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Retirement funding for our parents: An idea.

Tuesday, August 4, 2015

My blog, ASSI, is very fortunate to have guest bloggers and some readers who are willing to share their very thoughtful ideas generously. Their thoughts have made the many discussions on diverse topics in ASSI more engaging.

Here, we have another example of what I am talking about:





Hi AK.


My parents are 66 yrs old this yr. Dad is still working. Likely to retire by 70. He prefer to work till 70 than staying at home. My parents belong to the earlier cpf minimum sum scheme. (Last for 20yrs only)



I am considering for them to join the cpf life. My parents saving is about $200k. Instead of keeping the cash in bank for their retirement usage, i am thinking of putting $200k into their RA.


Advantages:
1. They able to earn interest 4% per annual.
2. They able to get payout for life under the cpf life scheme.
3. Money is safe and will not lose to any scam cases.



I have also checked through the annuity plan by ntuc, aviva, tokio marine etc... they cannot match with cpf life. Of course there are other options such as buying stocks, reits, property etc... but not so suitable for retired folks.


Not seeking advise from you but like to hear second options if you have any. smile emoticon

You may like to post this in your blog so as to share it with other friends. smile emoticon

Cheers,
AL


AL shared this with me in a chat on FB not too long ago and I very much agree that CPF Life is the best annuity plan there is out there.

However, it would depend on whether he is able to convince his parents to accept his plan. That could be the biggest obstacle to overcome, I suspect.

Related posts:
1. Securing risk free returns for our retirement.
2. Retirement: AK bought a AAA rated bond.
3. An annuity proposal: AK does a case study.
4. EcoHouse: Questions we must ask.
5. A banker's advice on retirement income strategy.

 
 
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