Time flies. And it's not a secret that Singapore is an aging society where almost half of its populace being 65 years and older by 2050. Here, we will be looking at two of the more pressing issues faced by senior citizens; 1)growing older (alone), 2) wealth management upon death (from an Islamic perspective) and options available for each.
Growing old can be a scary, especially for those who have lost their spouses and are living alone. It can be a lonely existence; and even simple everyday tasks can get challenging. For some, living alone in a big apartment can prove to be also an expensive option. Then, there is the issue of safety - Enhancement for Active Seniors (EASE) looks into this, providing subsidies to ensure a safe home environment.
The HDB has options to support the senior population. Home owners who are aged 65 and above are eligible for the Lease Buy Back Scheme. The scheme offers monetisation options to support in elderly Singaporeans to enhance their retirement income. For more information on the various schemes available, please click here.
Another alternative would be to rent out a room(s) depending on the size of the home. Renting provides an income alternative and can also provide companionship for the senior home owner.
Another issue that senior citizens face would be what happens when they pass on. Who will manage their estate? How do they divide the assets?
From an Islamic perspective, wealth distribution upon death falls into 2 categories; Faraid ( for family members only), Wasiat or Will (for non-family members including adopted children) and Hibah or Gift (to be distributed when alive).
These laws govern how the remaining assets are to be distributed fairly; thus preventing conflict among dependants left behind. For more information on estate planning, please read here. As it can be a complex process involving multiple dependants, it is recommended that an Estate Administrator is appointed.
Death is an uncomfortable subject for many. However, it is wise to have these difficult but necessary conversations so as to avoid unnecessary misunderstandings and conflict.
Should you require any advise on property related matters, reach out to award-winning realtor, Risdian Isbintara for a consultant.
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