Annuity plan

[blurpandasg2014]

Many thanks for your quotes.

Let me try to figure out how they stand against my current TM 3G annuity plans (that off hands seems more attractive than the above that I have to work it out as off hands can really be off).

Meanwhile, do you have any stats of those who have started drawing their monthly income, whether Co M is paying at 3.25% or 4.75%? So far, my TM has been honouring the 4.75% that I have been enjoying my $5000 monthly payout comfortably.

What is tm 3g annuity plan?

 

[woof]

Example from company M

If payout start age 60 for 20 years
Min guaranteed monthly income $4900 excluding bonus
Single Premium $1008934.50

If payout start age 65 or 20 years
Min guaranteed monthly income $5950 excluding bonus
Single Premium $1007882.40

What's the monthly income for this if the payment is for life instead of 20 years?
Thanks

 

[boredboiboi]

What's the monthly income for this if the payment is for life instead of 20 years?
Thanks

Not recommended, as the lifetime is they assume u live till age 120.
I would rather u get 2 plans, payout 60-70 and 70-90 will have much better returns.

 

[woof]

Not recommended, as the lifetime is they assume u live till age 120.
I would rather u get 2 plans, payout 60-70 and 70-90 will have much better returns.

I see. I must be mistaken then - I thought this is the Manulife RetireReady Plus, which has a 20 year payout version and a lifetime payout.
What does the numbers for this look like? Thanks! ANB 55, payout from 60 or 65, 20 years payout vs life.

Thanks!

 

[boredboiboi]

I see. I must be mistaken then - I thought this is the Manulife RetireReady Plus, which has a 20 year payout version and a lifetime payout.
What does the numbers for this look like? Thanks! ANB 55, payout from 60 or 65, 20 years payout vs life.

Thanks!

It has lifetime payout option but the lifetime payout return is totally no appealing.
I will generate for you soon. Now abit not convinient.
What the payout amount you looking at? Or budget? Or base on $1k/month guaranteed? Male/ famale? Smoker/non smoker?

 

[BBCWatcher]

Not recommended, as the lifetime is they assume u live till age 120.
I would rather u get 2 plans, payout 60-70 and 70-90 will have much better returns.

(Sigh.) Then what happens at age 90? Back to work?

Come on. Let's at least try to solve somebody's actual life challenge(s), OK?

I can sort of, maybe, if I squint, imagine that a fixed 20 year payout term annuity makes sense in relatively rare situations provided it's an immediate one. For example, if somebody fathers a child out of wedlock and wants (or is forced) to provide meaningful financial support to that child until the child reaches adulthood, then a 20 year single premium immediate fixed term escalating annuity could be a good fit. Otherwise...huh? What's the real world problem that such a product solves?

 

[woof]

It has lifetime payout option but the lifetime payout return is totally no appealing.
I will generate for you soon. Now abit not convinient.
What the payout amount you looking at? Or budget? Or base on $1k/month guaranteed? Male/ famale? Smoker/non smoker?

I see - it'll still be interesting to understand the difference, to see if this is still worth considering for folks that want to supplement CPF life.

Based on ANB 55, male, non-smoker, $1k/month guaranteed.

Thanks!

 

[boredboiboi]

I see - it'll still be interesting to understand the difference, to see if this is still worth considering for folks that want to supplement CPF life.

Based on ANB 55, male, non-smoker, $1k/month guaranteed.

Thanks!

Age 60 payout
For 20 years guaranteed 1k/month, single premium $199639.
For lifetime guaranteed 1k/month, single premium $379839

Age 65 payout
For 20 years guaranteed 1k/month, single premium $164767
For lifetime guaranteed 1k/month, single premium $324722

 

[woof]

Age 60 payout
For 20 years guaranteed 1k/month, single premium $199639.
For lifetime guaranteed 1k/month, single premium $379839

Age 65 payout
For 20 years guaranteed 1k/month, single premium $164767
For lifetime guaranteed 1k/month, single premium $324722

Wow! Something feels a little wrong - that the premium is so much higher, considering that average mortality for males is about 84.
Doesn't look like there's a decent lifetime annuity in Singapore then.

boredboiboi, thanks again for generating the quotes.

