facebookMy parents, 52 and 53, both just lost their jobs. What should I do to plan for their retirement? - Seedly



25 Feb 2020



My parents, 52 and 53, both just lost their jobs. What should I do to plan for their retirement?

Mum: 52yo, OA 5k, SA 100k, MA 55k
Dad: 53yo, OA 5k, SA 50k, MA 55k
0 savings 0 insurance
Not educated, dw to get new job

5-room HDB still owing ~ 80k.
Car sell-off estimate can get back 8k - 10k

I have saved aside $15k for their retirement.
Monthly, max I can give them $1.5k.
Their monthly expenses EXCLUDING the car is $2.4k per month combined.

When they turn 55, how much can be taken out from their CPF after pledging the house, and 1 house can 2 person pledge anot?

What else can I do?

Discussion (6)

What are your thoughts?

I highly suggest you sit down with an advisor and plan it properly.

There are limitations to having a discussion on this forum despite the numerous and resourceful advisors here.

This is a very complex problem and it needs to be addressed over a 3-hour discussion.

I applaud you for your effort, seriously. Not many young people like you around these days.

There is another asset you have not capitalized on - renting out rooms from your 5 room flat.

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Rais M

Rais M

25 Feb 2020

Level 9ยทAccountant at SME

Perhaps you should not think of planning for their retirement. You should consider how to manage your current income and expenses to see how you can support them.

Sit down, have a tlak with them, do some budgeting and have a open discussion on how money needs to be managed moving forward. Do not give them the impression that you are not willing to support them or money is a BIG problem. They love and give you everything when you are young, and it is pay back time with more love.

Jason Sing

Jason Sing

25 Feb 2020

Level 10ยทSchool Of Hard Knocks And Life at School Of Hard Knocks And Life

Rent out a room so that your parents could tap on rental income for daily expenses. Most importantly...

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