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Goal: I want to plan for my retirement

 

How to plan for my retirement

Ideally, you want to be contributing to your retirement pot as early as possible, but in the real world, it’s not always that easy. You’ll likely have other financial commitments –loans, bills – and desires, such as getting on the property ladder, starting a family or having that much-needed vacation.

Planning ahead is important as it means more time for your savings to benefit from the effects of compounding returns. However, it has been found that Singaporeans under 40 still tend to “brush aside their plans for retirement1.” Studies also show that most Singaporeans don’t even think about their retirement until age 38 – of which 2 out of 5 are confident of saving enough1.

Ready to get started on your retirement planning? 

 

Recommended articles:

New to retirement planning? You may find these guides and articles useful. 

 

Recommended insurance products:

A key part of retirement planning is to look for ways to boost your savings.

Manulife SmartRetire (III)

A plan designed for flexibility and control over your retirement journey

Manulife SmartRetire (III) - A whole-life, regular-premium, investment-linked policy that’s customisable to your goals and budget. Retire with a lump sum2 or stream of income from as early as age 40, and plan your journey to the tee with our curated suite of funds. With premiums as low as S$2003 per month, seize life's best moments and let your passion soar. 

 

RetireReady Plus (III)

A plan for retirement, for the golden years you’ve always dreamed of

RetireReady Plus (III) - Decide how your retirement dreams will pan out with customisable options, such as receiving Guaranteed Monthly Income4 for life, or over your choice of 55, 10, 15, or 20 years. Plus, additional6 payouts in the face of any Loss of Independence7 including Irreversible Loss of Speech, Deafness (Irreversible Loss of Hearing) and Major Head Trauma lets you continue on towards the dream retirement you've worked so hard for.

 

View other Savings Plans here https://www.manulife.com.sg/en/solutions/save/savings-plans.html

 

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    Footnotes:

    1.  https://www.straitstimes.com/business/invest/8-myths-about-retirement

    2. Policy value at the selected Target Retirement Age is dependent on the market performance.

    3. Applies to plans with a MIP of 16 years.

    4. The Guaranteed Monthly Income (GMI), less any policy debt, will start one month after the policy anniversary immediately after the life insured reaches the selected retirement age and to the end of his/her selected income payout period.

    5. Not applicable to policies with single premium and 5 years premium payment term.

    6. If the life insured is not able to perform any 2 out of 6 Activities of Daily Living, the Loss of Independence Income Benefit payable is equivalent to 50% of the GMI, capped at a maximum of S$2,000 per month per policy. If the life insured is not able to perform at least 3 out of 6 Activities of Daily Living or diagnosed with Irreversible Loss of Speech, Deafness (Irreversible Loss of Hearing) or Major Head Trauma, the Loss of Independence Income Benefit payable is equivalent to 100% of the GMI, capped at a maximum of S$4,000 per month per policy.

    Please refer to Product Summary for more details on the Loss of Independence conditions.