Aviva again

[endlssorrow]

Age:32
Premium Term: 18
Policy term: 33
Guaranteed Monthly Retirement Income: $600
Premium: $2803.30


Total Guaranteed Monthly Retirement Income Paid $ 72,000.00

Q1) I pay $2803.30 for 18years = About $50469 right? Then about age 56, i draw $7200 yearly till age 65...

Good Plan?

 

[JK1688]

If you're getting this for retirement, i don't see why you want the payout to be at age of 57?

Sent from using GAGT

 

[Shiny Things]

That's a terrible plan. The implied interest rate is somewhere below 1.8%. You'd do better to stick your money in SSBs or A35.

 

[newjersey]

buying investment products through insurance companies are one of the worst investment decisions you can make, esp when there's so much free, better and safer options that you can make from reading HWZ's Shiny Things' thread.

 

[hogrider88]

Aviva my retirement?

 

[endlssorrow]

Aviva my retirement?

Yes Sir that the plan

 

[endlssorrow]

If you're getting this for retirement, i don't see why you want the payout to be at age of 57?

Sent from using GAGT

Coz 57-65 no money mah
After 65 government will give us back our cpf life monthly $1200

 

[endlssorrow]

That's a terrible plan. The implied interest rate is somewhere below 1.8%. You'd do better to stick your money in SSBs or A35.

This plan is still better than endowment right? Coz I read previous thread about endowment that capital at least must be guaranteed. So this case, it is guarantee and is much more after putting 18years.

 

[akwl88]

Return Rate (Discount Rate / CAGR) Calculator

Inputs
Present Value: $ 50459.40
Future Value: $ 72000
Years: 18

Results
Compound Annual Growth Rate: 1.99 %

is the calculations correct?

 

[Shion]

Return Rate (Discount Rate / CAGR) Calculator

Inputs
Present Value: $ 50459.40
Future Value: $ 72000
Years: 18

Results
Compound Annual Growth Rate: 1.99 %

is the calculations correct?

Yes correct...

 

[hogrider88]

Yes Sir that the plan

Then u never mention about the lumpsum payment at the end of ten years. Nt sure how much.

 

[endlssorrow]

$600 monthly for 10 years from age 55-65. No lump sum given.

Then u never mention about the lumpsum payment at the end of ten years. Nt sure how much.

 

[blurpandasg2014]

Have u considered AXA?

 

[hogrider88]

$600 monthly for 10 years from age 55-65. No lump sum given.

The one i was quoted payout $800 mthly for ten yrs frm age 60-70 after that lumpsum payout.

$220+ per mth premium. 24 yr premium.

 

[endlssorrow]

The one i was quoted payout $800 mthly for ten yrs frm age 60-70 after that lumpsum payout.

$220+ per mth premium. 24 yr premium.

so u sign up also? Aviva myRetirement?

 

[MikeZhang]

The one i was quoted payout $800 mthly for ten yrs frm age 60-70 after that lumpsum payout.

$220+ per mth premium. 24 yr premium.

If you are able to afford, go for 8 pay or 10 pay. The return is higher than the regular pay.

 

[Pandule]

I got 2 such Aviva plans

One is pay for 10 years. About 3k yearly
Age 55-64 get monthly of $400. 65 get lump sum

Another is pay till I'm 60 years old. Pay for about 32 years. About $2.2k yearly. Age 65-74 get monthly of $1k. 75 get lump sum.

I think it's ok to get such plans to supplement our CPF cashout.

PS. I'm also $300 into STI ETF, $100 into ABF ETF through POSB investsaver.

So I'm just putting my money into different options and let see what happen down the road in 30 years time

 

[endlssorrow]

I got 2 such Aviva plans

One is pay for 10 years. About 3k yearly
Age 55-64 get monthly of $400. 65 get lump sum

Another is pay till I'm 60 years old. Pay for about 32 years. About $2.2k yearly. Age 65-74 get monthly of $1k. 75 get lump sum.

I think it's ok to get such plans to supplement our CPF cashout.

PS. I'm also $300 into STI ETF, $100 into ABF ETF through POSB investsaver.

So I'm just putting my money into different options and let see what happen down the road in 30 years time

u got so much spare cash. hehe

 

[hogrider88]

If you are able to afford, go for 8 pay or 10 pay. The return is higher than the regular pay.

Siong leh. I also doing posb invest saver nw. But gd advice.

 

[Shiny Things]

This plan is still better than endowment right? Coz I read previous thread about endowment that capital at least must be guaranteed. So this case, it is guarantee and is much more after putting 18years.

Not really. An endowment plan means you get the returns of the insurer's in-house fund; typically 2-4% with a floor at zero. This plan gives you 1.77% and that's it.

It's pretty much impossible to do worse than this plan. You're basically just making a cheap loan to the insurance company. Don't do that.