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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.
William, who requested anonymity, told The New Paper on Sunday over the phone: "In this situation, because my son still comes to me for financial help... I might be able to retire only at 65 or 67.
"I need to continue working to build up my retirement fund. It has been depleted because I lent (my son) moneyto pay off his debts over many years."
William said that his son David (not his real name) lost $10,000 at the Resorts World Sentosa (RWS) casino after just six weeks of its opening here last year.
David spent most his weekends at RWS, lured by the spinning wheels and rolling dice.
He would take the light rail system there. And if he was impatient to hit the tables, he would take a taxi.
William, who does not gamble, said: "It was very convenient. My son just needed to cross the bridge to Sentosa."
The daily levy of $100 was no deterrent. Instead, it encouraged David to stay overnight in the casino to make full use of the levy's 24-hour validity.
His losses led to arguments at home when he asked his parents for help.
William said: "As parents, we will help in any way we can, but my son and I often ended up arguing for hours.
"Casinos create a vibrant, beautiful and colourful environment that entices gamblers. Although the target is tourists, some locals have become collateral damage."
After his six weeks of losses, David decided that it was best to self-exclude himself from the casinos.
http://www.asiaone.com/News/The+New+Paper/Story/A1Story20110207-262253.html
