Imagine with me… the day of retirement has arrived, you are all excited and sad at the same time… excited because now you have all the time in the world to do the things that you have been longing for, like travelling overseas, playing golf daily at SICC, deep sea fishing BUT you are very concerned that you will not receive your monthly paychecks and bonuses from then on… Don’t worry anymore…
An insurance company has just launched a new retirement funding product that gives you a monthly cheque from your retirement age for 20 years! On top of that you will receive up to 12 months bonus every year for 20 years PLUS receive a further maturity bonus at the end of 20 years.
Wow, sounds too good to be true?
An example given was :
Jason age 30, wishes to retire at age 65 with a $1000 monthly paycheck.
Jason saves $7,297 annually (approx $600 monthly) for only 15 years.
At age 65, Jason will receive $1000 monthly for next 20 years.
He will also receive $12,000 annual bonuses for next 20 years.
At the end of 20 years, Jason will further receive a maturity benefit $168,000.
In total, Jason saved $109,455 but received $648,000 in return, which is almost 6X of his input!
Retirement can be comfortable and predictable if you start planning today. It is never too early to start and never too late to call me… Financial Planning will ensure you will get a good paycheck every month even after you retire!!!
Don’t worry, be happy for the next 20 years at least…