A quick health check up prior to starting your planning would mean that you need to 1) Ensure sufficient death coverage to take care of liabilities and critical illness coverage to ensure that funds are available to ensure your income stream doesn't stop due to illnesses. 2) Have a hospitalization plan to take care of hospital bills 3) Ensure your long term care coverage upgraded to improve the payout and payout duration 4) Have an emergency fund of at least a year of expenses for unexpected events If these points are in place, planning for your kids and retirement has actually no right or wrong answer. The market is awash in options but I will highlight a number of options that are commonly undertaken by my clients with similar situations as you, based on their preferences and risk appetite: For kids: - Conservative but guaranteed endowments to grow funds safely and prepare for the tuition bill - A combined Bond/Equity UT portfolio to grow capital - Defensive equities to have cash flow for future uni expenses - Some parents get a Whole Life critical illness plan for their kids as a gift, as premiums are drastically lower when they are younger. This shouldn't be at the expense of their education or your own retirement however For your own retirement: - A balanced portfolio of guaranteed and variable assets to provide room for growth with a safety net - These can include an equity/bond portfolio, ETFs, UTs, for both capital gain, and income generation - Annuities to preserve capital and convert your money into guaranteed income streams when you retire, immune to market shock - CPF SA and SRS top ups to maximise tax savings and let compounding (in the case of SA) work for you When you've build your wealth, remember that the best asset is pure income. When you have to manage assets in retirement (e.g. watch over your stock and UT portfolio), these assets can become somewhat of a liability. So plan to slowly convert your variable income flows into guaranteed income through the course of your life cycle. Ultimately, weigh all options and decide what works best for you. The best strategy will be a mixture of what suits you, and what you are comfortable with.