During the chinese new year period, I got to know a relative who is already 60 years old. He himself is not at the pink of health having some chronic sickness and schedule to have some surgery. His own wife was a ex-cancer survivor and has fallen thrice and thus is “problematic” in her own right. But this is not all.

His own mother and mother-in-law are already 90 years old. They are definitely far from healthy. Having all the illnesses in the world (including blindness), they require a full-time maid to help them. All these under the burden of a 60-years old man who has income below average. He secretly revealed that the long-lives of the two mothers are really a big burden.

At 60 years old, he should be the year of financial independence, not financial burden. There is nothing one can do if one’s parents live “too long”. However, it is possible to help oneself not to be burden to others and to society. Here are some suggestions:

1. Get a medical insurance. This is to offload all hospitalization related medical bill. This is the most important insurance and yet it is the most ridiculously and lowly priced piece of insurance one must get. (The commission is also happen to be enough to pay for a few plates of chicken rice only.) If your insurance agent don't want to meet you to sell you this policy, please make an appointment with me and come to my office to sign up.
2. Get the long-term care disability insurance. Do not opt out of the national scheme’s Eldershield programme. Instead, “upsize” it to get higher coverage. There are some products around to “upsize” it. The Eldershield is only for 40 years old and above. Some people have foolishly opt out of the scheme.
3. For those who are young now, start to accumulate wealth for retirement. This is so that one does not need to burden their children when old.
4. For those who are retired or about to retire, they should start somekind of “annuity” program to get a lifetime of income. This is to ensure that money will never be exhausted regardless how long a person lives. Another reason, the administration of such income stream needs to be simple enough even when one is old, blind and mentally aged. For those who are contended with low-returns, a traditional annuity will do. For those who wants a higher-return, an investment portfolio with a high interest income stream can be constructed and yet producing life long income as well.