Anyone here is your parents' retirement plan?

Zelphon

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I am an only child and I am my parent retirement plan..

My father has passed away and my mother is mid 70s..

In olden days, there's no concept of retirement planning..

So many people in that era has little to no CPF..More so when my father was an odd job labourer and my mother used to do menial chores like washing clothes for other families..

Now, my mother stays by herself in her 4 room HDB flat.. with 2 rooms rented out to PRC operators and I supplement her with $500 allowance a month and pay for everything else.. utilities.. internet for the tenants.. s&c charges.. etc..

It is tough being the only support but you cannot choose your parents.. End of the day, you must give back and take care of your parents who sacrificed, gave birth and took care of you...


Now, my retirement plan is to go Johor Bahru when I am old.. Already bought a condo there...
Hopefully I can rent out HDB and retire in Johor without relying on handouts from my children so that they have more options to take in their lives..
 

kyokoto

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They got no savings, cpf also almost nth

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I have wonderful and hardworking parents. When I was 18, my father told me that he will not depend on me or my sister for their retirement. Its all under control. Almost 20 years later, his word holds true, renting out two of his properties and still working even though he's already 67 years okd. He takes things slowly, like to play sports and chill at cafes. My mum is retired and travels 3-4 times a year.

Funny thing is, even though they are financially independent, and would never take my money, Sometimes I feel bad and would always offer to pay for expenses when going out.

I fully believe that children should be filial to their parents, please don't get me wrong. But I feel for some of my friends where they dont earn much and give quite a substantial amount to family, in e end their relationship end up being strained.

I learnt the following lessons from my Father:

1) Plan your retirement early
2) Buy only what you can afford
3) Do your best in what you can
4) Nobody is perfect
5) Sometimes, chill lah...
6) Take care of your health
7) Have empathy for others
 
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defnull

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throwawaygrad

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Lol same for me, my mum stopped working at 47 and living off my dad's cpf (he passed away). I told her if still can work at least do some part time, lighten my sister's future uni loans, plus dk what will happen next time and whether I can take care of her, she get mad and bring out filial piety trump card.

But actually when she brought me up, she was very stingy de, everything I pay myself, she can don't pay she won't pay. Then she bring me up half heartedly for 20 yrs become I need to cover her a** for 40 yrs? So 好赚?

I will give her allowance but not more than that, and especially not to take from my partner/ his parents to give her (they are better off and still working at 50). Tbh though if her life so lepak already, she also won't want to struggle medically when it's her time de ba. No regrets already.

Pls, all parents. Do your own due diligence. I do not agree with my mum refusing to work and choosing to let my sis struggle to pay off her uni loans like me, but she still win cos she's my mum.
 

CoricopatXu

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No, both have been retired since a few years ago. Busy traveling the world now.
 

Brehon

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My mother had suggested to sell the 4rm and she go live with her boyfriend and i go live with my brother and sister-in-law. Of course her boyfriend was not going to share his bachelor pad sanctuary with her.

Then i told her i am going to get my bachelor pad at 35yo, she can list down on paper whatever $$$ i "owed" her, so i just do my bare minimum as a filial son now
 

Meemoosaa

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That's why I always stress to my friends the importance to educate their parents on financial planning.

A lot of older folks assume that CPF is just to lock your money away, they don't know how important that extra $1-2k+/mth is when they are older and without savings.

Ultimately, if their parents don't plan ahead, the one to suffer will be themselves, as the burden to take care of your own family as well as their parents will lie solely on them.

Yes - very important to educate the older generation of parents on their own financial planning but for those who realised too late that their parents have no plans other than depending on their children.... the children should be well informed themselves to quickly pull together a plan on how best look after their parents.

To react only when sh*t hits the fan will often result in a lot of unpleasant disagreement.
 

Soulhacker

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Moi lor. The moment moi started working around 20yrs ago moi mother quit her job said she felt too old to work any more and retired ever since. So have been relying on moi income solely nia. She has zero saving as her job very low pay one (at the time she quit her monthly basic pay ish around 500~600+ nia) can't save much in the first place. Her CPF also very low, less than 10yrs already used finished no more $$$ to draw. :(

When you ish poor nothing much for you to plan in the first place. :(
 

throwawaygrad

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Actually I really have sympathies for the parents who are very good to children but they're poor or their children don't earn much. These are really very difficult and imo unsolvable and that's why we see on tv that some of these parents choose to give up medical treatment prematurely.

As for my mum, I think after our disagreements she know how much I will support her financially already. I will, but not at the expense of bringing up my own future family (also my responsibility) and my partner and in-laws who work hard for what they have.
 

Laneige

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That's why I always stress to my friends the importance to educate their parents on financial planning.

A lot of older folks assume that CPF is just to lock your money away, they don't know how important that extra $1-2k+/mth is when they are older and without savings.

Ultimately, if their parents don't plan ahead, the one to suffer will be themselves, as the burden to take care of your own family as well as their parents will lie solely on them.

Look at the current generation with kids
Then expensive hdb
Then they still thinking of supporting kids till university
Basically kids don't have to do anything till university (besides ns)
So end of the day the kids grow up with education n they go enjoy life, travel upon graduation etc
N their parents with almost nothing to fall back on for retirement
when their kids start a family , some may not be able to fork it out or willing to fork out monthly maintenance for parents

The taxi driver I talked to kept on complaining abt govt abt taking cpf money when he wants to give child for education
He forget to plan for himself n his wife
Why will happen when he's old n can't wk n no one to fall back on
Then end up govt take care? The money don't come from govt
The money partially probably comes from tax payers n donors
 

Franzz

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Not everyone born with the same opportunities la... If you are lucky, you get supportive parents who pay for your education. If not, good luck maintaining a decent GPA while working your 455 off. So get off your high horse and get a grip on the real world.
 

Panerai88

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Everyone's circumstances are different. If you are blessed, be glad and grateful. There are families in Sigapore where the kids are ill, some have down syndrome, or some just cant make enough as they have kids to support.
What are you talking about? Whether blessed or not, one has to look after their parents, no ifs or buts, trying to push and blame circumstances.

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Panerai88

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Not everyone born with the same opportunities la... If you are lucky, you get supportive parents who pay for your education. If not, good luck maintaining a decent GPA while working your 455 off. So get off your high horse and get a grip on the real world.
If I was poor, I would just work harder. Take on multiple jobs.

What does circumstances have to do with looking after your parents.

The way TS posts, I hope his parents never find out how shameful he is.

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