Hi there, for the start, I think every family situation maybe different. However, some of the basic things that one can consider will be:
1) Adequate insurance
Make sure your parents have proper hospitalisation, critical illness or include some elder shield plan to ensure that if anything major issue happen to them, u will not worry about paying the huge hospitalisation bills
2) Building Passive Income
See are there any investment schemes or high yield accounts for them to put their funds in. One of the best to consider is CPF retirement fund, which provides your parents v good yield annually. Try to build some passive income for them, so that they can have some incoming recurring income, or buy some blue chips shares or reits for them.
3) Staying health
It will be great if your parents have a healthy lifestyle to cut down on doctor visits.
Apart from the parents, make sure you and ur own young family do not have an overstretched lifestyle to support. Always make sure you save for the rainy days, as u do not know what will happen. At the end of the day, as long as everyone plays their part in knowing their limits of spending and build a smart recurring nest, we can enjoy a happy family.
Hi there, for the start, I think every family situation maybe different. However, some of the basic things that one can consider will be:
1) Adequate insurance
Make sure your parents have proper hospitalisation, critical illness or include some elder shield plan to ensure that if anything major issue happen to them, u will not worry about paying the huge hospitalisation bills
2) Building Passive Income
See are there any investment schemes or high yield accounts for them to put their funds in. One of the best to consider is CPF retirement fund, which provides your parents v good yield annually. Try to build some passive income for them, so that they can have some incoming recurring income, or buy some blue chips shares or reits for them.
3) Staying health
It will be great if your parents have a healthy lifestyle to cut down on doctor visits.
Apart from the parents, make sure you and ur own young family do not have an overstretched lifestyle to support. Always make sure you save for the rainy days, as u do not know what will happen. At the end of the day, as long as everyone plays their part in knowing their limits of spending and build a smart recurring nest, we can enjoy a happy family.