Preparing for retirement is no mean feat. Two leading experts share their top tips on caring for your parents and yourself physically and financially.
Ageing is inevitable but how we age is something we can control. By asking ourselves essential questions now, we can better prepare for our future ageing needs, according to Janice Chia, founder of social enterprise Ageing Asia, who spoke at our recent Preparing for the Silver Years: An Ascend by Prudential Webinar.
Top 5 ways to help parents age well
We want to see our parents age independently, in good health and with dignity. According to Janice, we can do this with:
- Laughter: seeing smiles on their faces as they grow older
- Fun: creating experiences that spark joy
- Purpose: thinking big, starting small, everyday happiness
- Health: getting stronger as we age
- Family: your village of all ages
All these go hand in hand. A walk with parents could turn into an opportunity for fun and engagement. Encourage them to think about other things they could do and do it together – go to a dance class with them, then get them used to going on their own. This is a good way to encourage them to socialise and get physically stronger.
“What’s most important is laughter, joy and fun with older people in different ways – the way we live, the way we work, the way we play,” Janice says.
Key questions to consider with parents
To age well, there are also important questions to consider, including assessing your quality of life versus quality of care. “Quality of life is something that all of us need to contribute to and not just wait for somebody to provide,” Janice adds.
The burden of care can be heavy on the sandwich generation, but where you and your parents are going to live also needs thought. Is this at your home or a nursing home? How do you make your home safe to prevent falls? What services do you need access to?
Financial strategies to support parents
With costs continuing to rise, how can you plan to support your parents financially? According to Maxine Teo, wealth management expert and founder of training provider Global Max Academy, there are four key steps:
- Discussing support with family
- Discussing support with parents
- Getting a clearer picture of the overall financial situation
- Ensuring the legal work is in place
“Many of us are reactive; we just say I need to pay for this before that, but you have to remember there are many things involved [with ageing] – medical bills, daily expenses, lifestyle, so have the big picture before you take on the final step,” Maxine observes.
Planning for your own retirement
Your parents may be covered, but where does that leave you for your retirement? It’s essential to have financial strategies in place, according to Maxine. Ensure you have emergency funds, diversify your investments, and commit to a long-term plan.
“Change is always constant, so make sure you plan so that your parents, family, children and you can live to old age and enjoy your silver years”, she concludes.
For more top tips, watch the webinar in full.
Information is correct as of 17/10/2022.* Information in the article does not necessarily reflect the views of Prudential Assurance Company Singapore (Pte) Ltd (“PACS”). PACS does not represent that such information is accurate or complete and should not be relied upon as such.
This article is for your information only and does not consider your specific investment objectives, financial situation, or needs. We recommend that you seek advice from a Prudential Financial Consultant before committing to purchase a policy.