retirement planning for the elderly without dependent support
Post on 13-Jan-2016
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Clarence Lee (leader)Chen JiaJunChia Zhi Yi
Hazim Fathul RahmanJoshua Yap
Content1. Introduction
2. Methodology
3. Findings and Analysis
i. Social Survey
ii. Interview
4. Conclusion
IntroductionOverview
Background
Problem Statement
Objectives
OverviewIntroduction
Methodology
Survey Analysis
Interview Analysis
Conclusion
BackgroundIncreasing percentage of elderly
Escalating percentage of elderly not living with their children
Rising numbers of elderly living in nursing/ old folks’ homes
Problem StatementGovernment 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
ObjectivesPromote 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
MethodologyMethods to gather information through use
of:
a. Social Survey
b. Interview
Social Survey 20 respondents were surveyed
Aim of survey was to determine:
a. the adequacy of financial planning
b. level of Healthcare concern in retirement
c. lifestyle choice
d. the social needs / activities in retirement
Demographics
InterviewInterviewees were from Singapore Action
Group of Elders (SAGE):
Mr. Phua Kok Tee (CEO)
Mr. Wan Noor
InterviewInterview 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.
InterviewInterview objectives were to:
c. To discuss the retirement needs of the elderly (especially for elderly without dependent support)
Survey AnalysisResults will be analysed according to:
a. Financial
b. Healthcare
c. Lifestyle Choices
d. Social Needs
Survey AnalysisFinancial planning is
important
Majority of respondents choose personal savings over CPF for financial support
(Financial Aspect)
Survey AnalysisAll agreed health was vital
(Healthcare Aspect)
Survey AnalysisHigh confidence in Singapore’s
healthcare facilities
(Healthcare Aspect)
Survey AnalysisPeople expect to meet or exceed
current lifestyle expectations
(Lifestyle Choices)
Survey AnalysisBut may have to downgrade due to
CPF dependency
(Lifestyle Choices)
Survey AnalysisRespondents agree for a need to
upgrade social facilities
(Social Aspect)
Interview Analysis
Two main areas of concern:
a. Healthcare
b. Feasibility of a Retirement Village
Interview Analysis
Healthcare is significant for elderly
Government has to work with citizens to lower healthcare costs
(Healthcare)
Interview Analysis
Mr. Phua raised the issue of feasibility
Western concept vs Asian culture?
Need for ‘Ageing in Place’
(Feasibility)
ConclusionApplication
Challenges
Future Recommendations
Reflection
ConclusionProject proves a need for a fresh solution
Changing needs of elderly in the future with different challenges
(Application)
ConclusionRising inflation rates and poor financial planning
(insufficient funds)
Retirement Village’s feasibility
(Challenges)
ConclusionIntroduce the concept of a Retirement village to Singapore
New generation of elderly are likely to be more accepting of it
(Future Plans)
Conclusion Different commitments
Time constraints
Different preferences for modes of communication
(Reflections)
Conclusion Different commitments
Time constraints
Different preferences for modes of communication
(Reflections)
Thank
You
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