Retirement plan - should or should not get it?

[yvette]

Hello..

can you please share is it necessary to buy a retirement plan? which plan would you recommend?

agents, pls dont PM me.

 

[Lewis.T]

Hello..

can you please share is it necessary to buy a retirement plan? which plan would you recommend?

agents, pls dont PM me.

It's really up to you, not a necessity. You could live and work till you die or figure a way to DIY your retirement income.

People have different goals and methods to achieve their preferred retirement amounts.

Some choose to top up their CPF accounts

Some choose to invest

Some prefer to retire on rental income etc

 

[hogrider88]

lol such thread spells the start of another war of debates. lets keep it neutral.

 

[eternalxiii]

No, you should not buy a retirement plan. You should start planning about what kind of lifestyle you want after you become unable or unwilling to work in the future.

Then, you should look at your current income and savings level and assess whether you can support that lifestyle u envisioned if you were to stop working right now.

After that, you can think about whether you want to buy a retirement plan or not.

 

[akwl88]

Buy a retirement plan doesn't mean you can retire comfortably liao. Don't be fooled by the ntuc income advertisment lol

 

[lchunl001]

Buy a retirement plan doesn't mean you can retire comfortably liao. Don't be fooled by the ntuc income advertisment lol

this is interesting thought. Do you mind to expand on it?

i also have a question. by investing into a retirement plan offered by the insurance companies, is the overall output (payout) is greater than the input (money pump in)? Doe age and health of the person differ from one person to another? (e.g. two person of the same age but different health, one sick vs one healthy)

 

[mummy1234]

You must be prepared to set aside that amount of money for a Long time if you want to buy....early termination usually results in losses....For me, I prefer the flexibility to manage myself my own money for retirement....at the most save up and buy annuity when retired and some rental and dividend passive income...

 

[skyfpdotcom]

Typically, the guaranteed portion will be more than the total premiums paid. As this is a guaranteed issuance policy, there is no medical underwriting required. Age may make a very slight difference.

this is interesting thought. Do you mind to expand on it?

i also have a question. by investing into a retirement plan offered by the insurance companies, is the overall output (payout) is greater than the input (money pump in)? Doe age and health of the person differ from one person to another? (e.g. two person of the same age but different health, one sick vs one healthy)

 

[akwl88]

http://www.straitstimes.com/business/lower-guaranteed-benefits-likely-under-new-insurance-rules

 

[OngHuatHuat]

This article is good and it tells people how this non guaranteed portion come about.

http://www.straitstimes.com/business/lower-guaranteed-benefits-likely-under-new-insurance-rules

 

[hygge island]

TS - go look at this video (https://www.youtube.com/watch?v=gvZSpET11ZY) and then read my earlier posts (I don't have that many posts) abt retirement and decide for yourself.

 

[yvette]

No, you should not buy a retirement plan. You should start planning about what kind of lifestyle you want after you become unable or unwilling to work in the future.

Then, you should look at your current income and savings level and assess whether you can support that lifestyle u envisioned if you were to stop working right now.

After that, you can think about whether you want to buy a retirement plan or not.

thank you!!! will give it a good thought

Buy a retirement plan doesn't mean you can retire comfortably liao. Don't be fooled by the ntuc income advertisment lol

lol! i thought so too...

 

[yvette]

http://www.straitstimes.com/business/lower-guaranteed-benefits-likely-under-new-insurance-rules

This article is good and it tells people how this non guaranteed portion come about.

will read shortly. thanks for link.

TS - go look at this video (https://www.youtube.com/watch?v=gvZSpET11ZY) and then read my earlier posts (I don't have that many posts) abt retirement and decide for yourself.

thanks!!