When you retire, your employment income stops, but not your expenses. You still got to pay your food, your transport and your health care. If you are not lucky enough, you may still have outstanding mortgage loan to pay.
Do you have retirement plans which generate guaranteed passive income to pay off these expenses?
The best way to approach retirement planning is to stack up your “Income Sandwich”. It means to prepare multiple layers of passive income streams after your retirement. To achieve this, you need to accumulate Income Generating Assets (IGAs) in your working life.
Building IGAs is not as hard as it sounds. Most Singaporeans already have an IGA, which is your CPF life. CPF life is a government scheme which converts your CPF Retirement Sum into a monthly income. But an average Singaporean’s monthly CPF payout is only $948. Is that sufficient to you?
One of the best ways to supplement your CPF savings is through a guaranteed income retirement plan issued by an insurance company. Many people overlook the beauty of this because when they think about insurance, they only think about death benefit.
Today, I am going to show you 3 best retirement plans and how they can help you achieve your retirement goals.