Are you worried about having enough savings for your retirement? You're not alone. Many Singaporeans are concerned about their financial future, especially as life expectancy increases and the cost of living continues to rise. If you're looking for a flexible and comprehensive solution to secure your golden years, Manulife SmartRetire (II) might be the answer you've been searching for.
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Manulife SmartRetire (II) is a whole-life, regular-premium, investment-linked insurance plan designed to help you achieve your retirement goals. It's a customizable solution that allows you to plan your retirement journey according to your specific needs and budget. Whether you're aiming for early retirement or want to ensure a comfortable lifestyle in your later years, this plan offers the flexibility to make it happen.
Start receiving your retirement benefits as early as age 40
Choose between a lump sum payment or a stream of income
Start with as little as S$200 per month (for plans with a 16-year Minimum Investment Period)
Tailor the plan to your specific retirement goals and budget
Coverage for death, Total and Permanent Disability (TPD), and Waiver of Premium Benefit on Cancer
Get back the COI charged if protection benefits are not utilized
Enjoy a Welcome Bonus at the start and yearly Loyalty Bonuses during accumulation and retirement periods
Once you've made these choices, Manulife will calculate your estimated premium amount based on your inputs.
Choose your Target Retirement Age : You can select any age from 40 to 70, depending on when you want to start enjoying your retirement benefits.
Decide on Your Preferred Payout Method : You have two options: a) Lump sum: Receive your entire retirement amount at once, or b) Stream of retirement income: Get regular payouts over your retirement years.
Set Your Target Retirement Amount : Depending on your choice in Step 2, you'll need to indicate either: a) Your Target Retirement Sum (for lump sum option), or b) Your Target Retirement Income (Monthly) (for income stream option).
Select Your Minimum Investment Period (MIP) : Choose from 5, 8, 12, or 16 years. This is the period during which charges will apply if you miss premiums or make withdrawals.
Throughout these periods, your plan provides protection coverage. If the protection benefits are not utilized, you'll receive a refund of the Cost of Insurance (COI) in the form of additional units added to your account.
This is when you start building your retirement fund. You'll receive a Welcome Bonus to boost your investment from the start.
Continues after the MIP until your chosen retirement age. You'll receive yearly Loyalty Bonuses during this time.
Begins at your chosen retirement age. You'll start receiving your retirement benefits (either lump sum or income stream).
Manulife SmartRetire (II) offers a curated suite of funds for you to invest in. While the specific funds aren't detailed in the brochure, it's important to note that your investments are subject to market risks . The performance of the funds is not guaranteed, and you may lose the principal amount invested.
Credited to your account in the first 12 months. Given for each regular basic premium payment. Provided in the form of additional units.
Starts from the policy anniversary immediately after the end of your MIP. Continues every year until the end of the policy term. Also provided in the form of additional units.
Manulife SmartRetire (II) isn't just about saving for retirement. It also provides important protection benefits:
Moreover, during the accumulation period, your protection amount will be increased to match your total target retirement amount . This ensures that your loved ones are protected even if something happens to you before you reach your retirement age.
Let's consider an example to see how Manulife SmartRetire (II) might work in practice:
Sarah is 35 years old and wants to retire at 60. She aims for a monthly retirement income of S$3,000 for 20 years. Her choices might look like this:
Based on these inputs, Manulife would calculate Sarah's required monthly premium. Let's say it's S$1,000 per month.
Over the next 25 years (from age 35 to 60), Sarah's plan would work as follows:
Throughout this time, Sarah is protected against death, TPD, and has the Waiver of Premium Benefit on Cancer. If she doesn't use these benefits, she'll receive a refund of the COI charged.
Flexible retirement age options (as early as 40)
Choice between lump sum and income stream payouts
Low entry premium (from S$200 per month)
Bonus features to boost your investment
Protection benefits included
Refund of COI if protection benefits aren't used
Investment risks (returns are not guaranteed)
Charges apply for missed premiums or early withdrawals during MIP
Complex product structure may be difficult for some to understand
While Manulife SmartRetire (II) offers many attractive features, it's crucial to understand that:
Manulife SmartRetire (II) offers a flexible and comprehensive solution for retirement planning . With its customizable features, protection benefits, and bonus structures, it can be an effective tool for those looking to secure their financial future. However, like any investment-linked product, it comes with risks and complexities that need careful consideration.
Your retirement planning should align with your personal goals, risk tolerance, and overall financial situation. While Manulife SmartRetire (II) offers attractive features, it's essential to compare it with other retirement solutions and seek professional advice to ensure it's the right fit for you.
Ready to take the next step in planning for your retirement? Don't rely on just one perspective. Get expert insights tailored to your unique situation. Sign up now to receive 5 expert opinions on retirement planning solutions . These professionals will review your specific needs and provide personalized recommendations, helping you make the most informed decision for your future.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best strategy for your retirement goals. Don't leave your golden years to chance – get the expert advice you deserve today.
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