Prudent retirement funding strategy for elderly parents.

Reader:
Hi AK, apologies for the multiple questions from me. 🙂 I am looking to help my parents with their retirement planning and hope you could shed some light.

For convenience of calculation and discussion, assuming the following hypothetical figures, can you share how you would do the planning?

Parent A - 500k cash
parent b - 300k cash,
Zero CPF for both,
No existing loans at all
Children all financially independent
Require about 2k per mth for expenses
Occasional traveling

Given the above I was thinking of topping up their retirement account to the ERS and opt into cpf life at 65.

The remainder will be kept in minimum risk instruments like FDs etc and maybe just a small percentage into shares. Hope you can help me out in your free time. Thanks a lot!

Both parents have basic health insurance. I am thinking of getting them to surrender their whole life policy bought donkey years ago with low sums assured as we children are all financially independent.



AK:
What you are planning to do sounds like what I would do if I were in your shoes. Spooky!
Old folks should not be too adventurous with their money.

Reader:
I read your blog daily! I guess that's where I get all my thoughts mainly. Can't thank you enough!

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