Old age savings

Hubb said that he heard that in a survey done in Singapore, the average savings of someone above age 50 is only $3K. We don’t know if it includes or excludes EPF. If it includes, then it is a serious problem as how can you survive the rest of your life unemployed with just $3K savings. If it is excluding, I am not surprised. Many people don’t have savings as they spend all their monthly income. It doesn’t mean that they are spend thrift but many people really don’t make a lot of money. Whatever they earn may be barely enough for their household expenses, let alone savings. They would be lucky if they have NC health insurance.