The new measure of wealth: Lifelong financial independence

Longer lives are giving Singaporeans more time to pursue new interests, remain active and spend meaningful years with the people who matter to them.

But living longer also means planning for retirements that may last decades longer, changing healthcare needs and family responsibilities that can extend across more stages of life.

A financial plan built around today’s income and commitments must therefore continue working through decades of change, not only funding retirement but also preserving choice, security and independence as needs evolve.

This challenge is reflected in Manulife’s Asia Care Survey 2026, which gathered the views of more than 9,000 adults across nine Asian markets between February and March this year.

Among the 1,074 respondents polled in Singapore, 89 per cent said longer lives require earlier and more comprehensive preparation across their financial, physical and mental well-being. Some 92 per cent want to remain self-sufficient for as long as possible.

The harder question is whether today’s arrangements can sustain that independence through a retirement that may last longer, cost more and unfold less predictably than before.

Says Benoit Meslet, chief executive officer of Manulife Singapore: “Longer lives are changing how people think about retirement. For many, it is no longer the final stage of life, but the start of a new chapter. Our Asia Care Survey shows that Singapore adults want to have the freedom to make their own choices during their later years. This requires early planning to build long-term financial security and flexibility.”

Planning for more healthy years

Singapore’s life expectancy reached 83.9 years in 2025, among the highest in the world. But living longer is not necessarily the same as living well for longer. Those additional years may include periods of reduced income, rising healthcare expenses or greater reliance on support.

The survey estimates that people in Singapore could spend 11 to 12 years relying on care or financial assistance in their later years, while future care needs could average more than $2,500 a month.

Only 15 per cent of Singapore respondents expect to depend on their children for financial support in old age. Most plan to rely on personal savings, cited by 78 per cent, followed by investments at 52 per cent and insurance policies at 49 per cent, to support their retirement needs.

But while savings remain essential for security and ready access to funds, a longer retirement requires money to do more: generate income, preserve capital and keep pace with rising costs.

Says Meslet: “Cash provides certainty today, but relying on it too heavily can create new risks over time. Inflation, longer retirements and rising healthcare costs can gradually weaken even a substantial pool of savings.”

Bridging that gap requires more than simply setting aside a larger pool of savings. It calls for a portfolio in which different assets and forms of protection perform distinct but complementary roles over time.

Savings can provide liquidity for immediate needs, while wealth planning solutions support longer-term growth and income. Insurance can help absorb health and care costs that might otherwise force individuals to draw down assets intended to fund the rest of their retirement.

The balance between these elements will also need to evolve. Investments may initially be weighted towards growth, then shift gradually towards income as retirement approaches. Protection and healthcare arrangements can be reviewed as health risks, family responsibilities and lifestyle needs change.

Such an approach gives individuals more room to respond when circumstances take an unexpected turn. Rather than relying on one pool of cash to meet every eventuality, individuals can draw on different financial resources designed for different needs.

Why an early start matters

Building such a portfolio takes time, however, and many Singaporeans are doing so while meeting family responsibilities at the same time.

Some 46 per cent of Singapore respondents provide financial support to family members, while 62 per cent said these commitments affect their ability to achieve long-term independence. Among the sandwich generation, the proportion rises to 72 per cent.

The pressure begins early. Eighty-one per cent of respondents aged 18 to 24 and 75 per cent of those aged 25 to 34 said family financial responsibilities were affecting their long-term financial readiness.

These competing priorities explain why early planning matters. Starting sooner gives savings and investments more time to build, while allowing protection and healthcare arrangements to be adjusted gradually rather than only when needs become urgent.

It is also changing the role insurers are expected to play. Beyond responding when illness or financial setbacks occur, insurers such as Manulife Singapore are increasingly supporting customers across different life stages by connecting wealth planning with protection, healthcare and longer-term care needs.

The aim is not to anticipate every outcome, but to put arrangements in place that can evolve with a person’s health, finances and family circumstances.

“Many people are juggling multiple responsibilities today, whether it is supporting family members, raising children or managing the rising cost of living. However, these commitments should not come at the expense of long-term financial independence. Our role is to help customers meet their immediate priorities while building wealth for their future, so that they can have greater peace of mind for themselves and their loved ones,” says Meslet.

Learn more about Manulife’s Asia Care Survey 2026.