Sandwich Gen q: Share some of the things you are doing for parent(s) not reaching Basic Retirement Sum (BRS),no income (housewife/stay home) and already on Retirement Sum Scheme (RSS)? 66-67y/o
Apart from: 1) Retirement Sum Topping Up-Scheme - already doing top up of cash $600 yearly to parent's Retirement Account. 2) Ensuring medical is covered by paying Medishield Life premium through my Medisave (parent has existing condition) 3) Giving an allowance
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Top up their retirement account.
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Follow all the advice they say. Make sure your kids will not be the next sandwich generation by preparing for your own retirement.
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Hui Juan
27 Jul 2022
Content Manager at Seedly
If not staying with parents (I'm assuming they stay in HDB), I'd suggest looking if there's a need to downsize or if it's worth selling HDB lease. If cpf was used for the flat, sales proceeds will have to go to cpf account first and this might bring up the BRS. If otherwise, after paying stamp duty etc. for the new place, you might be able to "profit" from the sale. Lease buyback scheme is also another thing to consider if selling of flat is not your thing.
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Actually, talk to them. Ask them about their needs.
from there, start to build towards u and their ...
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I dunno.
Im childless - who am I supposed to place blind and (honestly, to be politically incorrect, selfish) reliance on when I retire?
Plan well for your own retirement please.