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retirement-income

Four ways to look at retirement beyond the financials

Retirement does not rely solely on the figures you have, but to have plans that can make you happier and healthier.

21 Jan 2022
Four ways to look at retirement beyond the financials

Let’s begin with an exercise. On a blank piece of paper, write down all the things you would like to have or experience when you retire. It can be anything at all. After that, cross out all the things that money can buy. For instance, an expensive vintage watch collection, the latest sports car model, etc. Cross it out, too.

What you are likely left with is a list of simple memories and moments that money cannot buy — sharing a bottle of wine with your sweetheart, seeing your grandchild walk for the first time, or feeling purposeful after volunteering at an animal shelter.

Not everything in retirement is about money. Beyond financial needs, most people also need to make their retirement meaningful. It all boils down to answering one key question: what makes me happy?

Here are a few tips:

A Clear Vision

A financial plan is not the same thing as a retirement plan. While building on your wealth is important, having a holistic approach to retirement may be even more vital. Start by envisioning what you want your life to be. How will you get the most out of each day? Maybe you want to climb Mount Kinabalu with some friends or continue to work part-time at a library. The idea is to always have something to do and look forward to, even in retirement.

Get Healthy

There are also those who believe that physical health is the key to healthy ageing. If you’re already hitting the gym — good for you! But don’t forget the mental aspect; healthy ageing of the mind is important, too. In fact, some would argue that it’s even more important than jogging for five nights a week at 60 years old. The point is to take care of your intellectual and emotional wellbeing.

Develop Your Relationships

Humans are social animals, and that is the case even in retirement. Developing new relationships and sharing experiences can help make us better, well-rounded people. It can be as simple as sharing stories about the good old days with your friends, talking over your retirement plans with your spouse, or having get-togethers with your children and grandchildren on weekends. At the end of the day, our close personal relationships are what drive us, and developing relationships — new and old — may just be what we need for a healthy emotional state.

A Balanced Lifestyle

Retirement isn’t about doing nothing at all with your life. A lack of stimulation can, in fact, affect our mental and emotional state in the long run. And with life expectancy of Singaporeans pushing beyond 83.9*, that is a lot of time to be shaking your legs and twiddling your thumbs! Always spread your leisure time over different activities to keep yourself stimulated.

If there is one major takeaway from this article, it’s this: adopt a positive attitude. Retirement will inevitably bring about big changes to your life, both the positive and negative varieties. No matter the changes, keeping your chin up and rolling with the punches will dictate the quality of your life after retirement.

Learn how our Retirement products can help you achieve your great retirement.

GREAT Lifetime Payout – A plan that gives you greater flexibility while securing your lifetime income

Maximise your savings the smarter way, giving you a lifetime of monthly payouts up to 3% p.a.1 from the 4th policy anniversary. Rest assured that your capital is 100% guaranteed from the end of the 6th policy year2. Premiums start from S$10,000 a year with a short premium commitment of only 3 years and no medical assessment required. Receive a lump sum benefit in the event of your passing or terminal illness to cover your expenses.

Find out how GREAT Lifetime Payout works.

GREAT Retire Income – A plan to help you enjoy retirement with a monthly income stream when you decide to stop working.

Secure a steady stream of cash payouts and potential cash bonuses each month. Choose your premium term, retirement age, and how long you want to receive payouts for. Capital is 100% guaranteed3 at your selected retirement age, plus you get Loss of Independence (LOI)4 benefits for additional peace of mind. Affordable premiums start at S$150 a month5 and there’s no need for a medical assessment. What’s more, you are protected against Death, Total & Permanent Disabilityand Terminal Illness.

Find out how GREAT Retire Income works. 

Notes & Disclaimers:

* https://www.singstat.gov.sg/find-data/search-by-theme/population/death-and-life-expectancy/latest-data

Monthly payout comprises of guaranteed survival benefit and non-guaranteed cash bonus. 3.00% p.a. of total annual premiums paid is based on an Illustrated Investment Rate of Return (IIRR) of the Participating Fund at 4.25% p.a.. At IIRR of 3.00% p.a., the monthly payout is 1.94% p.a. of the total annual premiums paid. The actual benefits payable may vary accordingly to the future experience of the Participating Fund.

Capital guarantee is on the condition that premiums are paid by annual mode and no policy alterations are made.

Capital guarantee is on the condition that no policy alterations are made.

Loss of Independence (LOI) income benefit is payable if the Life Assured, as certified by a medical practitioner, is unable without the continual physical assistance of another person to perform 2 or more Activities of Daily Living (ADLs). ADLs include washing, dressing, feeding, walking or moving around and transferring.

Based on a 20-year premium term, premium illustrated is rounded down to the nearest 10 dollar. Please refer to policy illustration for actual premium amount.

Protection against total and permanent disability is from the start of the policy till before the policy anniversary on which the Life Assured reaches the selected retirement age. Please refer to the product summary for details.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

The above is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract.

The actual benefits payable may vary accordingly to the future experience of the Participating Fund.

As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.

Protected up to specified limits by SDIC.

 

Information correct as at 3 September 2021.

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