With increasing life expectancy and low birth rates, Singapore faces the prospect of a shrinking and ageing population and workforce. The number of elderly citizens will triple to 900,000 by 2030 and they will be supported by a smaller base of working-age citizens. To be sure, more elderly people close to retirement age today are keen to explore new work opportunities or carry on with their careers. Some factors contributing to this include the fact we are living longer and healthier lives.
Singapore is a developed country. Therefore, the healthcare services would be excellent. As a result, the citizens are living longer and healthier lives compared to before. With an increasing life expectancy and lower birth rates, Singapore will have to prepare to shoulder the burden of older elderlies. Preparation have to be made with addition of policies like the MediShield Life to tackle the increased of older people. Elderlies are encouraged to build a comprehensive savings plans for their future as well.