The Everyone Must Know Series
When planning for retirement, diversifying income streams is key to ensuring financial stability in later years.
Singapore offers various options for generating retirement income, reflecting its comprehensive social security, personal savings, and investment landscape.
Here are the several income streams available to support your retirement plans.
Owning property and renting it out can provide a steady source of income during retirement, though it requires management and can be subject to market fluctuations. You can also rent out a room of the property you are staying in.
Endowment policies can be a strategic component of a comprehensive retirement plan, offering a blend of savings and life insurance coverage.
Most endowment policies offer a mix of guaranteed and non-guaranteed returns. The guaranteed returns are promised by the insurance company upon maturity, providing a predictable income source for retirement.
Non-guaranteed returns, on the other hand, depend on the insurer’s investment performance and may add a bonus to the maturity amount.
Everyone has different financial goals and retirement plans. Hence it is difficult to give specific recommendations that makes sense for every individual. All of us need our personalized financial plan.
Here at MoneyGrowth.SG, we believe that everyone should have free access to good financial planning advice. Therefore we have put together a community of trusted experts in financial planning.
All our community experts are:
Learn how to actually create different sources of income to fund your retirement.
Learn about possible income streams for retirement, how to maximize them and how to manage the risk associated with each type of income.
Learn what you need to do and how to meet your financial goals for retirement.
Get personalized recommendations based on your financial situations and your personal financial goals.
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