4 trips to the A&E in one month. As a financial planner, I thought I was prepared for anything. I was wrong.
Came across a heartfelt article on CNA today about a financial adviser, Mr Eddie Yew, whose wife was diagnosed with cancer in 20241111. The way he described how “every day felt like a race” while he was juggling his family and work really struck a chord with me2.
The author’s feeling of being in a “race” is my new reality3. The exhaustion from juggling work and my dad’s health is profoundly mental. It’s a marathon made tougher by the physical reality of caring for an adult—which I’ve found is easily 4-5 times the effort of caring for a child.
Thankfully, one major stressor is off the table: finances. Seeing my dad’s medical and long-term care plans kick in to cover the expenses is a huge relief, much like how the author’s family was supported by their insurance claims4444. It allows us to focus on what truly matters – his care and our family’s well-being.
Going through this has reinforced some crucial lessons, and I hope sharing them can help others on a similar journey:
- Secure Their Health, Secure Your Peace of Mind: Please ensure your elderly parents have well-planned medical insurance and, critically, long-term care plans (like CareShield Life and supplements). These are absolutely essential for managing prolonged illnesses without devastating your family’s finances.
- Plan for the Inevitable “What Ifs”: The time to have difficult conversations is when everyone is still of sound mind. Get their Advance Care Planning (ACP), Lasting Power of Attorney (LPA), Advance Medical Directive (AMD), and Will sorted out. This ensures their wishes are respected and removes the burden of guesswork from you during an emotional time.
- Create a Caregiver Contingency Plan: Caregiver burnout is real. Have an honest discussion about the future. What happens if the situation becomes too overwhelming? Research options like home care services, nursing homes, or hospice care. Understand the costs involved and plan financially for these possibilities. It’s about ensuring sustainable, long-term care for your loved one and yourself.
To all the caregivers out there, you’re not alone in this race. It’s one of the toughest roles you’ll ever take on, but proper planning can make all the difference. Stay strong.
#Caregiver #SandwichGeneration #ElderCareSG #FinancialPlanning #LPA #AdvanceCarePlanning #Singapore #MentalHealth
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Published By:
Wong Kum Soon 王锦顺
As a former Army Officer turned Financial Consultant, I live by the principle: “If we fail to plan, we plan to fail.” This military precision forms the foundation of my approach to financial planning, helping professionals and civil servants secure their financial independence.
Combining my military leadership experience with MDRT recognition, I transform complex financial situations into clear, actionable plans. My mission is to guide young professionals toward financial independence by 50, while empowering those in their 50s and 60s to pursue their passions. As a caregiver to elderly parents, I deeply understand the importance of comprehensive retirement planning.
Beyond my professional role, I serve as Vice President of a Cantonese Association and actively volunteer in my church. I create a thoughtful space where we can examine your financial position and transform retirement planning into a manageable journey toward financial serenity.
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