Son's gambling addiction forces him to delay retirement
By Benson Ang
RETIRE at 55 and enjoy what life has to offer. William (not his real name) had it all worked out.
But his son's gambling debts has scuttled everything he had worked for.
The 60-year-old once dreamt he would be kicking back by age 55. But now, by his own calculations, even retiring at 67 might be a stretch. His son owes $40,000 in credit card debts and $2,000 in loans from licensed moneylenders.
These arose from gambling losses, part of which were incurred at a local casino.
William, an administrator in the education industry, is among those suffering from the effects of problem gambling.
He is still lending his son, an executive in the IT industry in his 30s, money to pay the minimum sum on his credit cards.
William and his wife, a 60-year-old housewife, live with their bachelor son in a condominium unit.