According to the World Bank, Singapore has one of the highest life expectancies in the world: with the average life expectancy at 84 years.
Meanwhile, the minimum retirement age in Singapore is 63. This means that on average, most will spend 20 years in retirement.
While your parents may have spent decades building their retirement funds, just how much money is enough? With the cost of living and inflation reaching its highest in recent years, the funds may not be enough to sustain them for two decades.
Furthermore, your parents will also need to have a safety net for unforeseen events such as large medical bills, accidents, and other emergencies. They may also have ongoing financial obligations such as their home loan to worry about.
If your parents don’t have a retirement plan, here are some ways to support them through their retirement years.