by Growing Needs | Mar 6, 2024 | A Better Tomorrow, Financial Services/Grants
Budget 2024 has been heartening – seen as a step in the right direction to boost retirement adequacy and well-being of seniors. Here, we break down the key changes and what’s in it for seniors and potentially their caregivers.
3 key areas we zoom in – Age Well SG initiatives, increasing affordability and accessibility of healthcare and lastly, strengthening retirement adequacy,
We see $3.5 billion set aside for Age Well SG initiatives over the next decade. Recognising that preventive care is important for seniors, Age Well SG is a new national programme to support seniors in active ageing, staying socially connected, and being cared for within their own communities.
Healthcare remains a key area of interest. The 2 As, affordability and accessibility is key and our government has invested heavily in this domain to ensure that Singaporeans get the care they need.
Most of us would need medical care in some form or another as we age. We need to keep in mind that even with government subsidies, we must expect healthcare costs, including medical insurance premiums, to increase.
For caregivers, this would potentially reduce the financial burdens with more than 1 million Singaporeans expecting to benefit from higher subsidies.
To further support retirement needs of our seniors, these adjustments were made to the CPF system. We see:
This would mean that more seniors aged 55 and above can fully commit their accumulated CPF savings to receive higher CPF payouts. This added optionality could help one increase their pool of retirement funds
This means more support for seniors with low incomes during their working years.
Recognising the concerns that seniors and their caregivers in Singapore face, it is indeed heartening to see the government increasing investments to make life better for seniors in Singapore. Be it in healthcare, fostering independence and also financial planning, seniors in Singapore stand to benefit from the multiple commitments seen in Budget 2024. We hope that this article gives you a better idea on how you or your loved ones can benefit from Budget 2024.
Growing Needs grew out of our own encounters with caring for our aging parents and reflecting on the Growing Needs that we ourselves would face as we advance in years. We hope to build a community that will learn, share and contribute towards caring for the growing needs of our loved ones.
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