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Anonymous
My financial planner from Prudential introduced me to PruGolden Retirement, and I wonder if anyone has a second opinion? ?
Basically I pay a premium of $10k annually for 26 years (till age 55), and between the age of 60 and 80, I will receive a guaranteed sum of $1,800 monthly + a variable bonus, depending on the performance of underlying fund. Although I can well afford it, I wonder about the opportunity cost and alternatives to such retirement plans? Or should I invest directly in the SGX (currently doing so, plus Roboadvisor)?
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Loh Tat Tian
07 Jun 2019
Founder at PolicyWoke (We Buy Insurance Policies)
I have just done a basic calculation with CPF interest rates.
If you are able to afford 10k a month into the endowment, you could have put that 10k into CPF and hit FRS easily by Age 55
At Age 55, you have a balance of $130k for withdrawal from Special Account.
This is a better option imho.
Credits to Gabriel Loh our community contributor from Seedly
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the guaranteed irr is 1.40%
compared to cpf, this is such a rubbish plan
you would expect higher...
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26 years? By the time, you sure the get back is guaranteed? Likely they use illustration of high return under non gurantee component