in an article in the straits times which cited an average of at least half a dozen elderly people usually in their 70s and 80s who die alone every month.
which makes u wonder whether these elderly folks have never married, or divorced without children or even have no relatives (the most unlikely amongst the three aforementioned scenarios).
if this is so, then it is probably logical to assume that they have either chosen to live by themselves or more likely to have been abandoned by their so-called relatives, often in nursing homes or in hospitals.
my comments:
in my meetings with my prospects/referrals/clientele, i have always strived to 'educate' them on the importance of not just wealth protection planning but to complete the wealth management pyramid as well which encompasses, wealth accumulation, wealth preservation and lastly, wealth distribution.
but sad to say, many do not view these as priority once we have completed their wealth protection portfolio.
because when it comes to a retirement plan, far too many parents have opted to place reliance on their child/ren for support in their golden years.
even if this is so, would not it be applying conventional wisdom to have another retirement plan in place?
because the reality of life is that singapore (probably one of the few countries in the world) has already enacted a maintenance of parents' act on november 02, 1995 which amongst other things specify that:
"Any person domiciled and resident in Singapore who is of or above 60 years of age and who is unable to maintain himself adequately (referred to in this section as the parent) may apply to the Tribunal for an order that one or more of his children pay him a monthly allowance or any other periodical payment or a lump sum for his maintenance."
so my point is, what if the worst case scenario happens when your child/ren decides to abandon u in your golden years?
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