is CPF sufficient for retirement..?
Just wondering is it possible for me to rely solely on my CPF savings for retirement? Or do I have to get an endowment / annuity plan? If so, any good ones to recommend?
Hi, I think its quite evident across the internet that CPF RA is insufficient to meet retirement needs. With the new CPF LIFE and other schemes in place, the number of payouts you receive will only help to achieve a bare minimum standard of living. So if you want to have more (I mean who wouldn’t right), pls do get some endowment/annuity plans for yourself. Hmm, if you are looking for just payouts during retirement then you can consider an annuity plan. Because if I not wrong the endowment plan has some forms of insurance in it. Plus annuity provides a regular stream of income, unlike endowment where it pays by a lump sum upon maturity date.
These are some good retirement saving plans, you can consider Aviva MySavingsPlan which has like premiums as low as $1.56/day and 100% capital guaranteed. Manulife ReadyPayout Plus is not bad too, it gives you the option to withdraw cash benefits from the end of the 1st policy year. Great Eastern Flexi Endowment is not too bad too, helps u accumulate wealth at the same time protects you against death, terminal illness and tpd. You can go do your own research, and if need to just approach an agent to assist you. Most imptly, DON’T JUST RELY ON YOUR CPF FOR RETIREMENT.