Meta: After working all their lives to support the family, your parents will be nearing retirement when you start working. Here are 5 things you can do to support their retirement.
Retirement is a long-term game. With Singaporeans expected to live between approximately 80 and 85 years-old1, your parents will likely have close to 20 years in retirement from the official retirement age of 62 today.
Importantly, once they go into retirement, it is often difficult to return to employment as they would have lost key skills and contacts in the working world. This is why it is important for them to have a robust retirement plan before they do so.
This is where you can help your parents achieve a less stressful retirement. No doubt, bringing you up, clothing you and feeding you took a toll on their financial well-being. Out of love, they may even have dug deep into their financial reserves or borrowed money to give you an education and even pay for your holidays and wedding.
Here are five ways you can help your parents achieve a less stressful retirement.