Forum: Parents have obligations to ensure their kids have a comfortable life

I read Straits Times Invest editor Tan Ooi Boon's response to an AIA Singapore survey with interest, and would like to share my views based on my own retirement planning (Parents: More for kids, less for their own future, Aug 8).

I am not surprised that parents are spending more on their children than their own retirement planning. I think it is important to understand that the environment here is so competitive that parents feel the need to send their children for extra lessons.

It is also often mentioned that people need to review and cut back on non-essential expenses so that they can have more funds to invest for their future.

Parents need to ask themselves if these cuts will affect their obligation to give their children a balanced lifestyle. A family staycation or holiday may be important to build family ties and provide a good experience of different lifestyles and cultures.

In a recent online seminar I attended, I learnt that there have been more parent-assisted property purchases. I believe this is the right thing to do if the parents can afford it, since we are obligated to ensure that our children have a comfortable life and housing is a major component of that.

While I fully agree that we should not depend on our children for our retirement, it is more important that we keep ourselves healthy.

Even if we plan well and fund our retirement, if we are ill all the time, it may create problems for our children.

Another important aspect is to ensure that we have given our children instructions on how they should manage our affairs once we are unable to do so or when we are gone, such as by drawing up our wills and a Lasting Power of Attorney.

It is never too early to plan for our retirement, but we also need to constantly adjust our plan when the situation or environment changes.

Leong Kok Seng

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