Last Updated on 27/06/2021 by Singapore You

What is a Retirement Plan?

retirement plan

Retirement is an exciting time for many people. Retirement allows one to enjoy their golden years without the burden of work and be able to spend more time with family and friends. However, it can also be a worrisome period as well since retirement means that all your savings will have dwindled down to nothing if you don’t have any form of protection plan in place.

This post discusses why Retirement Plans are necessary for retirees who want peace of mind during their golden years. We’ll discuss some Retirement Plans in Singapore that you might consider looking into, and offer solutions on how these Retirement Plan policies help make sure that retirees are financially stable at this stage of life while also providing financial security in the long-term through wealth growth plans provided.

Here are the best retirement plans in singapore.

Aviva MyRetirement Choice II

Aviva MyRetirement Choice II pays out a steady, consistent income to you in your golden years at the retirement age of your choice, with various payout options that suit any type of retirement lifestyle you might have. Even if market uncertainties hit while you’re still working and trying to put away money for retirement, this plan provides 100% capital

It also introduced a new feature – the Fast Forward Option2 – to provide you with an opportunity to receive your monthly retirement annuity payout as one lump-sum.

You can exercise this option when you’re first diagnosed with Partial Disability, where you’re unable to perform at least 2 out of 6 Activities of Daily Living (ADL), during your retirement years.

Aviva MyRetirement Choice II retirement plan will provide you with the stability needed to enjoy your golden years and meet life’s challenges.

Aviva MyRetirement Choice II Key Benefits

  • Flexibility to personalise your retirement plan:
  • Choose the Guaranteed Monthly Income3 (GMI) for your desired lifestyle
  • Decide the age you want to retire
  • Select the payout period for your retirement income – from 5 to 35 years4
  • Choose the premium payment term – 5, 10, 15, 20 or 25 years
  • Potential for higher retirement income with Monthly Cash Bonuses5 (MCB)
  • Peace of mind with premium waiver if you become Totally and Permanently Disabled
  • Guaranteed acceptance with no health check-ups needed
  • Lump-sum payout in the event of Death or Terminal Illness

NTUC Income Gro Retire Ease (RevoRetire)

NTUC Gro Retire Ease is a flexible savings plan. You can create a retirement plan that suits your lifestyle needs with different options like choosing when you want to retire, getting monthly cash payments for however long you would prefer, and coverage in the event of illness or injury.

The Disability Care Benefit ensures that you get extra cash flow to help with living expenses, should you become disabled and diagnosed with covered conditions.

NTUC Income Gro Retire Ease (RevoRetire) Key Benefits

  • Capital is guaranteed2 at the end of your accumulation period
  • Guaranteed yield at maturity of up to 2.70% p.a.
  • Flexibility to choose and change the payout period of your monthly cash benefit before the end of your accumulation period
  • Disability Care Benefit gives you additional peace of mind

Manulife RetireReady Plus III

RetireReady Plus (III) was developed to be customised for your retirement needs, while also protecting you right from the start of the plan and into your retirement years, supporting you through times of uncertainty.

You can choose to receive a monthly payment for life, or over your choice of 5/10/15/20 years. Plus, you’ll get an extra payout in the event that you experience a Loss of Independence including Irreversible Loss of Speech, Deafness (Irreversible Loss of Hearing) and Major Head Trauma.

Manulife RetireReady Plus III Key Benefits

  • Get a lump sum payout in the event of the life insured’s retrenchment and minimise disruption to retirement goals
  • Adjust your income payout period according to your changing needs,anytime up to 2 years before your selected retirement age
  • Protection for Death and Terminal Illnesses (TI). Waiver of Premium on Total and Permanent Disability (TPD) for regular premium policies only
  • Easy Application with no Health Check-up Guaranteed acceptance with no health questions asked for the base plan
  • In times of need, put your premium payment on hold while your policy stays in force
  • Receive up to an additional 100% of your Guaranteed Monthly Income depending on the severity
  • Available in cash for all premium payment terms, or Supplementary Retirement Scheme (SRS) for single premium and rst party policies only

Tokio Marine Retirement GIO

Tokio Marine Retirement GIO a limited pay, participating whole life plan which provides annual Cash Benefits for as long as you live, starting from the selected payout age.

The guaranteed part includes 2% of the sum assured with Annual Dividends by 3.8% of the sum assured and it stays constant through investments or withdrawals.

In addition:

  • Death coverage is provided
  • Premium Payment Terms available: 5, 10 or 15 years
  • Payout Ages available: age 55, 60 or 65
  • Guaranteed acceptance (no medical underwriting is required)

AIA Retirement Saver (III)

Starting your journey towards financial stability and a life worth dreaming about needn’t be complicated. With AIA Retirement Saver (III), you can find infinite possibilities for the retirement lifestyle of your dreams – with no medical checks required.

Enjoy the freedom to spend your retirement the way you want with a guaranteed stream of income over your choice of 15 or 20 years. Plus, every dollar that you contributed is guaranteed at your selected retirement age, so rest easy and look forward to the best years of your life!

AIA Retirement Saver (III) Key Benefits

Take charge of your retirement insurance plan by choosing how much monthly income you want to receive, as well as the age to begin receiving it – either 50, 55, 60, 65 or 70.

This plan cushions your retirement dreams against the impact of inflation and enhances your retirement income through potential monthly dividends that will increase by about 5% every year, starting from your selected retirement age. To celebrate a life well lived, a potential one-off dividend may be added as an extra bonus to your retirement funds or a token for your family, upon claim, maturity or surrender of policy.

You can pay a single premium if you have a lump sum to set aside; or you can spread your premiums over a longer period (5, 10, 15 or 20 years, or pay to retirement age) for regular, more affordable payments.

 

Still unsure about which retirement plans? We have specially curated the best plans and compare them for you so you don’t have to do so. Fill up the below form and one of our experienced licensed FA advisor will get in touch with you shortly upon your request.