The divorced couple are so cash-strapped that they fought in court over maintenance payments of $600.
SINGAPORE – Most parents want to do the best for their children, but a couple here are enduring retirement with money woes after splashing out around $600,000 on their children’s overseas education.
The father, who is 65 and retired, has a young child from his second marriage and had been paying $1,200 a month to his former wife, 69. Yet even as late as 2023, the father continued to remit about $26,000 to his son in the US, while his wife gave about $14,000. He noted that the responsibility of meeting the financial needs of their parents ought to be partially borne by them, especially as they had benefited tremendously from the tertiary education fund set up for them.
As a result, many set aside only up to $500 a month in their savings account, which would reap just $6,000 a year or $60,000 in 10 years.Compare this with the average sum of $1,500 that these parents said they would each need every month for retirement. So each of them would be short of $12,000 a year or $120,000 over 10 years.
Unlike private funds, which are affected by financial market volatility, CPF Life payouts always remain stable simply because they have a strong backer – the Government. Of course, there are private investments that promise higher returns and many younger people believe it is better to invest the money themselves than to rely on CPF Life.
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