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Financing your retirement
- Pays a regular income for the rest of your life. Usually you pay a lump sum which is invested by the insurance company in return for the monthly payouts.
- Annuities for Central Provident Fund (CPF) members under the CPF Minimum Sum Scheme or Minimum Sum Plus Scheme are available.
- The CPF Lifelong Income Scheme For The Elderly (CPF LIFE) provides a lifetime of income for the elderly in their retirement.
- You will receive monthly payouts for life, starting from your Draw Down Age (DDA).
- All plans have different combinations of monthly payouts and bequests, so choose a plan that will suit you best – once you choose a certain plan you are not allowed to change it.
- Four different types of plans available: Plus Plan, Balanced Plan, Basic Plan, and Income Plan.
Present needs and financial commitments such as purchasing a home, getting married and having children take precedence and people often defer planning for retirement.
Many Singaporeans depend on their CPF savings to meet their retirement expenses. However, Central Provident Fund (CPF) savings alone may not be sufficient to provide for you in your senior years.
Growing your nest egg
To retire with sufficient savings, start planning and saving sooner rather than later. You can benefit from compounding interest and a longer period for accumulation.
Life insurance is a vehicle for long term savings and investment.
How much do you need?
One general rule of thumb would suggest that you need 50 to 70 per cent of last drawn annual income to maintain your current standard of living during retirement.
Determining how much retirement income you need requires technical calculations. Hence, it is advisable that you consult a financial adviser and go through a fact-find process.
Contact any one of our member companies to put you in touch with a financial adviser.
For more information on retirement funding, refer to the ‘The Library’ section.
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Are You Protected?
Try out our Protection Gap Calculator and see if you have enough insurance to cover your loved ones.