My parents are still working, my mom at 55 as a cleaner and my father at 63 as a delivery driver. They raised me up to poly and and I eventually worked and saved for a degree.
However, even though I have a degree now, my monthly allowance at $450 to them on top of my father's monthly CPF ($400 a month) is not enough to help them retire if they dont work. My elder sister do not contribute because she has her own family to take care of. I dont even have a kid or bought my first house yet, how much do you think I have left for my parents?
In the past, they called it 养儿防老, meaning raising children for retirement. This is no longer true today in Singapore. Dont expect your children to take care of you when you are old, chances are they are struggling themselves.
I want to break out of this poverty cycle, I need to emigrate. I have just gotten my Australia visa. I hope I can find a similar job there as the salary is at least 2.5 times more than what Im getting here.
Stan
TRS reader