SINGAPORE: A young Singaporean man has taken to social media to express his concerns about the possibility of becoming his parents’ retirement plan. He explained that while his parents never outright asked him to support them, they have no savings and are deep in debt.
“I don’t think my parents expect me to fund their retirement, but they have absolutely 0 savings. In fact, they are very deep in debt,” he wrote.
He shared that he feels sad about the situation, admitting that his relationship with his parents has been neither great nor bad, yet he still feels responsible. “I just feel like I’m a tenant living in their house for free. Yet, I can’t, in good conscience, leave them be.
Despite the state of our relationship, they did raise me after all,” he said.
“My parents never expressed any expectations about me being their retirement plan. Although they don’t have to. In the end, I won’t have any choice if I don’t wanna leave them out to dry,” he added.
His post struck a chord with many Singaporeans who are facing similar struggles. Many Singaporeans shared that parents, especially from the older generation, often haven’t saved enough for retirement, leaving their children to take on the responsibility.
One commenter said, “Zero savings, deep in debt. You are their retirement plan.”
He added, “I’m kind of in the same predicament as you, just without the debt. My parents made it clear to me that I was their retirement plan. And as an extension, they also made it clear that I was lucky to have siblings to support me, support them.”
Others agreed that while their parents didn’t directly say it, the expectation was always there. “Sometimes that generation doesn’t see a need to express it. It’s expected,” one commenter said.
A young woman shared that although her parents weren’t in debt, they had no savings either, and she had to allocate a significant portion of her salary to support them.
“I will just fork out money to ensure that they will not go hungry… about 30% of my salary goes to them each month,” she said.
Another commenter didn’t have siblings to share the responsibility, so he didn’t take on his parents’ debt. He asked, “What kind of debt is it? If it’s government or bank (not Ah Long), let them work out repayment plans, consolidate the debt, etc.”
“You should focus on your own financial situation first; otherwise, you can’t help anyone,” he advised.
Advice poured in from other users, suggesting different ways to handle the situation. Some recommended closely examining the parents’ finances, including their expenses and income.
One commenter advised reducing their debt and living costs to prevent further spiralling.
However, the man who posted explained that he and his siblings had already cleared their parents’ debts before, but due to bad financial management, the debts continued to pile up.
“That’s the thing. The siblings and I have cleared their debts before. It just snowballs again. They have bad financial management. They have expenses they can cut down on,” he shared.
“I’m also starting to question their income since I talk to people in their industry. Objectively, they shouldn’t be struggling. Some people are just stubborn, I guess. It doesn’t help that they are not on top of things when it comes to bills, so they incur interest fees,” he added.
A few commenters pointed out that selling their home and moving into a more affordable one-room flat could ease their financial strain.
Another idea from one commenter was to consider relocating to Johor Bahru (JB) once the railway connection from Singapore is completed in 2026 and renting out their place in Singapore for additional income.
Another commenter suggested, “If you want to help them, the first thing to do is to speak with them to learn what the cash flows like for whatever their business is. The first thing I’d ask is if whatever they are doing is generating more income than expenses.”
“I guess I’m fortunate enough as my parents don’t expect me to fund their retirement,” another commenter remarked.
As the cost of living continues to rise, with many older Singaporeans neglecting retirement planning, their children often find themselves balancing their financial future with the responsibility of supporting their parents.
For some, this responsibility is manageable, but for others, it creates a significant burden, often leading to neglecting their own retirement plans. /TISG
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