Golden years, golden savings: Childfree couples plan for secure retirement

A couple said they were saving enough to afford a retirement home if needed, as they could not depend on others for care.

10 Jul 2024 10:15am
Photo for illustration purposes only. - 123RF
Photo for illustration purposes only. - 123RF

SHAH ALAM - Childfree couples prioritise accumulating financial savings to secure their future, aiming to afford retirement expenses such as potential care in the old folks' homes.

A couple who preferred to remain anonymous said they have been saving to prepare for their golden years.

"I'm doing my best to save as much as I can. I don't want to retire as I feel like I'm part of the generation that can't afford to retire.

"I've contemplated moving outside the city where the cost of living is cheaper so that I can stretch my money during retirement," the husband said when contacted.

The 38-year-old added that they were saving enough to afford a retirement home if needed, as they could not depend on others for care.

The couple said they also prioritised health to ensure they stay healthy in their golden years.

They did weight training to preserve muscle mass, avoided smoking and took supplements for health.

Meanwhile, home baker Rose Farhan, 30, said she and her husband observed cases where parents were abandoned by their children, which was why they were also preparing to live in a retirement home if necessary.

"We are now accumulating financial savings as much as possible, so that we will have financial support for our retirement," she said adding they empathise with parents who viewed their children as a part of their retirement plan.

For newlywed couples contemplating a childfree marriage, Rose advised thorough self-reflection, weighing the pros and cons of not having children and making comprehensive plans for the future, including financial preparations and post-retirement activities.

She highlighted the importance of thoughtful consideration and proactive planning to ensure a fulfilling and secure future without children.

Preschool teacher Siti, 35, said she enjoyed financial flexibility, allowing her to save significantly for retirement and invest in comprehensive insurance.

Additionally, she dedicates much of her time to volunteer work at orphanages and old folks' homes, fulfilling her desire to contribute meaningfully to her community.