Ways to future-proof your retirement plan in tumultuous times

Black swan events have the potential to wreak untold havoc on lives and livelihoods. If anything, now more than before, the pandemic has reminded us of the importance of preparing adequately for the unknown and the unpredictable.

When it comes to planning for your golden years, the devil is in the details. Apart from managing your daily living expenditure, you may also want to protect and grow your wealth to increase discretionary spending when you wish, or build a nest egg to support your desired lifestyle during retirement.

According to a Manulife Asia Care Survey¹ conducted in November 2020, 74 per cent of Singaporeans surveyed said the need for retirement planning has become more important since the start of the pandemic - a figure that is higher than the region-wide average of 73 per cent.

The increased interest in retirement planning corresponds with concerns about personal wealth, with 55 per cent of Singaporeans surveyed indicating that they expect personal wealth to decline as a result of the pandemic.

In this regard, Manulife's whole-life, regular premium investment-linked plans (ILP) - Manulife SmartRetire (III), InvestReady Wealth (II) and ManuInvest Duo - can help to meet your financial needs, boost your retirement planning efforts, and at the same time, provide you with insurance protection.

Flexible and customisable, these plans can be tailored to your specific goals and budget. They are also designed to supplement your existing income sources and future-proof your wealth.

So, when it comes to planning your retirement, what are your key objectives? Manulife's insurance plans can help you achieve three key goals:

#1 Retire on a fast track with a lump sum or stream of income

Manulife SmartRetire (III) lets you plan your retirement journey as you like it with its curated suite of funds and is customisable to your goals and budget. You can choose your target retirement age - ranging from age 40 to 70, and how you want to receive your retirement amount, whether in a lump sum or stream of retirement income. You will get a welcome bonus² from the start, and yearly loyalty bonuses2 during the accumulation and retirement periods.

As you work towards your retirement, Manulife SmartRetire (III)'s protection benefits can safeguard your retirement dreams from unexpected events. What's more, this plan boasts an exclusive feature that refunds the Cost of Insurance³ back into your policy if protection benefits are not utilised.

#2 Diversify your portfolio with access to over 100 funds

Portfolio diversity is one of the golden rules of investing, and Manulife's InvestReady Wealth (II) is designed with this in mind. This plan gives you access to over 100 funds - including dividend-paying unit trust funds for a regular stream of potential income.

Get a head-start on your investments with a welcome bonus in the first policy year in the form of additional units, while you can enjoy yearly loyalty bonuses after the end of your chosen Minimum Investment Period (MIP).

At the same time, you are covered against death and terminal illness at a higher of 101 per cent of your total basic premiums paid or account value. You can also enjoy flexibility in varying your regular basic premiums after MIP and are entitled to free fund switches during the policy term.

#3 Accumulate your wealth while protecting your lifestyle

Manulife's ManuInvest Duo helps you to achieve your wealth accumulation goals and provides you protection benefits at the same time.

Decide the pace of your investments with your choice of professionally managed funds and MIP of 10, 15 or 20 years. Your regular basic premiums paid will be used to purchase fund units, so your money works harder for you. Loyalty bonuses will be awarded every year from policy year 7 and will increase to up to 0.8 per cent after the end of your chosen MIP.

This plan offers protection benefit for death, terminal illness as well as total and permanent disability. Additional protection benefit comes in the form of optional critical illness and early critical illness coverage. In times of emergency, you have the flexibility to take a break from paying premiums for up to 24, 36 or 48 months, depending on your chosen MIP.

Purchase selected investment-linked/ retirement/ savings insurance plans and get up to S$600* shopping vouchers. Find out more here.

1 The survey, involving 3,946 people aged 25 and above, was conducted via online questionnaires in eight markets: Mainland China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore and Vietnam

2 Welcome bonus will be credited into your account in the first 12 months upon receipt of each regular basic premium payment in the form of additional units. Yearly Loyalty Bonus will be paid starting from the next policy anniversary immediately after the end of Minimum Investment Period and every year thereafter until the end of the policy term in form of additional units. Terms and Conditions apply. Please refer to Product Summary for specific definitions.

3 If the death and waiver of premium benefit on cancer are not claimed during Minimum Investment Period, the cost of insurance charged will be refunded in units during Accumulation Period over 5 policy years. If the death and TPD benefit are not claimed during Accumulation Period, the cost of insurance charged will be refunded in units during Retirement Period over 5 policy years.

*Terms and conditions apply. Please refer to Product Summary for more information. Manulife SmartRetire (III), InvestReady Wealth (II) and ManuInvest Duo are underwritten by Manulife (Singapore) Pte. Ltd. (Reg. No. 198002116D). This advertisement has not been reviewed by the Monetary Authority of Singapore. Buying a life insurance policy is a long-term commitment. There may be high costs involved if you terminate the policy early, and your policy's surrender value (if any) may be zero or less than the total premiums paid. Buying health insurance products that are unsuitable for you may affect your ability to finance your future healthcare needs.

Your investments are subject to investment risks, and you may lose the principal amount invested. The performance of the ILP sub-fund and lnvestReady Fund(s) are not guaranteed. The value of the units in the ILP sub-fund and the accumulated income (if any) may fall or rise. The unit prices of lnvestReady Fund(s) and any income accruing to it may fall as well as rise. The Fund Managers shall have the absolute discretion to determine whether a distribution is to be made in respect of the lnvestReady Fund(s) as well as the rate and frequency of distributions to be made. The distribution yield for the lnvestReady Fund(s) is not guaranteed, and the Fund Managers may review the distribution policy depending on prevailing market conditions. Distributions may be made out of income, net capital gains and/or capital. Past distribution yields and payments are not necessarily indicative of future distribution yields and payments. Any payment of distributions by the lnvestReady Fund(s) may result in an immediate decrease in the net asset value per unit. You should read the prospectus and the product highlights sheet and seek financial advice before deciding whether to purchase units in the lnvestReady Fund(s). A copy of the prospectus and the product highlights sheet can be obtained from a Manulife Financial Consultant or our Appointed Distributors.

This material is for your information only and does not consider your specific investment objectives, financial situation or needs. It is not a contract of insurance and is not intended as an offer or recommendation to purchase the plan. You can find the full terms and conditions, details, and exclusions for the mentioned insurance product(s) in the policy contract. These policies are protected under the Policy Owners' Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the LIA or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

We recommend that you seek advice from a Manulife Financial Consultant or our Appointed Distributors, before making a commitment to purchase.