private annuities

kelhot2001

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For those interested this is the benchmark directly from CPF to be fully exempted from CPF life. Next year Minimum requirement is not out yet.
I presume min payout from private Annuity(cannot include non-guarantee amount), Private Annuity must pay for life (Again presume term annuities cannot be used)


Date of Birth Male Female
Jan 1932 to Mar 1934 $169 $158
Apr 1934 to Mar 1935 $180 $168
Apr 1935 to Mar 1936 $184 $172
Apr 1936 to Mar 1937 $190 $178
Apr 1937 to Mar 1938 $197 $184
Apr 1938 to Mar 1939 $201 $188
Apr 1939 to Jun 1940 $206 $192
Jul 1940 to Jun 1941 $230 $215
Jul 1941 to Jun 1942 $259 $242
Jul 1942 to Jun 1943 $288 $269
Jul 1943 to Jun 1944 $317 $296
Jul 1944 to Jun 1945 $386 $359
Jul 1945 to Jun 1946 $418 $389
Jul 1946 to Jun 1947 $451 $419
Jul 1947 to Jun 1948 $483 $449
Jul 1948 to Jun 1949 $515 $479
Jul 1949 to Jun 1950 $544 $506
Jul 1950 to Jun 1951 $613 $569
Jul 1951 to Jun 1952 $644 $598
Jul 1952 to Jun 1953 $715 $664
Jul 1953 to Jun 1954 $843 $785
Jul 1954 to Jun 1955 $975 $906
Jul 1955 to Jun 1956 $1,019 $948
Jul 1956 to Jun 1957 $1,139 $1,059
Jul 1958 to Jun 1959 $1,206 $1,121
Jul 1959 to Jun 1960 $1,258 $1,169
Jul 1960 to Dec 1961 $1,302 $1,211
Jan 1962 to Dec 1962 $1,381 $1,286
Jan 1963 to Dec 1963 $1,417 $1,320
Jan 1964 to Dec 1964 $1,454 $1,354
Jan 1965 to Dec 1965 $1,490 $1,388
 

merlot6230

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is there a comparsion spreadsheet for the annuities, some recommendation since to be from the banker, insurance agent and others.


the more i read the more get distortion from their facts.


hope someone do a comparison or websites to easy analysis and clearer picture then words description
 

boredboiboi

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is there a comparsion spreadsheet for the annuities, some recommendation since to be from the banker, insurance agent and others.


the more i read the more get distortion from their facts.


hope someone do a comparison or websites to easy analysis and clearer picture then words description

Private Annuities is from insurance, bankers is because they do sell insurance products. Each bank have a partnership with insurance company.

https://moneyline.sg/review-3-best-retirement-plans-singapore-terms-coverage-guaranteed-returns-flexibility/
Here u might be able to read the unbias reviews. Personally have done many comparison for clients. If u or anyone wish. May write details here or pm me for a quote.
 

Extech

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For those interested this is the benchmark directly from CPF to be fully exempted from CPF life. Next year Minimum requirement is not out yet.
I presume min payout from private Annuity(cannot include non-guarantee amount), Private Annuity must pay for life (Again presume term annuities cannot be used)


Date of Birth Male Female
Jan 1932 to Mar 1934 $169 $158
Apr 1934 to Mar 1935 $180 $168
Apr 1935 to Mar 1936 $184 $172
Apr 1936 to Mar 1937 $190 $178
Apr 1937 to Mar 1938 $197 $184
Apr 1938 to Mar 1939 $201 $188
Apr 1939 to Jun 1940 $206 $192
Jul 1940 to Jun 1941 $230 $215
Jul 1941 to Jun 1942 $259 $242
Jul 1942 to Jun 1943 $288 $269
Jul 1943 to Jun 1944 $317 $296
Jul 1944 to Jun 1945 $386 $359
Jul 1945 to Jun 1946 $418 $389
Jul 1946 to Jun 1947 $451 $419
Jul 1947 to Jun 1948 $483 $449
Jul 1948 to Jun 1949 $515 $479
Jul 1949 to Jun 1950 $544 $506
Jul 1950 to Jun 1951 $613 $569
Jul 1951 to Jun 1952 $644 $598
Jul 1952 to Jun 1953 $715 $664
Jul 1953 to Jun 1954 $843 $785
Jul 1954 to Jun 1955 $975 $906
Jul 1955 to Jun 1956 $1,019 $948
Jul 1956 to Jun 1957 $1,139 $1,059
Jul 1958 to Jun 1959 $1,206 $1,121
Jul 1959 to Jun 1960 $1,258 $1,169
Jul 1960 to Dec 1961 $1,302 $1,211
Jan 1962 to Dec 1962 $1,381 $1,286
Jan 1963 to Dec 1963 $1,417 $1,320
Jan 1964 to Dec 1964 $1,454 $1,354
Jan 1965 to Dec 1965 $1,490 $1,388

