After retirement, you won’t receive any income. It will be difficult to manage the family’s needs if you lack income. Retirement income solves all your problems after retirement. Planning a retirement income before your retirement is the best way to maintain your family’s financial condition. You can choose a lifetime retirement income plan from the insurance agency to get lifetime protection.
Several retirement policies will help you get a retirement income plan. You can choose a plan that best suits and meets your budget. You can buy a retirement income plan from any agency to get retirement income. The policy’s term, retirement date, and premium to be paid are made on your choice. GREAT Lifetime | Payout Lifetime Retirement Income is one of the best plans provided by the Great Eastern insurance agency in Singapore.
Methods by which you can earn regular income after retirement
Retirement income Policy
Many life insurance companies offer retirement income plans that provide insurance and double investment benefits. It is the best method to earn a retirement income. You have to invest money on a monthly base for certain years. You can select a retirement age in the policy. After the retirement age, you will receive a monthly payout until the policy term. If the policyholder passes away, the beneficiaries will receive the payout. The retirement plans are classified into two.
Short-term retirement plan
You can take a short-time retirement plan for certain years. Short-term retirement plans will provide payouts only for a certain period. You can select the number of years you want to receive the payout after retirement. After the policy term, you won’t receive any income.
Duration: 1 to 5 years or more
Minimum premium to be paid: $5,000 to $10,000
Long-term retirement plan
Long-term retirement plans will also provide a lifetime retirement income to the policyholder. You have to pay the premium for many years in a long-term retirement plan. The amount of money you will receive during monthly payouts will depend on the total investment. The payout you receive will be higher than a short-term retirement plan.
Duration: 10 to 30 years or more
Minimum premium to be paid: $10,000
Government retirement plans
The government provides a retirement income to senior citizens. Even though the retirement income provided by the government will be small, it will help people a lot. In Singapore, the retirement age is 62. After the retirement age, you can choose a re-employment opportunity provided by the government.
Singapore government provides a re-employment opportunity to work until the age of 67. To receive retirement income provided by the government, you should apply for it. You can apply for this income by providing the necessary documents.
Annuity plans will provide you with a retirement income. You can pay a lump sum of money to any insurance agency, and they will provide you with a monthly income. You don’t have to pay money regularly for this plan. Many people will get a lump sum of money more than their monthly payout in retirement. They can invest that money in annuity plans to receive a monthly income. A certain amount of interest will also be added to the invested money.
Lifetime Retirement Income Policy in Singapore
Many insurance agencies provide lifetime retirement policies in Singapore. GREAT Lifetime Payout | Lifetime Retirement Income is one of the leading policies in Singapore. This plan is provided by one of the top insurance agencies, Great Eastern. GREAT Lifetime Payout is a lifetime plan which will provide you with an income for your entire life.
Requirements and benefits of GREAT Lifetime Payout
Minimum premium to be paid: S$10,000 per year
Rate of assurance provided: 3.28%
- Lifetime monthly income
The GREAT Lifetime Payout plan will provide a monthly income for your entire life. You need to pay the premium based on the amount of payout needed. Additional benefits will be added to your payout based on the investment plan.
- Gives 100% capital guarantee to the money paid from the end of the 6th policy year.
- You can give a lump sum of money to your loved ones as their inheritance. The beneficiaries will receive the payout if the policyholder passes away.
To earn a regular income in retirement, you will have to take a retirement income policy from any insurance agency. It will help you receive an income after retirement to maintain your family’s financial security. This article will help you understand how to earn regular income in retirement. GREAT Lifetime Payout is a retirement income plan that will provide you with lifetime retirement income. It is one of the best retirement plans in Singapore.