Family

Hi Anon, There are plans that can also be offered. Sharing these various plans so that more elderly can also be covered. They are 1) AVIVA MyCoreCI plan - covering life and 11 CI conditions 2) AIA diabetes care plan - covering life and 5 CI conditions 3) Merdeka Care - Personal accident plan Premiums for AVIVA MyCoreCI plan and AIA diabetes care plan are based on entry age and more details in this post: https://www.theastuteparent.com/2018/12/insurance-for-diabetes/ Merdeka Care is the easiest for application. For health insurance, the plan that may offer a coverage is Raffles Shield. I've put through plans on multiple occasions with different private clients. This should your first target to get as medical coverage is very important. There will be loading if an offer is given to you. Read more here https://www.theastuteparent.com/2018/12/raffles-shield-details-and-case-studies-that-you-must-see/ There is a strict underwriting guideline and a subsequent regime of health checkups needed to be done. If you are keen to discuss, do drop me an email at [email protected]

I am going to put out a lot of assumptions so the community, please correct me if I am wrong. To change ownership, you need to go HDB to do the procedure. If it is fully paid up, i doubt there is any fees, maybe for some admin fees. For BTO, you might be considered as a second timer, especially if you have taken up a loan for your first flat. HDB will have records that you own a house previously so.. you are not going to be a first timer for BTO.

Hi Xuan Le, I would consider Insurance an expense. You'll need it, and you have to spend on it. I personally use a 4-3-2-1 allocation. 40% expenses, 30% loans, 20% save/invest, 10% insurance. Now, in the event where you don't have loans to repay (e.g. no house yet), you can channel that 30% to either expenses or save/invest, so there's a bit of wriggle room there. So you can see when you are young, there's more allocation to play around. Allowances to parent fall under 40% for me. So yes, I am investing close to 50% of my income (I don't have a housing loan to repay....yet) Save/invest because once you have saved up your emergency fund, you can just earmark 20% every month to be invested. Whether you deploy it or not is another matter entirely (e.g. in the case of shares where you might be waiting for the right price)

Unless really tough - you should at least look to have some form of health insurance to avoid financial impact of high-impact illnesses/accidents at old age. Aside from that, the insurance needed depends on my dependent situation. My parents are 70+ and don't have any other insurance as kids are all working and home paid up.

Hi anon, From the past few launches, I'm thinking mid-Nov onwards? Best to register for their alert service like Alvin mentioned and keep checking their page. Even with a non-mature estate, it's all down to luck. But if the estate you're applying for is within 4km of your parents' flat, you'll get extra chances! Or if you've previously applied for a non-mature estate and didn't get a ballot number, you'll also get an extra chance if you apply for a non-mature estate again this round. Good luck with your application!

Yes. But lesser ballot chance, so technically harder to get.

Hi anon, you will have to first see if your income is taxable. https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Overseas-Income-Received-in-Singapore/ If it is not taxable, then strictly speaking, you will not have tax benefits even if you contribute CPF. You can still do so to beef up your OA,SA and MA. I would take 89K and divide it by 1.17 to get the 'true' value of my income when compared to a job with regular CPF. If you are going to be taxed, then you should make some contributions to reduce tax. It does not matter how much you contribute since you do not have Mandatory Contributions, the absolute amount you contribute will be given to IRAS from CPF board for tax purposes.

Hi Hai Ngee, At that age, it's usually a hospitalization policy with a rider to minimize out of pocket expenses. Personal accident if you can afford it. And if possible, for the parent who is aged 61, there will still be avenues to get on board Eldershield as well as the supplement to boost payouts in event of severe disability. Feel free to reply to my post if you have any further question.

Hey Anon, this is a long video of about 40 mins but both Ryan Ong (veteran freelancer) and I cover quite a lot of advice for freelancers and their finances. https://www.youtube.com/watch?v=r4PtGfl9wMc The idea here is simple. Work on your active income and concentrate on making more money rather than trying very hard to save on expenses. There's only so much you can cut out. But your potential total earning capability can be endless.

This is a tough one, especially with the recent talk around the sandwich generation. Personally (this might not apply to everyone) - I feel that I want to be able to take care of them. My parents (in their 60s) don't have a retirement plan (mum has been a homemaker for the last few decades and dad earns a humble salary doing metal works), and in addition, they did not have insurance coverage until I got it for them in the last few years. My parents are not financially savvy, and in fact, I was scolded by my mum for buying insurance for her. Despite all the arguments, If I am not able to have that financial buffer for them, there is no way I would feel at ease. That said, I will always see how we can cut down at home. For example, I purchase family consumables such as toilet paper, washing powder etc, and in general, will look to be more frugal in terms of spending.