TAIPEI (Taiwan News) — The results of a survey of about 700 people aged 50 to 64 regarding retirement planning show that respondents on average believe they need to have NT$8.37 million (US$276,210) in retirement savings.

The survey, which was recently conducted by the Hondao Senior Citizen’s Welfare Foundation, found that 84% of near and recent retirees believe they do not have enough retirement savings and are worried about long-term care expenses, medical expenses, and unexpected expenses they may face in the future, CNA reported.

Nearly 80% think that they need to have more than NT$5 million in retirement savings, while 30% think that they need to have at least NT$10 million. The data on ideal savings for retirement collected from the respondents average out to NT$8.37 million, according to the survey.

Lin Po-hua (林博樺), deputy chief executive officer of the Hondao Senior Citizen’s Welfare Foundation, said that based on data from the Bureau of Labor Insurance, each retired worker received an average monthly labor pension of NT$18,209 in November last year.

The survey also showed that individuals aged 50 to 64 are most worried about long-term care expenses (74.7%), followed by medical expenses (68.4%), and unexpected expenses (49.8%).

Hsu Ching-hsin (許靜心), a 64-year-old who retired as an early childhood educator at the age of 55, said that the retirement savings she prepared were less than NT$1 million, which was far from what she thought would be enough, NT$10 million. Fortunately, she later started to receive the national pension and then the labor insurance pension, and she tried to control her expenses as much as possible. Although she is not worried about daily expenses, she said medical expenses arising from accidents and long-term care expenses would be big challenges for her down the road.

The survey was conducted online from November to December, and obtained 697 qualified responses, per CNA.