Financial Planning and Legacy Management Guide

This guide outlines essential strategies for financial planning and legacy management, particularly for individuals aged 65 and above. It emphasizes the importance of establishing a will, CPF nomination, and appointing trusted persons to manage one's affairs. The guide details the need to set aside emergency funds equivalent to at least three to six months of expenses and suggests various financial products, including MediShield Life and CareShield Life, to cover healthcare costs. It also discusses options for monetizing property, such as the Lease Buyback Scheme and renting out rooms. The case study of Anika, a 67-year-old retiree, illustrates practical financial planning by detailing her income, expenses, and savings strategies. The guide encourages individuals to familiarize themselves with national schemes and to consider regular contributions to their CPF accounts to enhance retirement savings. Overall, it serves as a comprehensive resource for managing finances and planning for future healthcare and legacy needs.