You may think you will be able to drastically change your lifestyle in your retirement. In reality, after you get used to a certain standard of living or way of life, it can be difficult to make changes – both financially and emotionally.
To ensure you will be able to adjust to the lifestyle you are aiming for during retirement, you should test-drive it before you actually retire.
One important component is having sufficient retirement income. Understand how much you stand to receive in CPF LIFE, build supplementary income streams with investments and savings. One way to boost your retirement nest egg is with AIA Platinum Retirement Elite, which ensures you consider your retirement needs with a target monthly retirement income, the flexibility to start drawing down from age 50 as well as choosing to receive a yearly stepped-up income between 0% and 5% to account for inflation.
As you put away savings towards a retirement that you are dreaming about, you also need to ensure that you protect your nest egg from uncertainties. Having sufficient life insurance not only protects your dependents in the short-term, but also the plans you have built with your spouse in the long-term.
With life insurance, such as AIA Guaranteed Protect Plus (II), you can protect your young children, spouse or elderly parents from any potential financial hardship, should any unforeseen events occur. It covers you for up to 5 times your insured sum till age 65 or 75, and thereafter the protection continues to cater for your spouse’s retirement plans in the event of death or total permanent disability. For enhanced coverage, you can purchase add-on riders to cover critical illness as well. This protects you and your spouse from needing to dip into your retirement funds in any unforeseen scenarios.
At the same time, if you are healthy in your golden years, the plan accumulates a cash value that will mature once you turn 100 or as legacy to leave behind for your loved ones when you pass on.
To encourage you to adopt a healthier lifestyle, AIA Vitality rewards you with discounted health screening, gym membership discounts and exclusive deals on fitness-related gadgets, and travel and leisure activities.