Save in Ideal plan now and buy a life annuity later

Dear Mr Tan

I'm an Income policy holder. I've always believed in insurance, and understandably, annuity too.

Can I buy an annuity now even though I'm still working? I expect to continue working for another decade or two.

I want to make sure I will have more set aside when I retire to ensure a higher standard of living. My current CPF savings is not enough to ensure a high quality of lifestyle.

MJ

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Dear MJ

My advice is to save and invest in our Combined Fund for the next 20 years.

You can use the accumulated savings to buy a life annuity after you have stopped working. More details are available from:

http://www.income.coop/insurance/ideal/faq2.asp
http://www.income.coop/insurance/glannuity/faq-lifeannuity.asp

Tan Kin Lian
CEO, NTUC Income