4 Ways To Help Your Parents Prepare For Retirement

While we are learning how to invest our money, we can also help our parents to grow their wealth too! Here’s how.

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0:00 - Intro

1:01 - What to do before investing
Before you invest their money, make sure that they are already covered by insurance. The most essential insurance to get is health insurance, which covers hospital bills. After that, you can look into other insurance like critical illness insurance and eldershield. Singapore also has the Community Health Assist Scheme (CHAS). With it, they can get subsidies when they visit selected clinics.
https://www.chas.sg/

2:39 - Method 1
The easiest way is to use CPF to grow their wealth. Once they turn 55, CPF gives up to 6% on the first $30k. There are a few ways to topup, your parents can topup $7k every year to save on taxes, you can topup to their account too to save on taxes too. Another way is to transfer your CPF money to them.

At 55 years old, they can withdraw some money from their CPF, but don’t do it unless they have a good use for that money. At 65 years old, CPF Life will start paying out money every month. Depending on how much CPF money you have in RA at 55 years old, you will be paid different amounts.
https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEstimator/RECalculate

The upside is they get to earn a risk free high interest. Downside is money will be locked in CPF till old age.

5:45 - Method 2
You can invest in roboadvisor income portfolios, eg Syfe Reit+, Global Income Portfolio. Or Endowus Income.

The upside is they don’t have to manage the investments, and they can withdraw the money if they need it. The downside is, they might anyhow withdraw even if they don’t need the money. Another downside is return is not fixed and performance depends on the roboadvisor.

7:34 - Method 3
If you know how to invest, you can invest for them. The point of investing at their age is just to protect their wealth and receive stable passive income. You can invest in Singapore dividend stocks or dividend paying ETFs.

The upside is, you have full control of what you want to invest in, fee is really low, and they can sell if they need the money.

The downside is, they can sell even if they don’t need the money. But a bigger downside is, they might blame you for losing their money.

8:58 - Method 4
Your parents can make use of Lease Buyback Scheme or Silver Housing Scheme to monetize their house.

*None of this is meant to be construed as investment advice. It's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites.*

Видео 4 Ways To Help Your Parents Prepare For Retirement канала Kelvin Learns Investing