As Taiwan sits on the cusp of becoming a super-aged society by the end of 2025, more and more elderly individuals find themselves living alone as their children start their own families and spouses pass away.
Taiwan's Ministry of Health and Welfare recently noted that Taiwan has reached a demographic tipping point, with annual deaths now exceeding births. The country's elderly population 65 and over is projected to increase by two million by 2070, while the working-age population will decrease by 9.2 million.
This imbalance strongly suggests that future elderly generations will be unable to rely on children as caretakers, and potentially even unable to buy affordable quality care.
Home Equity in Retirement
Japan is another super-aged society, with an elderly population larger than Taiwan.
However, Japan has emphasized planning for old age more, with many nursing homes instead designed to be "active aging residences" located in serene surroundings and prioritizing accessibility. Neighbors at such residences are peers who offerdaily social interactions and check-ins, allowing for a quick alert if one resident has an accident or falls ill. A robust social welfare system and public subsidies allow many individuals from underprivileged socioeconomic backgrounds to access such housing.
In contrast, many Taiwanese elderly are reluctant to live in care facilities, have limited social interactions even with relatives, and pass away at home from falls or strokes, their bodies undiscovered for some time.
Instead, the concept of 'home equity in retirement' has gained traction in Taiwanin recent years, as many elderly people in Taiwan refuse to relocate from their homes, despite a lack of safety modifications like cushioned furniture corners and often undiagnosed health complications, such as muscle loss.
Seniors without children, or whose children are financially unable to support them, are choosing to mortgage their homes to banks, providing them with regularfunds for daily expenses and home care services while retaining a residence until they pass. Should heirs be unable to repay the loans, banks then have the right to auction the property to recover principal and interest.
Loneliness Persists
Despite being financially viable, elderly individuals in Taiwan often remain isolated when living in such asituation.
Doctor Jiang Guanyu, a physician at the Taipei City Hospital, noted that he is aware that at least 50% of the elderly served by his hospital experience such isolation
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Even worse were situations of emotional blackmail by the elderly to their children. Jiang recalled a terminal patient who tasked her youngest daughter with primary care. The daughter subsequently missed several chances for marriage and employment, becoming a middle-aged loner herself after her mother's passing. Other middle-aged individuals drain their savings to care for elderly parents, only to face legal disputes over leftover inheritance.
