Singaporeans Without Kids Need to Do These
Singaporeans are becoming extinct thanks to our spectacularly low birth rate. Children have traditionally been the ones responsible for providing the elderly with financial and physical support, but a few decades from now, things are going to very different.
Actually, we’re not just referring to the many future senior citizens who’ll be childless. As Singaporean households shrink and even those with kids choose to have fewer, the elderly will no longer be able to take it for granted that their kids will be able to financially support them.
In any case, if the thought of changing diapers or spending your weekends at the pool or some shopping mall playground makes you nauseated, enjoy your child-free years, but also make sure you do the following to prepare yourself for old age:
- Make a Lasting Power of Attorney
- Consider your options for old age care and how you’re going to finance them
- Be prepared to make your home more elder-friendly
- Consider buying old age insurance
- Write a will