Are you worried about having enough savings for your retirement? You're not alone. Recent studies show that Singaporeans need at least S$566,640 to feel financially free in retirement , yet only 4 in 10 have started planning. Whether you're just beginning your career or nearing retirement age, it's never too early or too late to start securing your financial future. That's where Singlife Flexi Retirement II comes in.
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Singlife Flexi Retirement II is a flexible, customizable retirement savings insurance plan designed to provide you with a steady stream of income during your golden years. This plan allows you to tailor your retirement strategy to your specific needs and goals, without the need for a health check.
Choose your Guaranteed Monthly Income (GMI), starting from as low as S$300 per month. Decide when to start receiving your monthly income. Select how long you want to receive your monthly income. Pick a premium payment term that fits your lifestyle.
Your policy will have cash values of at least the total premiums you've paid at the end of the Accumulation Period.
Lump-sum payout at the end of the Accumulation Period. Monthly Cash Bonus during the income payout period.
If you don't need your retirement income immediately, you can reinvest for higher returns in the future.
Premium waiver if you become totally and permanently disabled. Lump sum payout in case of death or Terminal Illness diagnosis.
After the first Policy Year, you can change the Life Assured to yourself or your spouse.
This is the time between when you start the policy and when you begin receiving your monthly income. You can choose how long this period lasts based on when you want to start your retirement income.
This is when you start receiving your monthly income. You can choose how long this period lasts, from 5 years up to age 120.
This is the fixed amount you'll receive each month during your Income Payout Period. You choose this amount when you start the policy.
At the end of the Accumulation Period, you may receive a lump-sum bonus. You can choose to convert this into additional monthly income.
This is a potential extra amount you might receive each month during your Income Payout Period. It's not guaranteed and depends on the performance of the participating fund.
Let's look at how this might work for Nicole, a 50-year-old non-smoker:
At age 65, Nicole starts receiving:
Total Monthly Income: S$1,820
By the end of her policy term at age 85, Nicole will have received a total of S$436,800, which is 210% of her total premiums paid!
For added peace of mind, you can enhance your Singlife Flexi Retirement II with the Singlife Care Income Plus Cover rider. This provides:
The cost of Singlife Flexi Retirement II depends on several factors:
For example, a 30-year-old non-smoker choosing a Guaranteed Monthly Income of S$800, with a 20-year premium payment term, might pay an annual premium of S$6,199.05.
Highly customizable to fit your specific retirement needs
100% capital guarantee at the end of the Accumulation Period
Potential for additional bonuses
Option to reinvest payouts for higher returns
Financial protection against disability and critical illness
No health check required
Bonuses are not guaranteed and depend on fund performance
Early termination may result in significant losses
May not be suitable for those seeking high-risk, high-return investments
Yes, you have the flexibility to change certain aspects of your plan, such as the income payout duration, before you start receiving your monthly income.
You can surrender your policy, but you may receive less than the total premiums paid, especially in the early years of the policy.
Yes, but only for single premium policies where the policyholder is also the Life Assured.
You'll receive a lump sum payout, which can help cover medical expenses and provide for your loved ones.
Unlike a savings account, this plan provides insurance coverage and potential bonuses, along with a structured payout system for your retirement years.
Singlife Flexi Retirement II offers a unique combination of flexibility, security, and potential growth for your retirement savings. Its customizable nature allows you to tailor the plan to your specific needs and retirement goals. Whether you're looking to start early or planning for the near future, this plan can adapt to your circumstances.
However, as with any financial decision, it's important to carefully consider your personal needs, risk tolerance, and long-term goals. While Singlife Flexi Retirement II offers many attractive features, it's a long-term commitment that requires careful consideration.
Ready to take the next step in securing 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 . These professionals will review your specific circumstances and provide personalized recommendations, helping you make the most informed decision possible.
By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best retirement strategy for your golden years. Don't leave your future to chance – get the expert advice you deserve today.
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Read the complete transcript of our expert discussion about Singlife Flexi Retirement II . This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
Welcome back to the deep dive. Today we're tackling something huge—something that really affects everyone in Singapore, whether you're just
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