 

[boredboiboi]

Wow! Something feels a little wrong - that the premium is so much higher, considering that average mortality for males is about 84.
Doesn't look like there's a decent lifetime annuity in Singapore then.

boredboiboi, thanks again for generating the quotes.

You are welcome. That is the reason why i suggest payout 60-70 then 70-90 or 70-85 to get a better return.

 

[tangent314]

Wow! Something feels a little wrong - that the premium is so much higher, considering that average mortality for males is about 84.
Doesn't look like there's a decent lifetime annuity in Singapore then.

It's nothing strange. The life insurance companies in Singapore are minimizing their risks by not providing life annuities that eat into the principle sum. You will find that their annuity plans have a large death value, likely even higher than the original principle sum.

 

[lifeafter41]

Age 60 payout
For 20 years guaranteed 1k/month, single premium $199639.
For lifetime guaranteed 1k/month, single premium $379839

Age 65 payout
For 20 years guaranteed 1k/month, single premium $164767
For lifetime guaranteed 1k/month, single premium $324722

Is there a death value, assuming one dies at age 75, with the start of payout at 60 and 65 respectively.

If there is, what is it?

 

[boredboiboi]

Is there a death value, assuming one dies at age 75, with the start of payout at 60 and 65 respectively.

If there is, what is it?

There is. It will be reducing from year to year. But it wont drop to 0. Min it will reduce to is 12months of guaranteed monthly income. Which also means total payout plus death benefit will nv be lower than total premium paid.

Payout start 60 for 20 years and death value at age 75 guaranteed-$30621(same as surrender value)
Payout start 60 for lifetime and death value at age 75 guaranteed-$219831(same as surrender value)

Payout start 65 for 20 years and death value at age 75 guaranteed-$54005(same as surrender value)
Payout start 65 for lifetime and death value at age 75 guaranteed-$221958(same as surrender value)

 

[mrwirus]

Sorry for digging out an old thread.. But are there still SRS approved life annuity that we can purchase as of now?

I know we can invest and get more returns in the long run but I prefer to just buy and forget. It will be good if we can dun think about the withdrawal portion as well.. 10 years is a very limiting factor.

 

[boredboiboi]

Sorry for digging out an old thread.. But are there still SRS approved life annuity that we can purchase as of now?

I know we can invest and get more returns in the long run but I prefer to just buy and forget. It will be good if we can dun think about the withdrawal portion as well.. 10 years is a very limiting factor.

Yes its still available. Got 2 type. 1 type is like saving plan where u can surrender for 1 full lump sum while another type is traditional annuity.

 

[mrwirus]

Yes its still available. Got 2 type. 1 type is like saving plan where u can surrender for 1 full lump sum while another type is traditional annuity.

SRS approved? can it stretch beyond the 10 years mark? Cos I saw in MOF website that annuity plans can stretch beyond 10years but my planner say there is currently no policies like that.

 

[boredboiboi]

SRS approved? can it stretch beyond the 10 years mark? Cos I saw in MOF website that annuity plans can stretch beyond 10years but my planner say there is currently no policies like that.

U mean the start drawing portion? Not that i know of because all have to end clear by year 10 when start withdrawing from srs.
U can stretch above year 10 is if didnt withdraw from srs. Because any money from plan will go to srs. Then the 10 years will start when the day u start withdraw.
Srs approved means the plan can be bought using srs money.

 

[BBCWatcher]

Sorry for digging out an old thread.. But are there still SRS approved life annuity that we can purchase as of now?

I know we can invest and get more returns in the long run but I prefer to just buy and forget. It will be good if we can dun think about the withdrawal portion as well.. 10 years is a very limiting factor.

The only one is Manulife's RetireReady Plus II, and only when you do all three of these things:

1. Pay for it with a single premium;

2. Choose the lifetime payout term;

3. Choose a starting payout age that's after the minimum SRS withdrawal age.