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Table of Contents – Best Retirement Plans in Singapore1 What makes a good retirement plan or annuity policy?
2 Why do you need a retirement plan?
3 The best retirement plans based on features and income payout
3.1 Best High Income Retirement Plan for Disability Benefit – Manulife RetireReady Plus III
3.1.1 In-depth financial details for Manulife RetireReady Plus III
3.1.2 Conclusion of Manulife RetireReady Plus III’s Policy Illustration
3.1.3 What we like about Manulife RetireReady Plus III
3.1.4 What we do not like about Manulife RetireReady Plus III
3.2 Best High Income Retirement Plan for Inflated Payout – Etiqa Enrich retirement
3.2.1 In-depth financial details for Etiqa Enrich retirement
3.2.2 Conclusion of Etiqa Enrich retirement’s Policy Illustration
3.2.3 What we like about Etiqa Enrich retirement
3.2.4 What we do not like about Etiqa Enrich retirement
3.3 Best High Income Retirement Plan For Lowest Premiums – China Taiping i-Retire II
3.3.1 In-dept policy illustration for China Taiping i-Retire II
3.3.2 Conclusions on China Taiping i-Retire II’s Policy Illustration
3.3.3 What we like about China Taiping i-Retire II
3.3.4 What we do not like about China Taiping i-Retire II
3.4 Best High Income Retirement Plan for Projected Payout – Singlife Flexi Retirement
3.4.1 In-depth financial details for Singlife Flexi Retirement
3.4.2 Conclusion on Singlife Flexi Retirement’s Policy Illustration
3.4.3 What we like about Singlife Flexi Retirement
3.4.4 What we do not like about Singlife Flex Retirement
4 Detailed comparison for retirement plans based on features and income payout
5 How do you get the most out of your retirement plan?
6 What are the other alternatives besides a high income retirement plan?
7 What are the best retirement annuity plans for you?
8 Find the best retirement plans and annuity policies with the highest income payout here!
Retirement plans or annuities, when paired together with your lifelong payout from your CPF LIFE, can supplement your retirement income during your golden years. You can even expect a payout multiplier (2x) due to disability or when you are unable to perform a minimum 2 or 3 of 6 ADLs.
As you will be committing a significant portion of your life savings, ensure that the payout for your retirement plan is competitive and personalised to your needs.
For this comprehensive review, InterestGuru.sg looks into the best retirement plans in Singapore that provide the highest income payout toward meeting your lifestyle needs and expenses.
Best High Income Retirement Plan for Disability Benefit – Manulife RetireReady Plus III
Best High Income Retirement Plan for Inflated Payout – Etiqa Enrich Retirement
Best High Income Retirement Plan for Lowest Premiums – China Taiping i-Retire
Best High Income Retirement Plan for Guaranteed Payout – Singlife Flexi Retirement
Related article: The Complete Guide to Retirement Planning
What makes a good retirement plan or annuity policy?
The main objective of a retirement plan or annuities would be to provide a consistent stream of income starting from your preferred retirement age. Ideally, a shorter premium tenor would provide the highest yield to the maturity of the policy.
In order to retire without much financial stress, you should look to increase the number of income streams you have. This will guard you against the event where one income stream runs dry.
A retirement annuity plan helps you to achieve that by paying out guaranteed monthly income as well as potential bonuses upon reaching your chosen retirement age. In this post, we breakdown what are some of the best retirement plans offered in Singapore and which fit your unique needs.
Depending on individual retirement plans, additional options may even be available to further optimize your overall financial yields.
Our pick for the 4 Best Retirement Plans and Annuities in Features and Income Payout are based on the criteria below:
Policy options available for premium tenor
Policy options available for the period of income payout
The rate of financial returns and payout (Guaranteed and Non-Guaranteed)
Choice and features of riders to complement health coverage (Additional guaranteed payout)
Product features unique to the listed retirement plans
Read also: 3 things to consider before taking up a new financial product
With all insurance companies in Singapore offering their retirement annuities, make sure you select only the best for yourself!
Why do you need a retirement plan?
Your CPF LIFE payout will supplement your income during your retirement and assist with your basic living needs. However, it will not be realistic to expect CPF Life to provide a high level of comfort for your lifestyle.
Consider the following questions:
Are you looking to still have a high and stable income despite a lower workload as you age?
Are you still preparing your financials to sustain your lifestyle when you stop working?
Is maintaining a specific lifestyle important even as daily costs go up?
Does your ideal retirement lifestyle involve discretionary spending such as frequent overseas travelling?
Are stability and predictability what you seek in a financial product when it comes to your income stream during your retirement years?
Will a retirement annuity help to provide additional cash flow to your preferred lifestyle?
If your answer to the above questions is mostly yes, you may wish to consider taking up a retirement plan for a constant stream of income.
Basics of retirement planning: How does a retirement plan work?
Basics of retirement planning: When should you start saving for your retirement?