Benchmark can be found here: https://www.cpf.gov.sg/askjamie/user/uploads/Payout%20Benchmark.pdf

CPF reply to me:

If your lifelong monthly payout from pension or annuity payout is lower than the payout benchmark, you may still qualify for partial exemption.
 

Extech

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Extech

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Private Annuities is from insurance, bankers is because they do sell insurance products. Each bank have a partnership with insurance company.

https://moneyline.sg/review-3-best-...erms-coverage-guaranteed-returns-flexibility/
Here u might be able to read the unbias reviews. Personally have done many comparison for clients. If u or anyone wish. May write details here or pm me for a quote.

The policy I asked CPF was AXA retire Treasures(II), their reply was that it is considered as an endowment plan and cannot be used to be exempted for CPF Life.
 

boredboiboi

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The policy I asked CPF was AXA retire Treasures(II), their reply was that it is considered as an endowment plan and cannot be used to be exempted for CPF Life.

No exemptions is allowed as never heard before but you can pledge your property.
 

BBCWatcher

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The policy I asked CPF was AXA retire Treasures(II), their reply was that it is considered as an endowment plan and cannot be used to be exempted for CPF Life.
That particular product is (annoyingly) not technically a life annuity, and that’s why it cannot substitute for CPF LIFE.
 

Extech

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Extech

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That particular product is (annoyingly) not technically a life annuity, and that’s why it cannot substitute for CPF LIFE.

Yes, sad to say I was too quick to take what others said at face value that it was an annuity with legacy planning option:( Am hunting for an alternative now.
 

BBCWatcher

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If you are receiving lifelong monthly pension or payouts from your life annuity bought using cash, you may be fully exempted from setting aside the Full Retirement Sum in your Retirement Account and need not join CPF LIFE.
Yes, but if you do that you're required to withdraw from your Retirement Account, too -- and lose attractive interest and asset protection. See CPF Form RSS/8 for reference.

Am hunting for an alternative now.
CPF LIFE is a superb alternative.
 

SKenny

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CPFLife is probably the best annuity out there. I would not hunt for another annuity.

Personally I am not a huge fan of annuity due to its higher cost.
 

BBCWatcher

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CPFLife is probably the best annuity out there.
It’s clearly the best value life annuity among Singapore dollar denominated life annuities, plus it has sovereign backing and unique asset protection attributes. All good stuff. So if you’re going to buy an annuity, buy that one first if you’re able to buy it (or buy more of it). And for your spouse or partner.

Even Singapore’s insurance industry admits they cannot compete with CPF LIFE. They can only add to it for those who wish even more than ERS-level CPF LIFE.

You might be able to find a reasonably competitive life annuity from a high quality U.S. life insurer, denominated in U.S. dollars. But that’d really be for specialized purposes and not too broadly relevant to residents of Singapore.
 

foozgarden

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Yes, but if you do that you're required to withdraw from your Retirement Account, too -- and lose attractive interest and asset protection. See CPF Form RSS/8 for reference.


CPF LIFE is a superb alternative.

CPFLife is probably the best annuity out there. I would not hunt for another annuity.

Personally I am not a huge fan of annuity due to its higher cost.

It’s clearly the best value life annuity among Singapore dollar denominated life annuities, plus it has sovereign backing and unique asset protection attributes. All good stuff. So if you’re going to buy an annuity, buy that one first if you’re able to buy it (or buy more of it). And for your spouse or partner.

Even Singapore’s insurance industry admits they cannot compete with CPF LIFE. They can only add to it for those who wish even more than ERS-level CPF LIFE.

