private annuities

[maple96]

Hi,

Can I check if I use balance of CPF monies in OA or SA (once RA has been created) to buy annuity from private insurance, is it advisable?

OA+SA give u guaranteed interest of 2.5% to 4%, if the private annuity can pay u guaranteed returns of 2.5% for your OA monies and 4% for your SA, u can consider. Wait, if u have the limit, u can transfer your SA/OA monies to RA to enjoy 4% interest, so your pte annuity must pay u a guaranteed 4% return compounded to be worthwhile. I seriously doubt they can, let me know if u can find one.

If u can find, then just withdraw your OA/SA monies if CPF rules dun allow - u have to check based on feedback from others here.

I prefer to leave my monies in OA/SA to earn compounded interest, when need arise I withdraw the annual CPF interests anytime I want.

 

[bright_84]

Which plan can siam cpf life?

 

[RAYRAY1]

Hi Bro,

Thank you for the information.

I may go for 2 x Manulife plans , Signature Income and RetireReady Plus to enjoy both benefits.

Hi Bro, I chose Manulife RetireReady Plus as it suits my needs better.
https://www.interestguru.sg/2018-in...tirement-plans-in-singapore-with-high-income/

As you’re looking to compare annuities, perhaps this review may help:
https://www.interestguru.sg/3-best-retirement-plans-in-singapore-with-lifetime-income-2018-edition/

The above link doesn’t cover Manulife’s signature income, here’s the review:
https://www.interestguru.sg/manulife-signature-income/

Disclaimer: I’m not associated with interestguru, please DYODD on the info. provided by them.

 

[mSnooze]

Hi Bro,

Thank you for the information.

I may go for 2 x Manulife plans , Signature Income and RetireReady Plus to enjoy both benefits.

Aviva's MyRetirementChoice is a better plan to RetireReady Plus.

 

[ELKYme]

If you do sign up, Manulife has a promo (Manulife move) to get a free Apple Watch to encourage you to excercise....health is wealth.

Hi Bro,

Thank you for the information.

I may go for 2 x Manulife plans , Signature Income and RetireReady Plus to enjoy both benefits.

 

[foozgarden]

OA+SA give u guaranteed interest of 2.5% to 4%, if the private annuity can pay u guaranteed returns of 2.5% for your OA monies and 4% for your SA, u can consider. Wait, if u have the limit, u can transfer your SA/OA monies to RA to enjoy 4% interest, so your pte annuity must pay u a guaranteed 4% return compounded to be worthwhile. I seriously doubt they can, let me know if u can find one.

If u can find, then just withdraw your OA/SA monies if CPF rules dun allow - u have to check based on feedback from others here.

I prefer to leave my monies in OA/SA to earn compounded interest, when need arise I withdraw the annual CPF interests anytime I want.

once u hit ERS, you cannot transfer to RA anymore.

Which plan can siam cpf life?

cannt siam.

 

[foozgarden]

Aviva's MyRetirementChoice is a better plan to RetireReady Plus.

why?.........
pls enlighten .. thanks

 

[foozgarden]

Hi Bro,

Thank you for the information.

I may go for 2 x Manulife plans , Signature Income and RetireReady Plus to enjoy both benefits.

why go for both? is there any benefit?
why not concentrate just on one plan?

 

[foozgarden]

If you do sign up, Manulife has a promo (Manulife move) to get a free Apple Watch to encourage you to excercise....health is wealth.

for any manulife plan?

 

[maple96]

once u hit ERS, you cannot transfer to RA anymore.

Yes but ERS is increasing every year for now, I hope it will continue to increase

 

[mSnooze]

why?.........
pls enlighten .. thanks

Plans are very similar in features, comparison done with same profile, amount and duration.

Results in same guaranteed amount, but RetirementChoice has higher Total payout, and higher IRR overall.

I am able to generate both hence able to compare.

