Asked by Anonymous

Should i get a saving plan insurance or Investment-Linked Policy for my retirement? I am 25 years old. And i want to set a monthly sum. But I cant decide which is better?

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  • Hariz Arthur Maloy
    Hariz Arthur Maloy, Independent Financial Advisor at Promiseland Independent
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered on 18 Oct 2018

    You have a 40 year time horizon and can invest in the global market to achieve wealth accumulation and higher returns.

    Your asset strategy will change with your age, slowly moving towards higher guaranteed assets at a later age when you're closer to retirement for capital preservation.

    Instead of looking for a product to purchase, do some retirement & investment planning.

    After that, then find products that will fit what you're planning to do and meet your objectives.

    Also retirement means very different to different people. Some want to live off dividends and coupon payments. A very passive retirement.

    Some would prefer to do a drawdown retirement to maximize all the wealth they've built over their years.

    You should speak to a trusted advisor or specialist to figure a path out for your retirement.

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  • Jonathan Chia Guangrong
    Jonathan Chia Guangrong, Fund Manager at JCG Fund
    Level 6. Master
    Answered on 18 Oct 2018

    Honestly, get neither. Learn to invest on your own, or pay to have someone guide/mentor you. This becomes a skill which will last you a lifetime. No point locking up your money in long term policies which cost a pretty penny and the returns pale in comparison to what you can get when you invest on your own.

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  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Level 6. Master
    Answered on 18 Oct 2018

    Have you ever thought of investing regularly in STI ETF? Have a look at the link for regular savings plan.

    https://blog.seedly.sg/which-regular-savings-plan-is-the-cheapest/

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