facebookI am 59, planning to put in place a retirement plan. I have been proposed Manulife InvestReady - Wealth and need some feedback on this product on the pros and cons. Is it worth getting into it? - Seedly

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Anonymous

01 Jul 2020

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Insurance

I am 59, planning to put in place a retirement plan. I have been proposed Manulife InvestReady - Wealth and need some feedback on this product on the pros and cons. Is it worth getting into it?

Looking for monthly payout of S1000-$1200 for retirement

Discussion (8)

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Thanks and appreciated the feedbacks on InvestReady - Wealth

Am currently looking at putting in 100-150K for my retirment plan.

Targetting monthly payout for 20 years starting from age 65. Monthly payout $1200 achievable ? Any recommendations for considerations ?

View 4 replies

Elijah Lee

Elijah Lee

29 Jun 2020

Independent Financial Advisor at Phillip Securities (Jurong East)

Hi anon,

InvestReady - Wealth, as the name suggests, is an investment linked plan, with which there are no guarantees on your returns in any form. If you were looking at something guaranteed or safe, then such plans do not suit you.

The pros of Investready wealth are that you may add waiver riders so that premiums will continue to be paid if something happens to you, and that your capital is protected as there is a death benefit of 101% of the premiums paid at a minimum. However, charges on the product will be 2.5% for the first ten years. As you will be buying into funds, there are no guarantees of any form, including on the dividend payout.

A safer option for you would be a retirement plan to supplement your CPF LIFE; these can take the form of a lifetime income plan, or a drawdown retirement plan, depending on your preference.

Hariz Arthur Maloy

Hariz Arthur Maloy

28 Jun 2020

Independent Financial Advisor at Promiseland Independent

Hi Anon, I would definitey not recommend IR-Wealth for a retirement plan.

At your age, you should c...

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