This is an issue that has always troubled me. The amount to set aside is highly uncertain depending on how parents die. A slow death will cost a bomb not only in terms of money but in time and energy as well. No matter what, this is a burden that MUST be borne if we call ourselves decent human beings.
Today, parents’ allowance is already the biggest budget item on my monthly expense. Even more than for my kids. Many Singaporeans I talk to budget for their kids’ university education but none of them budget for their parents’ death budget. I don’t really worry about kids because the banks will readily lend my kids money to finance their education. No banks in the whole wide world will loan money to dying humans with no chance of repayment.
I heard about cancer operations that can take up to $300k. This is horrifying.
How much do we need to set aside to care for our aging parents, and why isn’t there any help for normal working families?