Freed up Financial Commitments

I can appreciate why Singaporeans work so hard to earn a high enough salaries to support themselves in this expensive city of the world. I had been there before.

When one is in his forties, he is sandwiched between bringing up his children and at the same time taking care of his parents. He is likely to be still paying for his mortgage on his property. Cost of living is not getting any easier when cooked food prices have been rising. Health care costs are expensive as visits to General Practitioners (GP) show rising costs of treatments.

When my mother passed away last year at the age of 93, our financial commitments were freed up. My brothers, sister and I suddenly felt the load off our shoulders. The rental flat she stayed in for all her life was returned to HDB finally. With that, we need not pay for her rent, water and electricity bills, and telephone charges. My mother’s domestic helper was sent back to her country and this saved us paying monthly salaries and government levies on maid. There was no need to buy groceries and adult diapers for her too. We feel lighter on our pockets.

When my daughter started work some five years ago, our financial commitments looking after her were freed up too. Now my wife and I just worry about our own finances. We got where we were through financial prudence and savings.

Having gone through this environment of high costs of living, we wish not to subject our daughter to additional financial burden other than her own. I advocate financial independence and sufficient retirement income to see us through the rest of our lives. This is harder than one thinks or wish for, but what are the alternatives?

Copyright © 2018, limkimtong for Living Investment

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One Response to Freed up Financial Commitments

  1. Sinkie says:

    Previous generations have 3-5 kids to spread the load. And with the high growth rate of S’pore in the 70s to mid-90s, often 1 or 2 of the kids will have made it to relatively high income status.

    Today many have at most 1 or 2 kids. Most of my neighbours on my level in their 40s have only 1 kid each. If current working parents don’t plan & set aside substantial funds for retirement, it will be difficult for the 1-2 kids to support in future.

    I foresee more govt policies in future to support / subsidise elderly, even if it means taxes going up. The masses will rather pay a bit more taxes as long as the govt support / subsidies are much more than if they have to pay it themselves e.g. unsubsidised price of cheapest nursing home here in some ulu outskirts of S’pore is $2.5K monthly … versus subsidized pricing of say $400.

    S’pore will become more “Western” in this regard. Already big cities in S Korea & Japan are already in this mode.

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