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July 15, 2020
Best Retirement Plans Singapore 2023
When it comes to Retirement, what are your plans? How do you plan to live out upon reaching Retirement age? Most importantly, how do we continue to get a monthly income upon Retirement?
CPF Life is a good Retirement Scheme. Pair it with a Retirement plan to make it a comprehensive guaranteed pay out to secure your golden years to have a consistent stable payout age chosen by you.
What is a Retirement Plan?
Retirement policies are a kind of endowment plan. Their purpose is to payout a stable consistent stream of income to you in your golden years upon a chosen retirement age, providing financial stability as you enjoy retirement.
At the same time, because they are being offered by Insurers, there are protection coverage while being primarily wealth growth plans.
Why Do You Need A Retirement Plan?
Inflation. As well as wanting to stop working and enjoy life one day, in due time. What does it mean by planning for retirement? To downgrade in life or to continue living the same standard of living that you are currently having? When you stop working, there is no regular stream of income. Yet inflation continues to corrode the value of your savings making everything increasingly expensive.
Retirement Plan helps you by providing a stable stream of guaranteed payout. They can be monthly or annually at the stipulated age where you can plan. Our Advisors will recommend the best suited age for you after understanding what your concerns are.
Safe Wealth Instrument
Because of the way Retirement plans are being structured, the capital returns and interests are safe & potentially higher than conventional endowment and even CPF's OA/SA.
Guaranteed Regular Income
Providing a guaranteed regular stable stream of income upon your retirement age. Consistency when you need it the most for retirement.
Prepare for the Unexpected
Capital is guaranteed upon Death so you need not worry about total savings lost in the event of untimely demise .
Retirement VS Endowment, What Is the Main Difference?
Usual savings endowment plan have a maturity amount that is a one-time payout when the total number of years have reached and total premiums received by Insurer. Retirement plan on the other hand provides a stable consistent stream of income to you for a number of years (10, 20, 30 years).
NTUC Income
Gro Retire Flex
Premium Term
- Single, 5, 10, 15, 20, 25 & 30 years
Accumulation Period
- 5 to 50 years
Unique Features
- Disability Care
- Accidental Death
- Retrenchment Benefit
Singlife with Aviva
Singlife Flexi Retirement
Premium Term
- Single, 5, 10, 15, 20, 25 & 30 years
Accumulation Period
- 5 to 50 years
Unique Features
- Disability Care
- Accidental Death
- Retrenchment Benefit
HSBC Life
Retirement Income II
Premium Term
- Single, 5, 10 years
Income Payout for 10, 15, 20 years or until age 99
Unique Features
- Disability Care
- Accidental Death
- Retrenchment Benefit
AIA
Retirement Saver (III)
Premium Term
- Single , 5, 10, 15, 20 years or to 50 to 70
Accumulation Period
- Payout of 15 or 20 years
Unique Features
- 5% Increment every 5 years
- Maturity sum at the end of policy
The Winner
5/5
Singlife with Aviva
Singlife Flexi Retirement
Currently highest guaranteed payout, this plan also has the ability to change the pay-out period before the payout period. Choose from 10, 20 or 30 years. This can be done even if your retirement plan is already up and garnering that yield for you.
Great disability benefit, along with the Care Income Benefit and the Fast Forward Option, this retirement plan also takes care of long term disability protection.
Not to mention it is Guaranteed Issuance regardless of health.
Get the Best Retirement Plans in Singapore 2023
Retirement plans provide a stable stream of guaranteed income upon Retirement age. Working alongside CPF Life, you have the choice of choosing which Insurer and the best plan to go along with your concerns, not to mention the plan with the best returns.
There are many Retirement plans in the market. We have specially curated the best plans and compare them for you so you don't have to do so.
Simply fill in the simple questionaire and our experienced licensed FA advisor will get in touch with you shortly upon your request, all in your interest to get the plans best suited for you.
No obligations. No hidden fees and costs. Just professional advice.
Frequently Asked Questions
How both plans actually work:
During the premium term, or your productive prime working years, you can choose to put in a lump sum or spread over a certain number of years. There is an accumulation period from end of premium term to payout age.
For example, if you are 30 years old with a premium term of 20 years, you will stop paying when you are 50 years old.
Your chosen payout age is 65, so the plan will go into accumulation mode for 15 years.
At age 65, it will pay out to you depending on the number of years you have chosen (10, 20, 30 years). An Annuity will pay out regularly for the rest of your life.
This is where it gets grey, if you have chosen 30 years of pay-out at age 65, you are essentially being paid out for life.
An Annuity in this case may not be as worth as the payout will usually be lower.
Most retirement plans are capital guaranteed upon death. They safeguard your premium and you will not be paid out lesser than what you put in if death occurs. Some insurers are also providing guaranteed interest rates of 2% and above.
Yes. Because Insurers primarily provides coverage elements, there is disability premium waiver protection during premium years. If disability occurs during the retirement pay-out years, there will be additional income from the insurer, this is also guaranteed.
Here are some of the most competitive different types of Retirement plans:
Best Retirement Plans Singapore 2023 – The Ultimate Guide
You will actually lose out on your capital put in and depending on when you actually do that, it will affect the amount. Essentially you will make more loss if you terminate early into the plan. Having any form of Insurance or Endowment is a commitment to protect yourself from inflation and rising costs.
There are no specific retirement plans for specially self-employed or small business owners. All plans are suitable for self-employed or employed personal. The only difference when it comes to retirement planning for self-employed or small business owners is that, you need to be more disciplined and start a retirement plan soon.
Here are some retirement tips for self-employed/small business owners:
- Medisave Top-up is crucial. Forgetting that will result in unable to continue your business. Check more here at the CPF site.
- Regular CPF contributions to make use of the interest rates for retirement years. Make full use by maxing out the guaranteed interest rate yearly.
- Have a budget and plan for savings and retirement. Drop us a contact above and let our professional Financial Advisory Brokers advice and recommend you with no obligations as well as being neutral, giving you the best retirement plan in the market.
- Review your coverage portfolio – because Critical Illnesses WILL make an impact to your retirement. Crucial to review them for a peace of mind.
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