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

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 (9)

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To pay 2.5% of the account value annually is excessively high. Despite any initial welcome bonus, its appeal diminishes after the first or second year. As a Manulife agent, I strongly advise against it. Notably, top agents prioritize promoting Investment-Linked Insurance (ilp) for maximum earnings and commission!

I recommend a more cost-effective approach: personally invest in SP500 ETFs through Dollar-Cost Averaging (DCA) on a monthly or quarterly basis. This strategy can lead to substantial savings compared to traditional unit trust investments.

It's crucial to be aware that many agents may lack sufficient investment knowledge, potentially resulting in overly diversified portfolios with minimal returns. Consider the long-term impact of a 2.5% annual cost, especially when investing 100k over 10 yearsโ€”the charges can be significant.

Investready utilizes unit trusts, but you can easily purchase them from banks. However, for a more prudent choice, opt for the SP500 ETF like VOO. Don't be swayed by welcome bonuses, as they may only enhance your account appearance in the initial years. Keep in mind that while this may not be the worst ILP, some ILPs with front loading can be even more unfavorable.

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 ?

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Elijah Lee

29 Jun 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

InvestReady - Wealth, as the name suggests, is an investment linked plan, with which there...

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