With Singapore ranking third in Bloomberg’s list of the most expensive cities in the world, it will not be long before the topic “retirement planning” becomes the hot topic among Singaporeans who are in their early 30s.
Retirement planning should be something that you should have in mind, especially if you are in the mid-career stage, or approaching the last lap of your career.
For many, CPF payouts come to mind when they think about retirement planning as they consider it as a form of income after they retire. According to the Ministry of Manpower, in December 2018, 74% of the members who received retirement payouts from either the CPF LIFE or Retirement Sum Scheme had monthly payouts that were under $500.
You can certainly get by with $500 monthly to cover the basic necessities, but if you dream of having a cushy retirement life where you can allow indulge in fine meals now and then or go on an adventure around the world, the sum might not cut it for you.
Instead of relying wholly on your CPF savings, consider investing in Prime Retirement by Great Eastern, an affordable retirement plan that offers you the security of guaranteed monthly retirement income, along with non-guaranteed monthly cash bonuses and maturity value.
Besides getting the freedom to choose your pay-out age, period, premium term and accumulation option, policy issuance is guaranteed, and you are entitled to coverage against Death and Total and Permanent Disability with no medical underwriting.
Terms and Conditions apply.
The above is for your information only and does not have regard to the specific investment objectives, financial situation and particular needs of any persons.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).