reflects financial pressure. Planning early, and planning holistically, is what determines which path people are on,” Christopher Albrecht, chief executive officer, Sun Life Singapore, said.
The 2026 Singapore results show a close relationship between financial security and sentiment about later life. Among high-income non-retirees who say they are looking forward to retirement, 50% cited financial security as the main reason, followed by freedom and flexibility (33%) and stability (26%). However, many respondents still report barriers to systematic planning. Nearly half of high-income individuals (49%) identified uncertainty over future expenses as a challenge when planning for retirement, while 42% pointed to inflation or broader economic uncertainty. Planning lead times are relatively short. About 22% of high-income respondents said they would only draw up retirement plans within two years of leaving full-time employment. Fewer than half (39%) described themselves as very confident in their retirement plans, indicating scope for additional advice and structuring.
These findings are broadly aligned with Sun Life’s 2024 regional report, “Retirement Reimagined: facing the future with confidence,” which surveyed 3,552 adults across mainland China, Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, including 505 respondents from Singapore. That study found that 42% of Singapore respondents intended to leave planning for retirement expenses until five years or less before retirement, and 15% did not plan for those expenses at all. Saving for retirement was named the top financial goal over the following 12 months, yet 29% said they were not saving for retirement, and many expected to rely heavily on cash savings as a retirement income source.
The 2026 survey also underlines the role of multigenerational responsibilities in shaping retirement decisions for higher-income Singaporeans. Many respondents support both older relatives and younger dependents, which affects both timing and expectations for retirement. Among high-income respondents, 23% said they had scaled back lifestyle expectations in retirement because of caregiving responsibilities, while 45% reported postponing retirement. In addition, 80% of high-income respondents expect to continue supporting children or other relatives after they retire, suggesting that family obligations will remain a significant outflow in later life.
Earlier data from the 2024 survey showed that high-income retirees can still face cost surprises. Among this group, 15% said they were caught off guard by higher-than-expected retirement costs, even though only 4% had not planned for retirement expenses. Half of these high-income retirees cited the general cost of living (50%) and the need to support younger family members more than anticipated (50%) as key reasons. In response, 75% said they had liquidated long-term income-generating investments, and 63% had reduced daily spending.
Health continues to play a central role in retirement decisions. In the 2026 Singapore findings, respondents who said their views on retirement had changed in recent years most commonly attributed this to better-than-expected mental health (55%) or better-than-expected physical health (48%). By contrast, poor health remains a driver of earlier labour-market exit. Among those who retired earlier than they had planned, 27% cited poor health as a leading reason.
There is also a strong preference for individual control over retirement timing. Almost all high-income respondents in Singapore (97%) said that retirement should be a personal choice rather than determined by a mandatory age, indicating that many see retirement as a flexible transition rather than a fixed date. “People are living longer, yet too many remain unsure whether they can afford to retire comfortably in Singapore. Amid rising costs of living, the role of insurance has become more critical than ever, allowing people to gain better control over their legacy and build a future where their retirement is shaped by possibility, not pressure. Life insurance can provide the lifetime protection or liquidity that one needs for retirement and legacy planning,” Albrecht said.
For insurers and intermediaries, one of the more immediate practice issues arising from the 2026 survey is how individuals obtain information and guidance on retirement planning. Use of generative AI tools such as ChatGPT and Google Gemini for financial and retirement decisions has more than doubled since the previous survey, increasing from 15% to 34%. Over the same period, the share of respondents consulting banks fell from 47% to 40%, while those turning to independent financial advisers declined from 44% to 42%.
This shift indicates that more individuals are starting their planning process with digital, self-directed research, with a smaller proportion relying solely on traditional advisory channels for initial guidance. “AI can be a helpful starting point, but it often lacks the nuance and personalisation needed for long-term financial security. As technology reshapes how people plan for retirement, expert advice remains essential to ensure decisions are informed, balanced, and aligned with individual goals,” Albrecht said.
Sun Life’s 2026 study is based on 3,006 online interviews conducted in November 2025 across Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, and Vietnam, drawing mainly from middle- to high-income segments with some participation from lower-income bands. The 2024 survey, conducted in July 2024, covered 3,552 respondents across seven Asia-Pacific markets, including mainland China. Together, the two surveys provide a view of how later retirement ages, inflation, healthcare needs, family support obligations, and digital information sources are interacting in the region. For insurers and distributors, the findings point to continued demand for retirement and protection solutions that consider extended working lives, variable health outcomes, and multigenerational financial commitments, as well as a need to position professional advice alongside rising use of generative AI and other digital tools.
