Troubled over my family’s finances: my dad, 70 next year, is not well prepared for retirement. He only has MediShield+IP, with limited savings and CPF payout ($500/mth). How can I safeguard our future?

My sibling & I ate early career starters (we have an avg income of $3k) & have little savings (10k for me) & have debts (15k for me), we’re scared that if anything happens to my dad’s health, we’ll suffer in short & long term (my sibling & I have our own future goals to achieve as well). We’re both insured relatively adequately and plan to invest for the next 5-10 years, what else should we be doing or have we missed out on anything?

I think it's best to speak to a financial advisor for your case to see how they could help. For a start, you may want to pay MoneyOwl for the advice. https://www.moneyowl.com.sg/

Advisors with MoneyOwl are salaried. Unbiased advice are rarely cheap, but MoneyOwl has tried to make it affordable.

Based on what you mention here, you may want to look at ElderShield or CareShield Life if possible, for your father. Sometimes, it's what doesn't kill you immediately, that has the most financial burden. I think this is what you may be worried about.

https://www.careshieldlife.gov.sg/home.html

Also, be sure to look into AMD and LPA for your father too, if he hasn't has one.

Do note that all advices here, including mine, are free.

Free advice may cost you more than you think, so please ask MoneyOwl, or at least an independent financial advisor, who may not be salaried (i.e. earns from commissions), with good dose of integrity and honesty.

I am not an advisor. I'm not from MoneyOwl. Basically, I'm not from anywhere in the financial or insurance industry.

Just someone who has seen much in my experience and in others when I was working in a charity against cancer.

It's good that you are thinking this now than later. Wishing you all the best and hope you're able to find solutions to your concerns soon.