Anonymous

25 Nov 2019

∙

What should I prepare for my 50+ year old mum?

My mum is a Grab driver and managed to raise the three of us children up over the last 10-20 years.

As the eldest son that recently graduated and just found a job with a starting pay of around 3k, I was wondering what can I do for my mother.

She obviously has no retirement funds and the fact that she drives Grab means she has no CPF.

What she only have is
1. Personal accident insurance
2. Basic hospitalisation

Is there anything that my siblings and I can do to prepare for her retirement?

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Belle W

25 Nov 2019

NIL at NIL

Hi Anon, Purchase a retirement plan which provides an annuity payout to her in her retirement years, this would serve as her monthly salary provided to her for her daily spendings etc.

Make sure she does her Lasting Power of Attorney (LPA) as well since there are a great spike in numbers when it comes to cases of dementia in Singapore. That way, she can appoint someone trusted in the family to make decisions on her behalf should she lack mental capacity to decide on her personal welfare, properties and affairs. The Ministry of Family and Social Development are currently providing application waivers for Singaporeans to do their LPA, applicants need only pay for the certification fee which will cost less than S$100 to do it at my firm.

Let me know if you require any help, I would be happy to refer you to the right person.

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Shulingg Chen

22 Nov 2019

Scientist at LonzA Biologics

(1) upgrade hospitalisation plan to A or B ward before age 60. After which will be required to undergo medical checks.

(2) accident plan.

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Hariz Arthur Maloy

13 Nov 2019

Independent Financial Advisor at Promiseland Independent

Income Income Income.

Your main focus for her should be income when she decides to stop work, inco...

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