$8,000 a month for eldercare sounds like a luxury.
But perhaps the real luxury is having a choice.
Singapore’s first private assisted-living development has opened, with fees starting from about $8,000 a month and exceeding $13,000 for larger apartments.
The headline figures will understandably attract attention. But to me, the more important conversation is not whether this particular development is “too expensive”.
It is about choice.
As a financial consultant, I often find that retirement planning revolves around the lifestyle people hope to enjoy while they are healthy—travel, hobbies and time with family.
Far fewer consider what happens when living independently becomes difficult.
Would you prefer to remain at home with professional support? Move into an assisted-living community? Live with your children? And, just as importantly, would your finances allow you to make that decision—or would circumstances make it for you?
Not everyone needs or wants luxury assisted living. But this development illustrates something important: one of the greatest benefits of accumulating sufficient retirement resources is not luxury for its own sake. It is the ability to preserve your independence, dignity and options as your needs change.
It can also mean avoiding the unspoken assumption that our children will automatically become our caregivers—regardless of their own financial, family or career responsibilities.
Perhaps retirement adequacy should therefore be measured by more than whether our monthly income covers everyday expenses.
It should also ask:
“Will I still have meaningful choices if I can no longer care for myself?”
I’m curious to hear different perspectives:
Would you consider assisted living for yourself or your parents? Or would you strongly prefer ageing at home, even if substantial care arrangements were needed?
About the Author: James Lim
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