Reader says...
My mum was given an inheritance to the tune of $200k.
Not knowing what to do with the money, my mum deposited it in the bank without our knowledge and of course, she was “invited” to speak to a bank’s representative and...
I experienced some difficulty convincing her to put a significant portion of the remaining sum into her CPF as she is apprehensive that the money will thereafter be “locked up” for life and she can only get a small portion of it every month.
I do not think the sum in her CPF RA is anywhere near the BRS.
Unfortunately, every individual is only limited to a maximum of $100k in SSB.
What do you think are good alternatives for someone like my mum (62 this year) to park her remaining sum?
I take it upon myself to find out more about the most logical way to optimise the growth of this sum of money while still keeping it safe for her later years.
AK says...
I think you have to explain to her the importance of an annuity and CPF LIFE.
We will not always make the most prudent financial decisions in our old age.
Having a dependable monthly income for life in her golden years will provide peace of mind for her and the family.
"What if I live longer than expected?"
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Retirement adequacy for late bloomers 101.
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What should mom do with $200k inheritance?
Friday, December 7, 2018Posted by AK71 at 11:14 AM 8 comments
Labels:
insurance,
money management
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