My dad is 62. Not working due to health, minimal insurance. No OA, SA 1k, MA 10k, RA 3k. How else can I help for his retirement? Pls advise.?

Hi Anon,

I seconded Takingstock's opinion to fully utilise govt's cpf matched retirement savings scheme. Your parents, or at the very least your dad, should be able to qualify for it. Govt will match dollar-for-dollar up to $600 per annual for those who are eligible. It is free money from the govt, with guaranteed 100% of up to $600/annual, even before we considered the interest generated from his SA/RA. If you are unsure if your parents qualify, CPF's FAQ stated that eligible members will be notified by the end of first quarter, so you can wait till there's confirmation before acting on it. Personally, I feel that this is a must have if you are able to afford it for your parents/dad, if they qualify for it.

Source:

https://www.cpf.gov.sg/Members/Schemes/schemes/...

With minimal insurance when he has existing health issues, this might be tricky. I would recommend for you to speak to a Financial Advisor who genuinely helps instead of trying to achieve his/her sales target. This might put a bit of strain on your finances if you are footing the premiums, but it will prevent your account from breaking entirely should something happens.

Personally, I worry about my parents' retirement plans too, coz my family isn't well-off, and my parents are unwilling to talk about money (typical traditional Asian family) for me to understand where exactly do they stand. In a crude way of saying, I think I will have a significant role in my parents' retirement plan, so I'm watching my expenses very tightly in order to be able to channel more to them every month.

That being said, you do you, and work towards your objectives. It doesn't matter if you take a long time to reach your objectives, so long as you are moving towards it. All the best and jiayou.​​​

Hi, not sure the exact condition of your Parents. But do consider the workfare scheme. https://www.workfare.gov.sg/Pages/WIS.aspx

1. It could be as simple as doing some kind of freelance work like babysitting etc under self-employed scheme. As long as someone (you or themselves) contribute a minimum sum to their medisave account, they get further Govt top-ups.

2. Depending on your own situation, you can also consider topping up their CPF accounts if you fall under the higher tax bracket (15% above).

3. Can also review if they have supplementary health insurance beyond Medishield Life.

Glad to discuss/share further over call, zoom or in-person. Thanks to Frankie, so happens I am an Independent Financial Adviser.