Is it necessary to buy retirement plan from insurance company?

If you plan to grow the $300 by yourself, then learn the various investing method.

If not, you would be better off top up the money into CPF SA to 1) get tax relief; 2) earn 4% interest compounding till retirement age. After which, use the money to buy CPF life that give you monthly payout till you die. This is something similar to Annuity Plan.

The retirement account also offer fantastic interest rate (in saving context) around 4-6%p.a. compounding.

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There are advantages and disadvantages of doing this way. The biggest problem is that the money top-up cannot be withdrawn till age 55/65 (depending if you set aside sufficient money for Retirement Sum). Hence, it is not liquidate.

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As for the money saved to buy flat, i suggest that you investing this money instead of just "saving" it. My personal experience is that it is hard to catch up with the property price increase than my rate of saving. Please do some reading about investing in ETF, P2P etc. Explore different options rather than just insurance solution.

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However, investing is not for everyone. We don't have to force ourself if that's not your cup of tea.

Cheers!

It is not necessary to buy retirement find from insurance company.

However if you are undisciplined in savings- Meaning you may be tempted to use the requirements savings for splurging. Insurance plans are good to lock you up.

Otherwise i will recommend you putting 300 either in cpf, srs or just purely investing in etfs