Retirement

According to most experts, your retirement income should be around 80% of your pre-retirement annual income. For example, if you have an annual income of $100,000, you'll need at least $80,000 annually to maintain a comfortable retirement life.

However, to estimate how much retirement income you need, you must first be aware of your retirement objectives. Imagine the sort of lifestyle you wish to have when you retire, and most importantly, what retirement means to you. Being realistic, as well as having precise and quantifiable retirement objectives, may allow you to have a more accurate evaluation of how much you need to set aside.

A life insurance plan that provides both savings and much-needed insurance protection is another option you may consider. You may, for example, construct your retirement savings with a savings insurance by setting aside a sum of money on a monthly or yearly basis over a certain period of time. Furthermore, it may potentially give better returns than bank deposit interest rates, allowing you to create more considerable retirement savings in a shorter period of time.

It is also important to remember that even if you begin to save for retirement, a significant medical bill might wipe away a large chunk of your hard earned money. As a result, it is crucial to ensure that you have enough medical insurance protection.

The ideal age for purchasing retirement insurance varies depending on individual circumstances, financial objectives, and risk tolerance. Generally, starting retirement planning in one's 20s or 30s is recommended due to the longer investment horizon, allowing for compounding interest benefits and increased time to accumulate savings.

Retirement insurance plans offer diverse entry ages and features, so it is beneficial to research and consult with your financial advisor to identify the most suitable options aligned with one's age, financial status, and retirement aspirations.

Although initiating retirement planning early is advantageous, it is never too late to begin. Even if starting at an older age, exploring retirement insurance options and strategies remains crucial to securing a stable financial future during retirement.

Seeking advice from a financial advisor who offers personalised guidance tailored to individual circumstances, aiding in informed decision-making regarding retirement planning and insurance.

Our Financial Adviser Representatives can help you with a financial health check and assess your earnings & expenditures, liabilities & assets, and provide their expertise on what you can do to meet your retirement lifestyle plans better.

1. Long-Term Savings: It helps in accumulating a significant sum of money over time, which serves as a financial cushion during retirement when regular income might decrease or stop.

2. Financial Security: It offers a sense of financial security by providing a reliable income stream after retirement, reducing the reliance on personal savings and as a supplement to government schemes.

3. Death Benefits: Many retirement insurance plans offer death benefits, ensuring that the policyholder's beneficiaries receive a sum upon the policyholder's demise before or after retirement.

Before opting for a retirement insurance plan, it is important to understand the terms, benefits, fees, potential risks, and payout options. Consulting a financial advisor can help in choosing the most suitable retirement insurance plan aligned with your financial goals and retirement needs.