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Home Insurance Planning Retirement (Annuity) Retirement Age gets higher worldwide

Retirement Age gets higher worldwide

Friday, 18 June 2010 14:33 Ginny Lim
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The aging population with dwindling birth rate is forcing the government worldwide with public pension system to increase the official retirement age before citizen could get their pension.

Country Current Min. Retirement Age New Proposed Retirement Age Timeframe (Year)
France 60 62 2018
Germany 65 67 2029
Spain 65 67 Not stated
Italy 57 61 2013
Britain 65 for men
60 for woman		 68 2046
The United States 62 - -
Japan 60 - -

Source : The Straits Times, 17 June 2010

In Singapore, our retirement income is mostly derived from CPF Retirement Account monies and our own savings and investment that we have accumulated over our working years. Hence, if you have started savings early and accumulated enough for retirement at an early age, you can choose your own retirement age! You can read more on how to start Retirement Planning early at one of the featured article "Retirement Planning - Start right now the right way!"

 

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Newsflash

NTUC Income pay out $415.5m bonus to policyholders , 30 Apr 2010

Insurer NTUC Income are pleased to declare an additional special anniversary bonus to complement your annual bonus. As well as a cash bonus1 for our long-standing policyholders.

Once again, NTUC Income has resolutely published thier yields for one reason – to be transparent.

 Actual Yield: Endowment

Policy Term For males & females, entry age: 25 years old, S$100 monthly premium2
Maturing in 2010 Average Maturity Yield (2006 - 2010)
20 5.47% 5.88%
25 5.95% 6.03%
30 5.90% 5.92%


Actual Yield: Whole Life

Gender Entry age: 30 years old with Sum Assured of S$50,000
At age 55 in 2010 Average Yield (2006 - 2010)
Male 4.72% 4.72%
Female 5.41% 5.41%

1 This cash bonus is paid out on your oldest policy, which must have been in force for at least 10 years as at 31 December 2009. If you are residing overseas, or if the policy has been placed under a trust or is under the care of the Official Assignee, this cash bonus will be credited to your policy to offset future premium payments; or if no premiums are payable, the cash bonus will be paid out when the policy matures, is surrendered or if a claim is made. This cash bonus is not included in the calculations for actual yield.

2 Yields are calculated based on annual premium equivalent to S$100 monthly. Yield calculations are audited by Towers Watson. Actual yields may not be indicative of future policy yields.
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