Solo aging - growing old without reliable support from adult children or relatives - has become increasingly common in today society. Many people today from baby boomers to millenials, either by choice or circumstances, are childless at twice the rate compared to previous generations. In US, 1/3 of people age 50 and above, live alone and/or do not have children and/or estranged from their children and/or cannot depend on family members. In Singapore, 1 in 5 people age 50 and above do not have children. Regardless, solo agers face the same planning issues that older adults with children are facing:
The only different solo agers face compared to older adults with children is:
They lack identifiable default person to step up when they need help.
Means, solo agers have to approach retirement planning with intentionality and urgency.
THREE practical things that you want to take into account when you are planning for solo aging retirement:
1) DECIDE WHERE AND HOW YOU WANT TO LIVE DURING YOUR OLD AGE
It is important to have people you can count on day-to-day needs as they arise.
You may want to rethink your definition of home.
Moving to community with built-in support for older residents and plenty of social interaction can be a viable solution.
Retirement can be fun and active if you plan it right and well.
Of course, do a sound financial planning to make sure that your funds can last you throughout your retirement life.
2) INDICATE YOUR WISHES ABOUT MEDICAL TREATMENT AND END-OF-LIFE CARE
Frailty of health is part of growing old.
Decide the type of medical treatment that you wish to receive, and how you intend to exit life gracefully.
Appoint your healthcare proxy and document your wishes down in ACP,
Appoint people you trust to make medical and financial decision in event of your incapacity in LPA.
3) DESIGN HOW YOU WANT TO DISTRIBUTE YOUR ASSET IN EVENT OF YOUR PASSING
Death is inevitable. Write you will and decide how you want to distribute remaining of your asset in event of your passing. The best gift you can give to the world upon your passing is making a difference in someone else's life. Consider charity option if you have no next of kin that you want to pass your wealth to.
LIVE WELL, LEAVE WELL
https://www.straitstimes.com/business/invest/how-to-plan-for-retirement-when-you-re-on-your-own
