Couple in mid-40s, earning $5k and $4k respectively pm. Have 2 kids in secondary schools. Supporting parents, both sides, financially. Live in a 4 room flat, luckily we paid it off. Now, it is worth $400k, our only sizable asset. Our net worth is $600k combined.

We hardly save in cash due to the commitment to support the old and young. We are now building up our CPF RA so that we will get passive income at 65. We hope the min sum we be raised higher so that we can save more in our RA and earn 4%. We hope it will go up to $400k so that we can get more passive income later.

Besides saving up in our CPF RA, what else can we do to prepare for retirement? Is the lease buyback scheme a good idea for us when we retire?