Retiring The Right Way With A Plan That Suits You
With the effort in educating Singaporeans in retirement planning, there are many retirement plans offer by different insurance companies. How do we know which one are suitable for us without over committing ourselves. Learn this great insights in how to retire the right way and choose the plan that suits you.
Mr Lance Tay, chief executive officer of Tokio Marine Life Insurance Singapore (TM), says our retirement or Central Provident Fund (CPF) savings should ideally be supplemented with complementary insurance plans.
“An income sandwich is our recommended approach to retirement planning. This involves using multiple layers to build up retirement income, including CPF, personal savings and a retirement insurance plan,” he says. In such a crowded market, differentiating your product becomes crucial, as some firms are demonstrating.
Generally, these kinds of retirement plans offer a mix of single or regular premium payment periods as well as regular payouts over 10 to 30 years to provide income to supplement your retirement and living expenses.
Understanding your needs Retirement planning goes beyond just number-crunching on the size of the nest egg and the estimated number of your golden years.
He notes that there are many retirement-related insurance products and it is an uphill task to compare them since every insurer tries to be different. Here’s a checklist recommended by Mr Cheong to help you identify your needs and sieve out the more suitable products.
•How much income payout do you need?
Mr Daniel Lum, director of product and marketing at Aviva Singapore, notes that most retirees would find it hardest to move from a monthly income to having none after they stop work, so monthly payouts – especially in the initial retirement period – would help with the transition. read more at straitstimes.com
Are you lost in what to do in your retirement plans? You can always feel free to contact our advisory to help you in retirement planning at https://wealthadvisorinstitute.com/contact-us/.