Why you should plan for retirement?

Retirement should be the best time of your life, when you can relax and enjoy your life by reaping benefits of what you earn in so many years of hard work. To achieve a worry-free retired life, here’s why you should plan to plan ahead.

• Getting stuck in the savings mindset: People tend to get hung up on how much you save every month. The amount does not matter as long as you set it aside. You can gradually increase the amount that you save over time. for your retirement funds whenever you have extra money, you get a salary raise, or you have finished your payments.
• Medical emergencies: With increasing age comes more health problems. Medical expenses which may make a huge dent in your income post retirement. Failure here could lead you to liquidate (sell) your assets in order to meet such expenses. Remember medical claims do not always suffice.
• Inflation: As you need to worry about it you need to account for it as well. You need to take into account inflation while calculating your retirement funds as well as your expenses.
• No state sponsored pension plan: Unlike the US and UK where they have state pensions or social security benefits during retirement, Singapore does not provide such benefits. So, you are really on your own.
• Fragmentation of nuclear families: Gone are the days when the elderly had a family to give them support. The culture of the Asian family is changing as couples are having less children. It’s vital to plan your retirement without any help from your family. Now is the time when you need to make savvy investment decisions during your working life and put your hard-earned money to work for you in future.

Pension plans for the retirement

Retirement & Pension Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. Given the high cost of living and rising inflation, Retirement planning has become all the more important.

What are the pension plans?

Pension plans are investment plans that lets you allocate a part of your savings to accumulate over a period of time and provide you with steady income after retirement. Retirement & Pension Plans provide you with financial security so that when your professional income starts to ebb, you can still live with pride without compromising on your living standards. Given the high cost of living and rising inflation, Retirement planning has become all the more important.

Why you should buy retirement plan

• Tailor-make your retirement plan
• Start your pension when you want it
• Choose between various pension options
• Secure your retirement with guaranteed income for whole of life
• Avail tax benefits, as per applicable tax laws

Benefits of retirement planning

• Choose your policy term based on when you want to retire
• Build your retirement corpus through paying premium for five years, seven years, ten years or throughout the policy term
• Boost your retirement savings with regular simple reversionary bonus and terminal bonus, if any
• At retirement, get guaranteed regular income for whole of life
• Protect your family with a lump sum amount or guaranteed income in case of unfortunate death
• Avail tax benefits on investment and on returns, as per the applicable income tax laws