How much is enough for retirement in Singapore?
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starlight1968sg:
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.Anybody bought any plan specifically for retirement? I was introduced to a few but unsure which is the most value for money.
Tks
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). -
starlight1968sg:
Depending on your needs.Anybody bought any plan specifically for retirement? I was introduced to a few but unsure which is the most value for money.
Tks
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. -
Hercules
Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one -
starlight1968sg:
Maybe you wanna to just narrow down to three particular companies and choose the best plan (that suit s your needs) among the three.Hercules
Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one
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.) -
starlight1968sg:
they aren't all that different. Choose the bank you are most comfortable with....or the insurance coy.Hercules
Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one -
Nebbermind:
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).
they aren't all that different. Choose the bank you are most comfortable with....or the insurance coy.starlight1968sg:
Hercules
Thank for sharing
there are quite a variety of plans in the market and it is challenging to choose one
Try those insurance companies with no tie-ups with banks. -
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
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Found the below while surfing:
http://www.sgmoneymatters.com/best-retirement-plans-guaranteed-income/
Am not related to the above. -
DH met a relative yesterday. This uncle, who is a retiree, told him that he is now working for a friend @$7/hr.
Uncle is 60yo when he retired and he has to wait another 5years before he can receive his CPF Life monthly payouts. He was drawing a salary of $8K-$9K before he retired,
The uncle still has some financial obligations, with a car to finance and youngest child still in Uni, wife also a retiree. Other than that, he is financially sound.
Question is how to finance the "gap years" when one retires at 60 and CPF Life payouts only kick in at 65. Plus there is a lack of employment opportunities for those retirees who may still want to work, their experience and knowledge are vastly undervalued. -
lee_yl:
Question is how to finance the \"gap years\" when one retires at 60 and CPF Life payouts only kick in at 65.
We have to fund ourselves during this period. Note that the payout from CPF LIFE is likely basic...
When I think of this, I can't help but feel worried.
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