1 / 30

Retirement Planning for the Elderly without Dependent Support

Retirement Planning for the Elderly without Dependent Support. Clarence Lee (leader) Chen JiaJun Chia Zhi Yi Hazim Fathul Rahman Joshua Yap. Content. Introduction Methodology Findings and Analysis Social Survey Interview Conclusion. Introduction. Overview Background

base
Download Presentation

Retirement Planning for the Elderly without Dependent Support

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Retirement Planning for the Elderly without Dependent Support Clarence Lee (leader) Chen JiaJun Chia Zhi Yi Hazim Fathul Rahman Joshua Yap

  2. Content • Introduction • Methodology • Findings and Analysis • Social Survey • Interview • Conclusion

  3. Introduction • Overview • Background • Problem Statement • Objectives

  4. Overview • Introduction • Methodology • Survey Analysis • Interview Analysis • Conclusion

  5. Background • Increasing percentage of elderly • Escalating percentage of elderly not living with their children • Rising numbers of elderly living in nursing/ old folks’ homes

  6. Problem Statement • Government focus is insufficient to meet the needs of future elderly • Children are less inclined to take care of elderly • Increasing trend of unmarried or childless elderly

  7. Objectives • Promote successful ageing for elderly without dependent support • Ensure adequacy and planning strategies in Financial, Healthcare and Social areas • Integrate the retirement needs in concept of Retirement Village

  8. Methodology • Methods to gather information through use of:a. Social Surveyb. Interview

  9. Social Survey • 20 respondents were surveyed • Aim of survey was to determine:a. the adequacy of financial planning b. level of Healthcare concern in retirementc. lifestyle choiced. the social needs / activities in retirement

  10. Demographics

  11. Interview • Interviewees were from Singapore Action Group of Elders (SAGE):Mr. Phua Kok Tee (CEO) Mr. Wan Noor

  12. Interview • Interview objectives were to:a. To know more about government policies and initiatives working towards successful and active ageing.b. To understand active ageing better and how the infrastructure available encourages this.

  13. Interview • Interview objectives were to:c. To discuss the retirement needs of the elderly (especially for elderly without dependent support)

  14. Survey Analysis • Results will be analysed according to:a. Financialb. Healthcarec. Lifestyle Choicesd. Social Needs

  15. Survey Analysis • (Financial Aspect) • Financial planning is important • Majority of respondents choose personal savings over CPF for financial support

  16. Survey Analysis • (Healthcare Aspect) • All agreed health was vital

  17. Survey Analysis • (Healthcare Aspect) • High confidence in Singapore’s healthcare facilities

  18. Survey Analysis • (Lifestyle Choices) • People expect to meet or exceed current lifestyle expectations

  19. Survey Analysis • (Lifestyle Choices) • But may have to downgrade due to CPF dependency

  20. Survey Analysis • (Social Aspect) • Respondents agree for a need to upgrade social facilities

  21. Interview Analysis • Two main areas of concern:a. Healthcareb. Feasibility of a Retirement Village

  22. Interview Analysis • (Healthcare) • Healthcare is significant for elderly • Government has to work with citizens to lower healthcare costs

  23. Interview Analysis • (Feasibility) • Mr. Phua raised the issue of feasibility • Western concept vs Asian culture? • Need for ‘Ageing in Place’

  24. Conclusion • Application • Challenges • Future Recommendations • Reflection

  25. Conclusion • (Application) • Project proves a need for a fresh solution • Changing needs of elderly in the future with different challenges

  26. Conclusion • (Challenges) • Rising inflation rates and poor financial planning (insufficient funds) • Retirement Village’s feasibility

  27. Conclusion • (Future Plans) • Introduce the concept of a Retirement village to Singapore • New generation of elderly are likely to be more accepting of it

  28. Conclusion • (Reflections) • Different commitments • Time constraints • Different preferences for modes of communication

  29. Conclusion • (Reflections) • Different commitments • Time constraints • Different preferences for modes of communication

  30. Thank You

More Related