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How do millennials approach retirement?

26 September 2022 | 1-min read

Every generation will have significantly different ideas and expectations when it comes to work and retirement. Here are some findings about millennials which will affect how they plan for their retirement. 

1.Millennials are investing early 

Despite the pandemic, 80% of youngsters (aged 18 to 35 years old) are already investors while 88% are considering investing in at least one product in the next year1. Starting to invest early is beneficial as it allows the process of compounding to work to your advantage2. While investment comes with risk, it is a good way to make your money work harder for you and avoid losing purchasing power due to inflation.

2.“Financial Independence, Retire Early”

Also known as “FIRE”, this movement is popular with the millennials who are exhausted from high-pressure jobs and do not see themselves as ‘emotionally and behaviourally’ connected to their job and company3. Defined by frugality and extreme savings and investment, this movement aims to help people retire early4.

3.Millennials are more prepared for retirement 

It has been reported that millennials in Singapore are more prepared for retirement than their middle-aged counterparts5. A survey by digital wealth management platform Syfe found that more than 60% of the millennials said they saved more than 20% of their salary. This is a heartening sign as planning ahead allows you to better enjoy your retirement. Find out more about the benefits of early retirement planning here.

Where to start?

You can consider getting investment-linked policies (ILPs) which combines life insurance and investment components.

For example, InvestReady (III) is a whole-life regular-premium investment-linked plan that offers access to a diversified of funds– including dividend-paying funds for potential income.

Diversify your portfolio with access to over 100 funds

Manulife InvestReady (III)

Diversify your portfolio with access to over 100 funds

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    Important Notes

    Manulife lnvestReady (Ill) and its supplementary benefits are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy's surrender value (if any) may be zero or less than the total premiums paid.

    Your investments are subject to investment risks, and you may lose the principal amount invested. The performance of the lnvestReady Fund(s) is not guaranteed. The unit prices and any income accruing to it may fall as well as rise. The Fund Managers shall have the absolute discretion to determine whether a distribution is to be made in respect of the lnvestReady Fund(s) as well as the rate and frequency of distributions to be made. The intention of the Fund Managers to make the distribution and the distribution yield for the lnvestReady Fund(s) is not guaranteed, and the Fund Managers may review the distribution policy depending on prevailing market conditions. Distributions may be made out of income, net capital gains and/or capital. Past distribution yields and payments are not necessarily indicative of future distribution yields and payments. Any payment of distributions by the lnvestReady Fund(s) may result in an immediate decrease in the net asset value per unit. You should read the prospectus and the product highlights sheet and seek financial advice before deciding whether to purchase units in the lnvestReady Fund(s). A copy of the prospectus and the product highlights sheet can be obtained from a Manulife Financial Consultant or our Appointed Distributors.

    This article is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract.

    This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites ( or

    We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors, or visit any DBS/POSB Branch before making a commitment to purchase a policy.

    Information is correct as at 26 September 2022.

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