Maybe you are in your early twenties now and working for an organization. Hardly will you feel like saving your money, right? But, that is the right time to start saving money for your future.
From maintaining your daily expenses to saving for the future, you do it all by your monthly income. But, have you thought about what will happen after your retirement? That’s why you need to do extensive planning for your retirement.
Here, you will know about the different ways for your retirement monthly income. So, read below and take some necessary steps to secure your future.
- CPF Life Annuity scheme:
First of all, CPF Life is the best annuity scheme that provides monthly payouts to retired people. The full form of CPF is Central Provident Fund. After paying at your CPF account for several years, your special account and ordinary account capital are transferred to your retirement account at 55. The time is needed to prepare for giving CPF Life payouts from the age of 65 and onwards.
The Full Retirement Sum you need to install in your Retirement account is $181,000. This is margined to decide the monthly payouts between $1,390 and $1,490. So, if you want, you can opt for a CPF Life Annuity Scheme.
- Fabricate your properties
Another crucial way to create your retirement monthly income is by fabricating your properties. Many renowned investors suggest investing in real estate properties. It is because it can give you a higher return in the future. So, if you start investing at an early age, you can have a lot of properties. Hence, you can decide later whether to rent it or sell it at a high price.
- Get a monthly income stream by investing:
You can get the benefit of monthly income payouts by investment portfolio. For example, you can invest in Stocks and Savings accounts. There are various ways to invest, such as insurance, mutual funds, fixed deposit, etc. You can also invest in real estate and start-ups as well.
- Find the best Endowment plan
Many insurance companies now offer various retirement plans. You can choose from various Annuities, Endowment plans, etc. You can buy an Endowment plan accordingly during your working period. The insurance companies often provide assurance of a 100% Capital guarantee. Furthermore, they even provide more than your given money in some cases.
The expenses are increasing day by day. So, to get a promising, hazard-free life, you should invest your money in these retirement plans. You can even enjoy your life with your loved ones with an assured and protected lump sum of your savings.
- Continue working after retirement:
You can find many job opportunities to upgrade your skills and get paid according to your age. There are many part-time or full-time job opportunities for you. Thus, you can find the right job according to your work experience and field. It will keep your body and mind fit and will charge you to do many things in life.
- Plan Your Retirement As Soon As Possible
Planning is everything when it comes to deciding our future. You need to do extensive research to find the best scheme that meets your financial goals. So, you will not face any problems even if you get to retire. For a stable retirement monthly income, you have to be prepared to keep your options open in the future. Hence, be careful because any wrong step can affect your future directly.
GREAT Retire Income Plan by Great Eastern
If you want a reliable and retirement monthly income, then Great Eastern has some great deals for you. Thus, Great Eastern has developed its all-new GREAT Retire Income plan. It is basically a participating endowment plan that provides you with a cash payout and a potential cash bonus every month.
These are some following benefits of the GREAT Retire Income Plan:
Your capital is guaranteed till the time of your selected retirement age. Along with that, you get coverage against Loss of Independence during the income period. You can decide your premium plan and retirement age. You can also decide how long you want to receive your payouts.
Their premium starts at S$150 a month without any medical assessment whatsoever. However, you are protected against Death, Total and Permanent Disability, and Terminal Illness with this plan. After the policy matures, you can receive an LOI income benefit premium of up to 100% of your guaranteed payments, a round of S$ 5000.
You can even choose your preferred premium term between 5, 10, 15, or 20 years and start your payouts from 56, 61, 66, or 71 and get an income stream for 10 to 20 years.
In conclusion, plan your monthly income stream at your convenience and live a happier and healthier life. The above information can help you understand the best plan for retirement monthly income.