I was introduced to this product Retireready Plus recently. The person says this was very suitable for me. I would appreciate a second opinion from the experts in this community. Thank you?

Hi Wen Liang,

Whether or not the product is suitable for you depends on what you needed in the first place. So unless you told the person that you needed a guaranteed stream of income, then yes, you can consider a plan such as RetireReady Plus. If not, I find it puzzling how the person can just come to the conclusion that it is suitable for you in such a sweeping fashion.

However, assuming that you were looking for such a product, do ensure that you take time to compare across multiple insurers. RetireReady Plus II (version one is off market already) generally does not have the highest guaranteed returns at the moment, and the projected returns also fall slightly short to some other insurers, at least in most cases/permutations where I am helping clients to search for something.

I'd look at such plans to complement CPF LIFE. It's definitely not a replacement for CPF. I certainly won't take money out of my CPF to buy something like that, for example. But I will consider using my cash that's lying in the bank earning low returns for such an instrument.​​​

Hi Mr.Chong,

You were introduced to an annuity policy, which provides you guaranteed monthly income at your retirement. To have a form of guaranteed income at retirement, safe to say, its suitable for everyone!

There is quite a few offerings in the market for an annuity plan to supplement your CPF-life payouts, to ensure a comfortable standard of living, and to stretch your dollars worth.

Its hard to predict how inflation might affect our cost of living. Our unique annuity plan current caters for this by having incremental step up payments during your payout term, to factor for inflation and future volatility.

Hope i was able to address your queries! If you would like to know more do reach out, and we can find the best solution for yourself.​​​