Anonymous
My hawker parents are in their early 50s, they have less than 5k cash savings. We live in an executive apartment (left 10 years of installment) and they have a car. While they have enough for daily expenses, they do not have a retirement plan (I believe that they think that I am their retirement plan). Am I responsible for their poor financial health? Am I doomed to be another sandwiched generation? What can I do to help myself?
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Technically yes.
No matter how, they're the one that raised us up. There's no amount that is enough to replace that i believe.
What can you do, make sure they have adequate coverage. At least hospitalization plan. If possible, help them to open up an investment account where you can ask them to fund it montly irregardless the amount. Can me few hundreds dollar also. At least, they can have some savings.
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Try to see if you can convince them to let go of the car? It is one of the greatest expenses.
It would be good if you could help to ensure that they have enough cpf for their retirement or convince them to start planning for their retirement. In the meantime you can try to cut down the household expenses.
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Tbh I don't think you have a choice. I'm in the same boat as you, and tbh I am really quite worried cos my parents financial situation isn't quite solid yet they spend a fair bit.
I've resigned to the fact I'm responsible and I will have to take care of them to the best of my ability. On the other side, we'll probably have to take care of my MIL as well who might not have any savings so I guess we're in charge of 3 parents finances.
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Simple answer - yes, you are responsible for your parents' financial health. I am going to be cynica...
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You should talk to your parents and be upfront with them. It is important that you are all on the same page about their retirement. "Dad, mom, you guys are getting older, have you thought about your plans when you stop working?", this could be a good conversation starter.
If they expect you to support them, then you'll have to decide how much support you're able to give and let them know the boundary. "Dad, mom, I've calculated my finances and I think I can only afford to help you with $X a month." Its not so much about the amount, its about being on the same page with your family members.
This way, you can continue to support them, but you should not have to be responsible for their poor financial decisions.