No future without care: Closing Singapore's long-term care gap

Financial tools must evolve alongside medical and social care so families are not left to shoulder the burden alone.

- By Pearlyn Phau

Long-term care planning is not only about numbers. It is about giving families the strength to carry on, even in the most challenging chapters of life.

(ST FILE PHOTO)

While longevity is a gift, Singapore's increasing life expectancies also bring new challenges, and we need to be prepared for the financial and social realities that come with longer lives.

In his Sept 24 Parliament address, Prime Minister Lawrence Wong acknowledged the need to update national systems to reflect demographic changes, particularly increased lifespans. He noted that the government will be studying ways to further strengthen retirement adequacy.

His message is clear: With longer lives, planning for retirement becomes more important than ever.

Beyond meeting basic retirement needs, individuals and families also need to prepare for other expenses that come with the broader realities of ageing.

Longer lives do not always mean healthier lives. Many Singaporeans spend their later years managing chronic illnesses, frailty or disabilities.

On average, a decade of life is lived in poor health, and half of healthy 65-year-olds are at risk of developing severe disability, needing help with at least three activities of daily living, such as bathing, eating or moving around.

Mr Tay's story is more common than we realise. At 68, a stroke turned him from retiree into care recipient overnight. His wife and adult children became full-time caregivers, rearranging work schedules and finances to support his rehabilitation.

His experience mirrors what many households face. Long-term care is not a distant risk, but a reality that can upend daily life without warning.