Right from the first day of work, we are often reminded to save up for rainy days. So by now, stepping into the green age of 60 years old, we should have accumulated a good amount of wealth. These could come in the form of real estate, such as the property we live in, or a pension, stocks or a small unit for rental income, etc. When we no longer have a salary or recurrent income, we will have to rely on these assets to support us in the days to come.
This page provides information on various ways to prepare ourselves for a healthy and sustainable later life.
Most importantly, we should set aside some funding for medical expenses. Health always comes first. If we need nursing care and are not eligible for subsidised
nursing homes, there should always be enough money saved up to meet the expenses of care and attention services in a private residential care home. Hence, remember to account for these expenses in a
financial management plan, a long-term and prudent plan with the aim to preserving the value of our assets and generating recurrent income to cover our day-to-day expenses in later life. Assets such as dividend funds, dividend stocks,
reverse mortgage, dividend-focused stocks and shares, etc. are good examples. In addition, handling funding saved up in our
Mandatory Provident Fund (MPF) is also a concern to those who have retired.
Yet, it remains that there will be a day when a person comes to the end of their life. Arrangements can then be made beforehand on the succession of your assets. Most decide to convey assets to their children or even their grandchildren through
financial planning,
family trust, etc. On these arrangements, a common practice is to create a
will, and on top of that, more and more people are appointing an Enduring Power of Attorney while still
mentally capable. To help you on this journey, we have invited experts in law and asset management to provide information in these areas for reference and early planning to readers!
Financial Management for the Elderly
Reverse Mortgage
Enduring Power of Attorney