My dad,51 yo is a taxi driver as this are his CPF values: OA: 0 (emptied to pay for house) SA: 43k MA: 59k Are there any CPF strategies for him situation?

I would advise you to consider two things

1) this year budget, govt announced matched retirement savings scheme that will start 2021. In the year he turns 55, govt will match dollar for dollar for cash top-up to the acct to meet BRS. If my understanding is correct, it should be either cash top-up from himself or family. Go Google this scheme.

2) you can transfer from your OA to his SA, to best of your ability.

I strongly suggest you and family save up for the matching scheme.

Hello!

In my opinion, there is no easy solution to this problem. It will be almost impossible for him to meet the Basic Retirement Sum (BRS) now. Although you could top up to his SA to meet the BRS but you would need a big sum of money.

As far as I know, if he did not manage to meet the BRS, his payout would be pro-rated.

Alternatively, you can help him to source for additional income streams so that it can help with his retirement.

1) Downgrade your house. It is not an easy option but have a chat with him. House isn't an asset if it doesn't generate income. By downgrading the house part of the $$ would be pumped back into the OA which can help him to meet the BRS.

2) Rent out one of the room.
3) Buy a annuity plan. An annuity plan is a special type of endowment that provide periodic payouts very much like CPFLife. Such plan would be of great help as it can provide guaranteed monthly payout once your father retired. (if you wish to learn more about this. Feel free to pm me.)

Personally, my father is a similar situation as your father except he is 61 now, has no savings, and forced to retire due to parkinson disease. I'm a financial advisor (but im still in uni) and my brother is working now. So what we are doing now is to split the cost of my father retirement together.

It is definitely not easy to be in the sandwich generation but let's us do our proper financial planning to break this cycle of relying the next generation for retirement =). ​​​