Anonymous

10 Nov 2020

∙

How do I get my parents (they are the old get-money-must-spend types) to prepare for retirement and how should they do so?

Hi all,

My parents are the old get-money-must-spend types as they came from poorer backgrounds and made it to good stable salaries. Their kids (me included) have grown up well and can pay for their own futures and now they are rapidly approaching retirement age.

How do I approach them about having to invest for retirement? They seem to reject investments as gambles. Additionally, any advice on 50+ year olds that do not invest? Would parking it all in a robo make more sense than management?

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1M45

10 Nov 2020

Top up the CPF retirement account to $271 500. Then govt will give your parent $2k+ monthly when 65yr old (CPF life).

$2k+ shld be more than sufficient for daily normal life.

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