Singapore government has been for decades driving policies to make sure that when their day came, Singaporeans can meet the challenges of their silver years with a decent financial safety net. Beyond the usual advice of just saving for your old age here are some additional pointers to consider on your financial matters.

1. Most cultures belief that the bedrock of your financial well-being is owning the roof over your head. The belief that if you have someplace to call home, no matter how bad things are, you will make it. Selling the home that you worked hard and saved for should not be done frivolously because most people who sell their home for whatever reasons have a tendency to squander whatever money they get. In many cases, they end up having no place to live.

2. Ultimately you are responsible for your old age – not anyone else including your children. You hear stories of parents who lent their life savings for their adult children to start a business that did not end well. As you are old, you do not have the ability or time to replenish your savings should they be gone for whatever reason – so guard them jealously.

3. Whatever amount you think you may need for your old age, it is probably not enough. As you grow older, it is not if but when, you will be needing an increasing amount of healthcare. You should plan for the worst and hope for the best. When you are faced with a major illness, even if you have Medishield and Medisave, there are a lot of expenses that your need money for.

4. Most people in their silver years may have most of their savings tied up in their home. Some may say “house rich and cash poor”. Remember that you will need to balance the two. One way is to use the CPF annuity scheme to ensure that you have a monthly income for the rest of your life.  People that take out the CPF saving in a lump sum upon retirement tend to have little to show for it as they grow older. The annuity payments may be enough for your stay in an elderly or nursing home, should the need arise, for the rest of your life.

5. If you fall sick, the cost of medical care can wipe out your savings very quickly. Private hospital care can easily run in the hundreds of thousands in just a short time. Like anything else, know what you are buying and ask a lot of questions. Shop around – you may be surprised to know that the quality of healthcare may not always have much to do with how the amount you pay!

Ageing is a long and windy road with many potholes. Remember to make the best of it and enjoy your life with family and friends. But you cannot do it if you spend all your time worrying about your financial well-being.