What is the most important to think for 50-60s parents and have not planned anything for themselves need to have? Trying to find out for my parents

1. Medical insurance, get them covered ASAP!
2. Accident insurance to cover outpatient medical expenses that hospsital plans don't cover
3. If budget allows think about how you can utilise their cash to grow your their nest egg so they can stretch their funds for longer. SSB is now at 2.83%p.a. for 10 years, just an example.

If you want to compare medical insurance, check out this table https://plannerbee.co/best-integrated-shield-in... but first check what plan they are currently under, if its insufficent, do an upgrade within the same insurer to ensure pre-existing conditions are also covered. Hope this helps!

Hi Chlo,

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Like many have mentioned here, get their hospitalistation plan sorted and relevant insurance policies taken care of.

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With those out of the way, the next important consideration is to secure their retirement fund.

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Assuming that they are still working/ making contributions to their CPF, strive to attain BRS (minimally), FRS (ideally), ERS (best case).

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After which, it'd be appropriate to build supplementary sources of retirement income from an annuity plan or dividend portfolio of sort.

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Some useful resources on CPF retirement sums & matched retirement savings scheme:

https://www.cpf.gov.sg/member/faq/retirement-in...

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https://www.cpf.gov.sg/member/faq/growing-your-...

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All the best! :)