Meeting the Challenges of an Ageing Population

1. Individual ResponsibilitiesAdapt a healthy lifestyle by watching his diet and exercising regularly.Be financially prepared and plan for retirement early by attending financial talks.Hence, a healthy lifestyle may prevent the elderly individuals from falling sick easily or from suffering from critical illness that may be very costly to treat. early retirement planning allow the individual elderly to have all the financial resources he may need after retirement.2. Family SupportBy developing strong family ties, families are encouraged to take care of other elderly family members.For example, Grandparent's day was introduce to bring families together to show their appreciationto the elderly.Hence, strong family is crucial in helping to take care of the needs of the elderly as family members are usually the closest source for emotional, social and financial support that elderly can turn to for help. The government campaigns seek to remind Singaporeans of their responsibilities to take care of their own elderly family members.3. Government provides subsidies to voluntary welfare organisations that run community based services such as the Home Nursing Foundation for the Elders.These organisations frequently offer free health checks and organise recreational activities for the elderly.4. Government supportTribunal for the Maintenance of parents. Elderly parents above the age of 60 that are incapable of supporting themselves financially, can get court's help to seek financial support from their children who are capable of supporting them, but are not doing so.Tax relief. Taxpayers can claim income tax reduction for taking care their elderly family member or for contributing to their own elderly dependent CPF retirement accounts.Central Provident Fund. CPF members can withdraw their retirement savings on reaching the age of 55. Above age of 62, CPF members will receive a monthly sum of their retirement account.Public Housing schemes. First time buyers of government flats can get a housing grants if they buy a flat close to where their parents are living.Hence, the government measures are legal, measure that apply to all Singaporeans and enable them to seek help to cope with the needs of the elderly. Measures such as tax relief and housing grants reduce the financial costs of supporting elderly family members and encourage families to take care of one another. CPF helps ensure all Singaporeans will have some form of retirement income.