Forty percent of employees in Taiwan who have a retirement plan would like to retire at the age of 58, but 90 percent have no idea how much money they would need for retirement, according to a recent poll published by PCA Life Assurance Co., Ltd.
The online poll showed that about 70 percent of Taiwan employees estimate that they will require NT$5 million (US$159,551) in retirement savings, when in fact the ideal amount is close to NT$10.51 million, the insurance company said.
The estimate of NT$10.51 million was calculated based on an average retirement age of 58, an average life expectancy of 80 years, and average cost of living of NT$478,000 per year, the company said.
For retirees in poor health, the required savings would be much higher, according to the insurance company.
The survey also found that many employees in Taiwan do not have a retirement savings plan.
Workers in the 31-50 age group think that they do not make enough money to save for a comfortable retirement, while those 50 and over do not know how to calculate the amount needed for retirement, the company said.
It said that in an effort to help employees calculate their retirement needs, it has launched an online application called "What's Your Number?"
Source: Focus Taiwan News Channel