The Scary Truth about Retirement
One of the key concerns of our life is outliving resources, especially when we hit 65 years old till 85. This period is crucial as we do not have ability to work and earn income, yet we need a have a decent monthly amount to keep up with inflation and our lifestyles.
Credit: Seedly.Sg
Is Retirement Planning your top priority ?
Credit: NTUC Income Retirement Survey
For Singaporeans aged 25-35 years old, priorities are centred on ensuring they have the financial means for their first property followed by money for daily needs, before saving for retirement. For aged 36 to 59, the number 1 concern is retirement !
Retirement Planning
Some Questions to ask yourself
Which age do I want to Retire?
In accordance with the Retirement and Re-Employment Act, the minimum retirement age is 62 years. Your company cannot ask you to retire before that age. The earlier you retire, the lesser years you have to accumulate your retirement funds.
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How Much do I need to Retire?
A person retirement's needs will be approximately $293,400 or $1,630/month to support 15 years of retirement. With Inflation, one will need $482,400 or $2,680/month to support 15 years of retirement.
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Will CPF Life be enough for me?
The Payout Eligibility Age, which is 65 years old, is the age CPF members can start receiving their retirement payouts.
If you have $181,000 in your RA at age 55, you should expect a monthly income of $1500 at age 65. You may need to cater for other sources of cashflow to support yourself in retirement. |
Retirement Goals?
Chart the perfect course for your retirement
Tailored to suit your needsRetirement planning need not be a complex thing. You can choose when you want to receive your retirement income; 55, 60, 65 or 70. Choose how much you wish to receive during retirement. Choose your premium term; 5 or 10 years, or in a single lump sum.
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Attractive returnsWith your monthly retirement income stream, you can enjoy your retirement the way you want to, without needing to depend on anyone. This guaranteed stream of income, is capital guaranteed, and is paid over 15 years, supplementing your CPF to give you more financial freedom.
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Great Potential ReturnsYou will enjoy potential monthly dividend starting from your retirement age. Enjoy an attractive potential yield of up to 4.69% upon maturing as you plan for your future, An extra bonus to add to your retirement funds or a small token for your family upon maturity, death or surrender of policy.
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Save $57,800 for a period of 10 years
RECEIVE $265,630 by age 80
You don't have to be rich now. We make retirement planning affordable for you.