You might be able to find a reasonably competitive life annuity from a high quality U.S. life insurer, denominated in U.S. dollars. But that’d really be for specialized purposes and not too broadly relevant to residents of Singapore.

yes, above are correct.

however, the purpose of this thread is private annuities, meaning, to complement your CPF life.
so once you either hit your max ERS, and still have chunk of change left, can "diversify" to the next best annuity alternative
 

BBCWatcher

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however, the purpose of this thread is private annuities, meaning, to complement your CPF life.
so once you either hit your max ERS, and still have chunk of change left, can "diversify" to the next best annuity alternative
Yes, in that scenario you could consider a non-Singaporean life annuity, such as a U.S. dollar denominated escalating, joint/survivor (or joint/contingent) life annuity from a high quality life insurer in the U.S. That'd be consistent with an ultra-conservative approach to financial security, where you're internationally diversifying bedrock longevity insurance to some reasonable degree.

Some people have the opportunity to work overseas, to contribute to another country's social insurance system, and to record enough contributions that they qualify for retirement benefits. There are even a few such systems that allow you to make voluntary contributions to "top up" past contributions in order to qualify for benefits, and sometimes making those voluntary contributions is financially attractive. And some countries have social insurance treaties with one another, so even if you don't qualify for benefits based on your contributions in one country you might qualify from one or both countries when "totalized" via the treaty. If you have such opportunities, take a look and see what makes sense financially.

Not too long ago I happened to be talking with somebody who didn't realize he had qualified for U.S. Social Security retirement benefits (and free U.S. Medicare Part A, which is less interesting but not nothing) based on some time he spent working in the U.S. And probably his spouse, too (for a spousal benefit), although that'll depend on some other fairly complicated rules. This won't be a huge amount of money, probably, but it's some additional retirement income he wasn't expecting, a very pleasant surprise. On the order of a few hundred U.S. dollars per month (2019 dollars), I'd guess, which certainly wouldn't be unwelcome. Unfortunately, the U.S. system doesn't let you voluntarily "buy up" if you haven't vested (haven't hit the minimum, even via treaty, to qualify for benefits), but some countries' systems do.
 

SKenny

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yes, above are correct.

however, the purpose of this thread is private annuities, meaning, to complement your CPF life.
so once you either hit your max ERS, and still have chunk of change left, can "diversify" to the next best annuity alternative

If you have max out your ERS now, you can still contribute to it as it's limit increases each year (currently at $7.5k per year).

You can also consider doing your own "annuity" by putting your excess cash into CPF. If you play your card right, you can put quite a sizable sum into CPF. Withdraw it as and when you need them.

Or build your own bond ladder. Consider using SSB or SGS bonds.

Personally I would not touch private annuity especially those based on US$.
 
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foozgarden

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Yes, in that scenario you could consider a non-Singaporean life annuity, such as a U.S. dollar denominated escalating, joint/survivor (or joint/contingent) life annuity from a high quality life insurer in the U.S. That'd be consistent with an ultra-conservative approach to financial security, where you're internationally diversifying bedrock longevity insurance to some reasonable degree.

Some people have the opportunity to work overseas, to contribute to another country's social insurance system, and to record enough contributions that they qualify for retirement benefits. There are even a few such systems that allow you to make voluntary contributions to "top up" past contributions in order to qualify for benefits, and sometimes making those voluntary contributions is financially attractive. And some countries have social insurance treaties with one another, so even if you don't qualify for benefits based on your contributions in one country you might qualify from one or both countries when "totalized" via the treaty. If you have such opportunities, take a look and see what makes sense financially.

Not too long ago I happened to be talking with somebody who didn't realize he had qualified for U.S. Social Security retirement benefits (and free U.S. Medicare Part A, which is less interesting but not nothing) based on some time he spent working in the U.S. And probably his spouse, too (for a spousal benefit), although that'll depend on some other fairly complicated rules. This won't be a huge amount of money, probably, but it's some additional retirement income he wasn't expecting, a very pleasant surprise. On the order of a few hundred U.S. dollars per month (2019 dollars), I'd guess, which certainly wouldn't be unwelcome. Unfortunately, the U.S. system doesn't let you voluntarily "buy up" if you haven't vested (haven't hit the minimum, even via treaty, to qualify for benefits), but some countries' systems do.

the problem is we do not have any exposure to these non -sgp annuities. and even if we do, not sure how easy/difficult it would be to buy them.
 

Extech

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the problem is we do not have any exposure to these non -sgp annuities. and even if we do, not sure how easy/difficult it would be to buy them.

Friend showed me a Tahoe life annuity- coy is based in HK
 

mcsane

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Can I ask if I were to purchase SRS Annuity,

The monthly income gets credited into which acc?

Back to SRS?

Or to my bank acc?
 
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