Downsizing flat and upsizing parents' retirement adequacy!

Reader:
Thank you for sharing your financial journey and thoughts on your readers’ queries with us.

My husband and I bought a BTO 4 room HDB flat 4 years ago.

We are thinking of changing our HDB from a 4-room to a 3-room flat some time after the MOP (5 years).




We are thinking of transferring the monthly CPF-OA contributions, excess of our monthly repayments, to SA for the 4% interest.

My father is 63 years old and my mother is 57 years old. 

If I am not wrong, topping up $60K to my father’s RA means he can apply for CPF LIFE. 

The monthly CPF LIFE payouts will be about $360.




AK:
If you have no other use for your CPF-OA savings after the move, transferring the money to the SA is always a good idea if you are thinking about a more secure retirement. 

Let the magic of compounding do its work. Your savings will amount to much more 20 years later.

With more cash in hand, you are planning to top up your parents' CPF accounts? I like that too. 

If you have only $60K to spare, you might want to consider splitting it so that both parents get $30K in their RAs. 

This is because the first $30K will get 6% interest. The next $30K gets 5%. Of course, above $60K, it is 4%.




If you have $120K to spare instead of only $60K, of course, topping up both parents' CPF-RA with $60K each is a good idea. 

Make the government do some work in supporting your parents financially. ;)




Related post:
Mom is stunned by her CPF-RA.

This job is unpaid but offers exposure.

From time to time, I would receive emails like the following:

Example 1:

I wrote to you some time ago and was essentially rejected by you. maybe you are more open to it now...please allow me to suggest two ways where we can collaborate...

--------------------------
Example 2:

...we do not pay panelist. However, we still hope that you would consider to be a panelist... talking about how each individual should build their portfolio at every stage of their life which also fits into our theme for this year.... looking forward to your favourable reply.
--------------------------
Watch this! ROFL!

"Oh, this job is unpaid but it does offer excellent exposure."

Yes, the word "exposure" is used pretty much all the time when people want me to work without pay.

Hey, see how I disguise myself? Do you think I want "exposure"?

I am just a hobbyist blogger. I don't have any product or services to sell. I won't make a ton of money if I have more "exposure".

When I am asked to do some work, I am giving up my time and putting in effort. I think it is fair that I get paid.

"When I am asked to give talks or make public appearances or do any kind of work, one way or another, I am always paid a fee because I am doing something on request.

"So, to be fair to others who have paid me for my time and effort in the past and to be consistent, I will have to decline your invitation."

If I am blogging for a living, then, I would probably want more "exposure".

However, the day I have to blog for a living is probably the day I will stop blogging. Very cham.

Related post:
Life is about many things and my time is in short supply.