Helping Your Ageing Parents Build Sufficient Retirement Funds

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Learn some methods to help your parents build sufficient funds in their CPF Retirement Account by the time they turn 55.

Retirement, Ageing Parents, CPF Retirement Account, Financial Planning, Singapore

Are enough to tide them through retirement but the reality could not be further from the truth. Especially if your ageing parents are, perhaps it is time for you to help them build up stronger reserves that allow them to feel more secure during their golden years. Here are some methods to help your parents build sufficient funds in their CPF Retirement Account by the time they turn 55..

Money talk can be a sensitive topic amongst family members but it is a process to ensure financial planning is done with realistic calculation of how much your parents truly need to retire in Singapore.that are under their name. They also need to project what kind of lifestyle they prefer during retirement. If they want a few vacations a year, they will need a larger pool of retirement funds to support that lifestyle.It is worth doing a voluntary top up to your parents CPF accounts because the CPF Board offers much more generous interest rates than typical savings accounts that provide 0.05% per annum interes

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