How much savings does a person in China need for retirement? A report released by Sun Life Financial Inc, based on a quantitative survey of 3,201 respondents and more than 20 expert interviews, found that 65 percent of respondents believe 1 million yuan ($148,200) is sufficient. However, the report estimates that a retiree spending an average of 5,000 yuan per month over a 30-year retirement would need at least 1.8 million yuan, assuming no inflation.
Data released by the National Bureau of Statistics on Jan 19 showed that by the end of 2025, China's population aged 60 and above had reached 323.38 million, accounting for 23 percent of the total population.
In September 2022, an official with the National Health Commission said China's population aged 60 and above is expected to exceed 400 million by around 2035, accounting for more than 30 percent of the country's total population.
Sun Life's report found that China's traditional multigenerational living arrangement is gradually giving way to more independent retirement lifestyles. Nearly 60 percent of adults aged 60 and above now live alone or only with a spouse, while as many as 82 percent make their own retirement decisions.
The report said Chinese residents are moving toward a new stage of "self-directed, quality retirement". Retirees increasingly seek independence and professional elderly care.
