facebookHi I have 50k in OA and 10k in SA which i can withdraw. my objective is to look for lifetime payout so does it make sense for me to transfer the funds to insurance annuity plan? - Seedly

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Anonymous

03 Aug 2022

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Insurance

Hi I have 50k in OA and 10k in SA which i can withdraw. my objective is to look for lifetime payout so does it make sense for me to transfer the funds to insurance annuity plan?

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Elijah Lee

05 Aug 2022

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

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It sounds like you are already over 55 and have full withdrawal flexibility.

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While I don't know the specifics of your current financial situation, please don't do that. Monies in OA and SA have flexibility and a decent interest rate.

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An annuity, while putting you in control, also has limitations. It's ok to use spare cash lying in the bank to get one, but in general, you shouldn't be using CPF monies for that. I'd rather you transfer them to CPF RA for higher CPF LIFE payouts if you really want to have a bigger retirement income payout from annuities.

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