How much is enough for retirement in Singapore?

[adhd.041031dad]

If I struck tomorrow’s Toto and got 2.2 million before taxes, is it enough for retirement?

[gracemagg]

adhd.dad:

If I struck tomorrow's Toto and got 2.2 million before taxes, is it enough for retirement?

Haha really depends on your age, your desired age of retirement, and your desired amount during retirement. Once these factors are known, there you can do a simple calculation of time value of money to project if 2.2million is enough for your retirement

[starlight1968sg]

Anybody bought any plan specifically for retirement? I was introduced to a few but unsure which is the most value for money.

Tks

[gracemagg]

starlight1968sg:

Anybody bought any plan specifically for retirement? I was introduced to a few but unsure which is the most value for money.

Tks

I have! Mine is a Retirement Income plan that allows me to choose a continuous monthly payout of 10/20/30 years when I retire at 65.

As I'm privy to the retirement plans available in the market, I did a quote and this is the most value for money (for me).

[hercules]

starlight1968sg:

Anybody bought any plan specifically for retirement? I was introduced to a few but unsure which is the most value for money.

Tks

Depending on your needs.

Mine (Tokio Marine Infinite VIP) is paid one lump sum, wait for 5 years, then start to pay until I clock my last second, then lump sum paid to my beneficiaries .

Some pay monthly for x number of years and start to wait for another x number of year or when you hit a certain age, then start to pay for x number of years or lifetime payment.

Some pay one lump sum, wait for x number of years or till hit a certain age, then start to pay for x number of years or lifetime payment.

So, if you think you have a long life gene (like gonna live past 75), then think about life long payment (the payout quantum will be smaller coz it last longer).

If you think you are not going to live for so long, then think of those 10 - 20 years payment type (the payout quantum will be bigger coz limited pay).

So far I know Tokio Marine and Aviva may be worth looking at (but overall there's no perfect plan as one plan will tend to have some advantages / disadvantages over the other. So you have to 'bet' in a way since we can't really foretell the future.

[starlight1968sg]

Hercules

Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one

[hercules]

starlight1968sg:

Hercules

Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one

Maybe you wanna to just narrow down to three particular companies and choose the best plan (that suit s your needs) among the three.

If you wanna to compare 6 or 8 or 10, then you may end up not buying anything (coz of confusion/hesitation/procrastination/etc).

The market will always come up with new products and so the comparison will be never ending.

Be focus and just do it! (Time really flies. Each year passes by just so easily. The earlier you start, the better.)

[Nebbermind]

starlight1968sg:

Hercules

Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one

they aren't all that different. Choose the bank you are most comfortable with....or the insurance coy.

[hercules]

Nebbermind:

starlight1968sg:

Hercules

Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one

they aren't all that different. Choose the bank you are most comfortable with....or the insurance coy.

I would advise not to go with banks (they are somehow not so 'value for money' in my knowledge even though products are generally similar).

Try those insurance companies with no tie-ups with banks.

[gracemagg]

Frankly, best to consult an independent financial advisor who has access to a wide network of insurers / fund-houses (for investments). Let me know if you need my help