facebookMy dad is 70 this year and has around $40k of savings for retirement. He does not have a hospital plan and getting it now will be too expensive. What are some ways to grow his money? - Seedly
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Anonymous

Posted on 15 Apr 2021

My dad is 70 this year and has around $40k of savings for retirement. He does not have a hospital plan and getting it now will be too expensive. What are some ways to grow his money?

I am using some robo advisors for my own funds. I’m wondering if I should use his funds on a riskier portfolio? If it loses money, I can treat it as my investment (since I can afford to have a longer time frame to grow the money) and use my actual own investment as his money should he needs it. He has no hospital plan but has a personal accident plan.

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Discussion (2)

Ray Kyaw Thu

Ray Kyaw Thu

Level 3. Freshie

Posted on 15 Apr 2021

At least get the plan that covered the public hospitals. At the age of 70, touch wood if something happens and no Medishield plan, the hospital bill can wipe out that 40k easily.

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J

Junli

Level 2. Freshie

Posted on 15 Apr 2021

Wealth protection is more important for your father at this point in his life than wealth accumulation. Would you want his funds from investment/retirement savings to be wiped out because of ONE medical bill?

It is best you assist him to upgrade his Medishield plan with an integrated shield plan ASAP. Your concern should be more on his insurability rather than the cost of the of the hospital plan.

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