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Anonymous
Dad is 62 and has about $700k in savings (excluding $160k in Cpf). He's retiring soon.
He's not great with money, and gets extremely enticed by often misleading high-interest rates. He put $200k in a "structured-savings" account that gives 1.8% interest per annum. The money is locked for 5 years. When I found out, and told him that SSB would have been better for him, he didn't believe me because the bank brochure said he can earn UP TO %12, which is higher than SSB rates. How do I get to him???
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Hariz Arthur Maloy
06 Apr 2019
Independent Financial Advisor at Promiseland Independent
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Annuities would be a decent product for him. You can potentially turn 700k into 42k per year of income for life without reduction in capital. If he cancels the policy after it breaks even, he'll get back the full 700k and all the payouts thus far.
Or you can keep 100-200k as cash and then 500k in an annuity.