How Do I Provide Income for Entire Life?
Everyone knows how to earn money by working efficiently. But what about the future? Have you made all the plans? If not, then it’s time to think about the best retirement monthly income after your retirement.
The market is filled with various insurance policies and investment plans. So, it can be challenging to avail the best one to provide income for your entire life. But don’t worry; this article will help you find the best ways to get a retirement monthly income for your entire life. So, keep reading below.
What is meant by Income for Entire Life?
Income for your entire life means getting paid a small amount from your savings every month. It is a kind of pension system for yourself. In brief, you save the income of your lifelong work and invest it in some retirement plans available in trustworthy banks.
You work for a company and get a salary for it every month. But as soon as your reach your retirement age, the income flow stops. So, what do you need to do if you don’t want that to happen?
Thus, you need to start investing in the right plans that can help you in the future. You can either get a lump sum or get a retirement monthly income. Some income options are available in the market for your post-retirement income stream. Hence, some of them are mentioned below.
- Pension Plans
One of the easiest ways of getting a permanent income for your life is through pension plans. If you take this plan, you need to pay a fixed premium throughout your working period. Hence, the premium you pay will be invested in your chosen fund.
After some years, say in your retirement, the bank will start providing you with a certain amount every month till your death. Some of these policies also come with life insurance and numerous rider options for more security. Therefore, this is the best way to generate a retirement monthly income.
- Stock Investments
Stock Investment is not the most reliable source of income after retirement. But it can act as a part of your overall retirement portfolio. Various companies are popular for paying extra to become investors. You can surely invest some of your money during your working period and enjoy earning a bonus in your retirement time.
- Systematic Withdrawal Plan in Mutual Funds:
Systematic Withdrawal Plan, which is vastly famous as SWP, is another policy that comes with Mutual Fund. In this policy, you would allow withdrawing a certain amount from the Mutual fund policy as per your choice in a certain interval.
You have to invest in certain Mutual Fund investments throughout your working life. As a result, you can use the SWP facility to withdraw money in your retirement time.
- Provident Funds:
In addition, provident funds are of two types—employee Provident Fund in short EPF and Voluntary Provident fund, i.e., VPF. Like the pensions plan, a permanent employee uses to keep a certain amount in his\her PF.
This investment profits compound interest every year, and you get a retirement monthly income. Also, the employee can withdraw this amount quarterly or in full at their convenience.
- Fixed Deposit:
A fixed deposit, popularly known as FD, is another great way to get a retirement monthly income. Almost all banks are giving the option of monthly interest payouts. Thus, you can open an FD account and generate a regular income when almost reaching your retirement age.
Lastly, it would help if you remembered that there is no way of sourcing the income after your retirement, but the outsourcing of expenses will remain throughout your lifespan. In addition to that, the expenses will increase day by day because of Inflation.
As a result, to lead a financially stable life, you need to invest in some policies present there for your welfare. But, the problem is that nowadays, we cannot trust any financial institution because fraudulence has increased in a large number. In that case, you must only trust those banks in society for a very long period.
Great Retire Income is Best to Get Retirement Monthly Income
Great Retire Income is a participating Endowment Plan by the Great Eastern. It offers you a cash payout with a potential cash bonus every month. The policyholders can choose their own retirement age premium term and the tenure of the plans.
Their premium starts from S$150 a month for 4 months without any medical assessment. The best thing is that you can build your budget and retirement needs. If you become unable to perform 2 or more activities of Daily Living during this payout period, you will be given additional disability payouts.
In conclusion, if you are looking for some amazing benefits in your retirement age, Great Retire Income is the best. However, you can also opt for other mentioned retirement monthly income plans for your better future.