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Old 07-04-2019, 09:48 AM   #1137
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An option he shouldnít take if heís even considering doing whatís described below.

Itíd be wonderful if she could repay that OA amount ($47K) then transfer all OA into SA.

With her current balances, thatís correct.

No way ó bad idea. They should drive their CPF LIFE annuities up to their maximums (Enhanced Retirement Sum) first, before even thinking about insurance company products (and probably not even then). Nobody beats CPF LIFE in this corner of the life income business.

Also, whatís the deal with bequests? They have a rental income property and a home, right ó or at least one of those two things? Thatís already a lovely bequest. Income security is their current problem if they have a problem, not bequests.

With CPF LIFE doubled up, all theyíve got to do then is to bridge to age 65. And thatís at least easy to calculate.

Thatís all less than the $2,000 of current rental income, so thereís the bridge to age 65.

Not to put too fine a point on it, but ILPs blow monkey chunks.
Thanks for the insight BBCWatcher! Hmmm I think I forgot to mention is that they want to retire in the near future- think 6 months to a year😅 Mum has a terminal illness and she hopes that he can spend more meaningful time with her
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