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 (V) - A whole-life, regular-premium, investment-linked policy to help you navigate your way to a comfortable retirement. Choose to retire with a lump sum or stream of income and get bonuses from your policy and a refund of Cost of Insurance when protection benefits aren’t utilised. 

RetireReady Plus (III) - Decide how your retirement dreams will pan out with RetireReady Plus (III), a retirement savings plan which comes with customisable options, such as receiving Guaranteed Monthly Income² for life, or over your choice of 5³, 10, 15, or 20 years. Plus, additional⁴ payouts in the face of any Loss of Independence⁵ including Irreversible Loss of Speech, Deafness (Irreversible Loss of Hearing) and Major Head Trauma.

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

Footnotes:

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

2. 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.

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

4. 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.

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