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Anonymous
Where can my retiring parents park their nest egg?
Both retiring in abt 2 years, they will be abt current retirement age at that point
Total Nest egg above 200k when I last checked, CPF is slightly higher
So I’m seeking any methods to extend the longevity of their reserves
Fixed deposit certainly the worst option, but can they still touch securities at their age?
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Loh Tat Tian
19 Apr 2021
Founder at PolicyWoke (We Buy Insurance Policies)
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Zac
13 Apr 2021
Noob at Idiots Invest
You need to ask if they plan to touch this nest egg, or if they have income coming in from somewhere else. If they need to touch the nest egg, avoid illiquid products.
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PolicyWoke
13 Apr 2021
Turbo-charge Your Savings with REPs at PolicyWoke
Hi Anonymous,
If your parents are risk-averse, one option is to save in [2nd-hand endowment policie...
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If they are ok with the 2.5% and 4% (through Voluntary Contribution to CPF) with annual limit of $37,740 currently (if they are working, its lower), they can do voluntary contribution if they did not do the CPF SA Shield.
Then they can just draw the interest every year instead of taking from SA.
There is a way to transfer OA to RA through cross transfer to get higher interest from RA.
Else, they could also do leveraged annuties or other ways (depending on their risk appetite). There are 101 ways to ROME, and some are more "adventurous" as compared to "slow and steady" deposits. Though we usually suggest risk-adverse options for retirees.