GETTING THE MESSAGE ACROSS TO OUR ADULT CHILDREN

Ever tried broaching the subject of retirement planning with our adult children? Expect the usual responses:

• "It's too early. I'm not even 30 yet."
• "Not now." I've too many financial commitments at the moment.
• "I'm earning only Rm2500. That's barely enough to survive on, what more save for retirement?
• "Life is so uncertain. Better enjoy now."
• "Dad, I'm sure you will leave me enough to live on."
• "Don't worry. I've everything under control." (This response is just to get you off their backs.)

Click here to start using NTUC's retirement calculator.

Well, maybe they have no clue what's in store for them if they don't start saving for the future. You'll be doing them a huge favour if you share with them how much your monthly expenses come up to in your retirement.

If you are still working, and have no idea how much you will need when your salary stops coming in, make use of the retirement calculators posted here to help you get a rough estimate.


Click here to start using the Prudential retirement calculator.

Financial education should be introduced in our schools. Rather than wait for the Ministry of Education to take the lead, we can do our bit with our grandchildren. They are better listeners and followers than our adult children. Start by teaching them how to spend wisely at the school canteen, Then move on to Budgeting 101 with their weekly allowances.

Children learn quickly to spend within their means if they have good role models. Get them to save any small change left at the end of the school day. Good habits instilled at an early age often carry into adulthood.

Generation Xers who are in their 30s and 40s subscribe to the credo of instant gratification. It doesn't help that banks make it so easy for young people to sign up for credit cards, and also give them the option to pay the minimum on the amount outstanding each month.

We don't have a choice. It's either financial planning now or financial woes later. Ten years down the road when we are just beginning to enjoy our retirement, don't be surprised if our adult children come knocking on our door for financial assistance. Or move back in with us to save money. Will we have the energy and funds to support our (adult) children all over again?