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? - Seedly
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Anonymous

Asked on 28 Jun 2020

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

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Ng Kwok Fei
Ng Kwok Fei
Level 2. Rookie
Answered on 01 Jul 2020

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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Hariz Arthur Maloy
Hariz Arthur Maloy

01 Jul 2020

With financing, 14.5k/yr from 65 for life is possible subjected to interest rate fluctuations.
Ng Kwok Fei
Ng Kwok Fei

01 Jul 2020

Thank You! This is so helpful 👍
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
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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.

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

At your age, you should consider annuities or retirement income plans that are capital guaranteed and provide stable and reliable income throughout your retirement or your life.

Manulife has Retire Ready Plus or Signature Income, traditional guaranteed retirement income plan that is a significantly better choice than IR-Wealth as it is non-guaranteed Investment Linked.

Here's a small comparison for Single Preium lifetime annuities that pay a projected 3.9-4.2+% of your capital for life.

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Answered on 28 Jun 2020

Life insurances are complex, difficult to understand and an inferior investment product because they inherently underperform other clean strategies.

The insurance company invests the money you give them into better performing products.

what also to avoid, here:

https://seedly.sg/questions/what-is-your-general-investing-philosophy-strategy​​​

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