Financial planning at a late age

Dear Mr. Tan.
By chance, I come to know about FiSCA through the news media and I must say that the articles therein are very very useful.

I write to seek some advice. I am nearly 60 years old and lost my job a few years ago. I tried to start a business, but was unsuccessful. I stopped all my insurance policies ealier. I have just sold off my property, and after repaying the loan from the bank, I have about $300,000 cash.

Is it too late for me to make a financial plan? What insurance policies should I take up now? My children are all working now. I need $1,500 a month for myself and my wife.

REPLY
You can buy the MediShield to cover yourself and your wife. There is no need to buy any other insurance policy. Read this FAQ.

You can put as much as is allowed in CPF to earn 4% per annum, and invest the rest in long term government bonds to earn 2% to 2.5%. If you wish to earn a higher return, you can consider the suggestion set out in this FAQ.

If you earn 2% pa on your money and you draw out $1,500 a month, the $300,000 will last you about 20 years.