Our podcast this week covers another exciting topic – choosing which is more important between your child’s education and your retirement.
While everyone will acknowledge that both are really important, our income is far from limitless to spend freely on both these areas of our lives. Our child’s education can cost a pretty penny, ranging from the mid tens of thousands to over $100,000 if they choose to study overseas or take up medicine.
While it will never be the intention of parents to limit their child’s potential and education opportunities, they cannot neglect their retirement plans. Prioritising their children’s education over their retirement plans may leave them with a shortfall in their retirement – this may mean their children have to shoulder the burden of having to fund their retirement.
An interesting point-of-view was brought up by NTUC Income’s viral video titled “The Best Gift for Your Child”, also known as “The Worse Parents In The World”. If you haven’t watched it, here it is:
The ad shows a groom recounting how his parents gave him less than what other kids received when he was younger. The twist was that this was actually the greatest gift he could have received. Because his parents didn’t need him to fund their retirement, it gave him the freedom to allow him to become the man he was today.
Timothy Ho, Managing Editor of DollarsAndSense recently wrote about how his parents’ retirement plan has helped him achieve his dream career. Similarly, local financial blogger Dawn, also known as SG Budget Babe, wrote about how she wouldn’t give up her retirement plan to fund her child’s education.
This week, both of them joins host Dinesh Dayani to discuss whether parents should prioritise their own retirement over paying for their child’s tertiary education, and ask them how they would tackle planning for their own retirement while giving their children’s the best education.
Let us know what you think! You can reach us with your questions, feedback or an opinion to add on the subject at [email protected]
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