 

[foozgarden]

Yes but ERS is increasing every year for now, I hope it will continue to increase

if you already hit the ERS. your interest will cover the yearly increment, as it is < 4%

Plans are very similar in features, comparison done with same profile, amount and duration.

Results in same guaranteed amount, but RetirementChoice has higher Total payout, and higher IRR overall.

I am able to generate both hence able to compare.

total payment means, G + NG right?
if base on just G portion. which has more?

ML RRP can use SRS, AVV MRC cannot use SRS.
AVV MRC is alot more customizable thatn ML RRP.

 

[maple96]

if you already hit the ERS. your interest will cover the yearly increment, as it is < 4%

U dun understand the formula lor, suggest u write in to CPF to confirm

 

[ELKYme]

Bro, here’s the T&Cs:
https://www.manulifemove.sg

for any manulife plan?

 

[ELKYme]

Hi Maple96,
Stop giving one-liners without the ability back it up. We are all here to share/learn from one another, let’s remain cordial.

I already let it go in the other thread when you claim to be “knowledgeable” and “experienced” without the ability to show it. Thanks.

U dun understand the formula lor, suggest u write in to CPF to confirm

 

[RAYRAY1]

why go for both? is there any benefit?
why not concentrate just on one plan?

Let's put IRR aside ,

My plan was signature income can starts generating payout from 5th year onwards and I can decide later when I want to surrender it (maybe after 30 years).
To supplement my income payout, RetireReady Plus can starts payout from 65 onwards (maybe for 20 years), plus 50% increased on 2 of 6 ADLs compared to others which required 3 of 6 ADLs to get 100% payout.

 

[mSnooze]

if you already hit the ERS. your interest will cover the yearly increment, as it is < 4%


total payment means, G + NG right?
if base on just G portion. which has more?

ML RRP can use SRS, AVV MRC cannot use SRS.
AVV MRC is alot more customizable thatn ML RRP.

Yup that's right G+NG.

Based on G portion, which you can set yourself, it is the same. But with the same G, Aviva has higher NG and IRR.

SRS only applicable for plans with single premium option.

 

[mSnooze]

Let's put IRR aside ,

My plan was signature income can starts generating payout from 5th year onwards and I can decide later when I want to surrender it (maybe after 30 years).
To supplement my income payout, RetireReady Plus can starts payout from 65 onwards (maybe for 20 years), plus 50% increased on 2 of 6 ADLs compared to others which required 3 of 6 ADLs to get 100% payout.

Signature Income is really meant to hold long till die or pass on to next generation, as regardless how long you hold it, guaranteed surrender value is at 80% of the premium only. Best to hold for long to pass down to next gen, which is the main purpose of the plan itself.

If you are looking for 100% guaranteed ones, Aviva's MyLifeIncome.

 

[BBCWatcher]

I think we can simply list all the private life annuities sold in Singapore, and then anyone/everyone can go comparison shopping. Here's what I think is a complete list, in alphabetical order by carrier:

Aviva MyLifeIncome
Etiqa ePREMIER eternity presto
Manulife RetireReady
NTUC Income Guaranteed Life Annuity
Tokio Marine Retirement GIO
Tokio Marine Retirement PaycheckLife

Did I miss any?

Some special features to note:

1. The NTUC and Manulife products are fully SRS qualified. They are currently the only two financial products that let you stretch the tax benefits of the Supplementary Retirement Scheme beyond the normal 10 year withdrawal window, something that can be quite useful to those with big (or planning big) SRS balances.

2. Tokio Marine's Retirement PaycheckLife offers a joint/survivor option, a great feature to protect a couple as a couple.

3. NTUC and possibly one or two others offer a guaranteed escalating payout, necessary to combat inflation.

4. Etiqa offers the earliest available payout start date (I think a very young child could start receiving payouts), while Manulife and NTUC are able to defer payouts the longest.

 

[foozgarden]

U dun understand the formula lor, suggest u write in to CPF to confirm

and, what is the formula?
if you can kindly enlighten us with your supreme knowledge.