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        Financial advice for retirees in their 70s

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        Old 25-07-2020, 08:57 PM   #1
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        Financial advice for retirees in their 70s

        Hi everybody,

        Anyone has any financial advice for retirees in their 70s? They r looking to invest their $$ for slightly better returns as compared to FD

        Besides topping up their cpf RA acct for RSS payouts, anybody know of any 'safe' investments with decent returns?

        Last edited by jeffrey745; 25-07-2020 at 09:01 PM..
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        Old 25-07-2020, 09:10 PM   #2
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        1. Consider converting to CPF Life (before 80) to better cover longevity risk.

        2. If they have used CPF for property purchase before, return principal + accrued interest back to OA. Withdrawal at will if FRS already met.

        3. Get an annuity.
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        Old 25-07-2020, 09:12 PM   #3
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        Another important aspect is also to make sure their healthcare needs are taken care of.
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        Old 25-07-2020, 09:14 PM   #4
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        Hi everybody,

        Anyone has any financial advice for retirees in their 70s? They r looking to invest their $$ for slightly better returns as compared to FD

        Besides topping up their cpf RA acct for RSS payouts, anybody know of any 'safe' investments with decent returns?
        Have the couples each top up RA to the max with ERS?
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        Old 25-07-2020, 09:30 PM   #5
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        Kids can k or not?
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        Old 25-07-2020, 09:37 PM   #6
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        Another CPF option: they can each make "all 3 account" Voluntary Contributions, as long as they each fit within the CPF Annual Limit ($37,740 currently per person). VCs work particularly well for members who have MediSave Accounts at or near their Basic Healthcare Sum limits (or who want more funds in MA, too). A VC results in a small portion landing in the Special Account, and the Special Account earns 4.0% instead of the Ordinary Account's 2.5% interest. So an "all 3 account" VC should generally rank ahead of OA repayment.

        Singlife is currently offering 2.5% interest on up to a $10,000 deposit (thus up to $20,000 for a couple), with SDIC protection and full liquidity. That's the current interest rate, and there's no guarantee it'll last for any particular time. (It's not a fixed deposit.) But if you're not happy with a future interest rate adjustment you can pull your funds out.
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        Old 25-07-2020, 09:55 PM   #7
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        Settle the will and lasting Power of Attorney.
        Discuss abt doing up the AMD.
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        Old 25-07-2020, 09:55 PM   #8
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        Have the couples each top up RA to the max with ERS?
        Nope. They belonged to the gen who could withdraw most of their $$ from cpf @55 and did so.

        End up jus put $$ in FD, banks and gold....
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        Old 25-07-2020, 09:56 PM   #9
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        Another CPF option: they can each make "all 3 account" Voluntary Contributions, as long as they each fit within the CPF Annual Limit ($37,740 currently per person). VCs work particularly well for members who have MediSave Accounts at or near their Basic Healthcare Sum limits (or who want more funds in MA, too). A VC results in a small portion landing in the Special Account, and the Special Account earns 4.0% instead of the Ordinary Account's 2.5% interest. So an "all 3 account" VC should generally rank ahead of OA repayment.

        Singlife is currently offering 2.5% interest on up to a $10,000 deposit (thus up to $20,000 for a couple), with SDIC protection and full liquidity. That's the current interest rate, and there's no guarantee it'll last for any particular time. (It's not a fixed deposit.) But if you're not happy with a future interest rate adjustment you can pull your funds out.
        Thanks for ur advice
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        Old 25-07-2020, 09:58 PM   #10
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        Kids can k or not?
        What do u mean?
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        Old 25-07-2020, 10:04 PM   #11
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        Nope. They belonged to the gen who could withdraw most of their $$ from cpf @55 and did so.

        End up jus put $$ in FD, banks and gold....
        Sounds like they can dumb $200k plus each into RA and still can make voluntary contribution of 37k each. Enough?
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        Old 25-07-2020, 10:09 PM   #12
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        Sounds like they can dumb $200k plus each into RA and still can make voluntary contribution of 37k each. Enough?
        That's wad I saw many advising on this. Tis is almost risk free, jus lack of liquidity...
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        Old 25-07-2020, 10:11 PM   #13
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        That's wad I saw many advising on this. Tis is almost risk free, jus lack of liquidity...
        How much liquidity they have in mind at this age? The monthly payout will be quite large for both over a period to age 82. Excess payouts can be recycled.

        Last edited by henrylbh; 25-07-2020 at 10:13 PM..
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        Old 25-07-2020, 10:16 PM   #14
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        How much liquidity they have in mind at this age? The monthly payout will be quite large for both over a period to age 82. Excess payouts can be recycled.
        Hmm not very sure hw much liquidity will they nid...

        Btw if they each topup any amount above $60k, they will be automatically enrolled into cpf life?

        Or can they choose between cpf life and RSS?
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        Old 25-07-2020, 10:16 PM   #15
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        The issue is whether they have faith and listen to your BS haha
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