Government employee plans for retirement

1. I am presently 53 years old and plan to retire at 62. Upon retired, if l need money, should l surrender life policies or should I loan from the policies?

Reply: If you need money and you do not require the insurance, it is better to surrender the policies. If you take a loan, interest will be added and you have to repay the loan in the future.

2. I am pensonable and my medical treatment is free, should l or my wife need to buy medical and hospital insurances?

Reply: If your medical insurance is fully covered by the government, there is no need for you to buy medical or hospital insurance.

3. What plan/investment should l have now so that I can have a monthly allowance of $1,500.00 per month when I retired in 9 years time?

Reply: You can buy a guaranteed life annuity. from NTUC Income. It provides good value and has gained a large market share.

You can also read this paper on Financial Planning for Seniors