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Compare & Find The Best Retirement Annuity Plans in Singapore

We partner with unbiased financial advisors to help you compare and find the best retirement annuity plans.

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What is a Retirement Annuity Plan?

Imagine reaching your golden years with the confidence that you’ve got a steady stream of income to cover all your needs, from daily expenses to leisurely pursuits that you’ve always dreamt of. That’s the peace and security a retirement annuity plan offers. Designed to be your financial backbone post-retirement, this plan transforms your savings into a predictable and reliable payout, ensuring you enjoy your retirement years without financial worries. It’s not just a plan; it’s your ticket to a worry-free, fulfilling retirement life where financial constraints don’t dictate your choices.

Pros of Retirement Plans

01

Guaranteed Income

A hallmark of most annuity plans is the assurance of a guaranteed income stream, often for life. You can expect to receive regular payments at agreed intervals which can help in managing living expenses, ensuring a stable financial status throughout retirement.

02

Flexible Payment Options

Annuity plans come with flexible payment options tailored to meet diverse financial needs and goals. Whether you prefer a lump-sum payment, a life-long income stream, or payments for a certain period, annuity plans can be customised.

03

Capital Growth

Annuity plans pool premiums from various policyholders, investing them in a mix of assets like bonds, stocks, and real estate. This diversified approach aims to achieve a balance between generating returns and preserving capital, making sure your capital grows safely.

Cons of Retirement Plans

01

Limited Liquidity

Retirement plans, especially those designed for long-term savings like annuities or pension funds, often come with restrictions on access to your funds until you reach a certain age, typically retirement age. This means your money is not readily accessible should you face an unexpected financial need or an emergency before then.

02

Complexity and Fees

Retirement plans can be daunting due to the complex nature of some products, including variable annuities or certain pension schemes. These products often come with a host of fees, such as management fees, insurance charges, and administrative fees, which can eat into your returns over time.



03

Market Risk and Inflation

While some retirement plans offer guaranteed returns, others carry a level of risk. Your retirement savings might not grow as expected or might not keep pace with inflation, reducing the purchasing power of your money over time. This necessitates careful planning and diversification to manage and mitigate potential impacts on your retirement income.

Who should get retirement annuity plans?

The Prudent Planner

Individuals who are meticulous about planning for the future, often well in advance, would find retirement annuity plans highly appealing. They value the security and predictability that these plans offer, ensuring a stable income stream post-retirement. Prudent Planners appreciate the peace of mind that comes from knowing their financial needs will be met in their golden years, allowing them to focus on enjoying retirement without the worry of outliving their savings.

The Risk Averse

Those who prefer stability and are cautious about where they invest their hard-earned money would be well-suited for retirement annuity plans. Risk-averse individuals might be wary of the volatile nature of the stock market or real estate investments. For them, the guaranteed income from an annuity plan serves as a safe harbor, protecting their retirement funds from market fluctuations and ensuring a steady income regardless of economic conditions.

The Family Steward

Individuals who prioritise the financial well-being of their loved ones often find retirement annuity plans align with their goals. Family Stewards seek to ensure that their retirement planning does not become a burden on their family members. An annuity can provide a consistent income that covers their retirement needs and potentially offers a death benefit or legacy option, securing financial peace of mind for their heirs. This type of plan resonates with those who wish to safeguard their family’s future while managing their own retirement needs effectively.

Best Retirement Annuity Plans in Singapore

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AIA Retirement Saver IV

The AIA Retirement Saver IV plan offers individuals a structured foundation for their retirement years, highlighted by its flexibility in premium payment options and a mix of guaranteed and potential non-guaranteed income. This plan stands out for its accessibility, given that it requires no medical underwriting for the base plan, and includes optional riders for enhanced protection. It positions itself as a robust choice for those prioritising a secure and potentially growth-oriented retirement income strategy.
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NTUC Income Gro Retire Flex Pro

The NTUC Income Gro Retire Flex Pro is lauded for its comprehensive retirement coverage, offering lifelong retirement income, along with death, terminal illness, and disability coverage. A notable feature is its flexibility, allowing policyholders to select their preferred retirement income commencement age and adjust payout durations. Additionally, the plan includes a retrenchment benefit, providing a premium waiver for up to 6 months if the policyholder faces unemployment. This plan is recognised for its well-rounded benefits, aiming to ensure financial stability and peace of mind for retirees.
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Manulife RetireReady Plus (III)

The Manulife RetireReady Plus (III) is acclaimed for its high flexibility, offering guaranteed monthly income with additional cash bonuses, alongside unique benefits such as loss of independence income and retrenchment benefits, which are not commonly found in other plans. It also allows premium payment through the Supplementary Retirement Scheme, providing a comprehensive and adaptable approach to retirement planning.
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Manulife Ready LifeIncome (III)

The Manulife Ready LifeIncome (III) plan is distinguished for its promise of a steady income until age 120, coverage for critical situations like death and terminal illness, and its flexibility in premium payment and income start times. Its no medical underwriting requirement for application simplifies the process, ensuring easy access to the plan. It’s tailored for those looking for a long-term retirement income solution with the added benefit of legacy planning through the Secondary Life Insured Option​​.
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Singlife Flexi Retirement

The Singlife Flexi Retirement is highlighted for its flexibility in retirement age and payout options, including a notable 100% capital guarantee at the chosen retirement age. It offers a short minimum accumulation period, extensive disability coverage, and potential for non-guaranteed bonuses, making it an appealing option for those seeking a mix of guaranteed income and growth potential in their retirement planning.
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Prudential PRUActive Retirement (II)

The Prudential PRUActive Retirement (II) plan is highlighted for offering guaranteed monthly payouts, enhancing financial stability for retirees. It's customisable, allowing policyholders to choose their retirement age and payout periods, and supports premium payments with SRS funds. Key features include Total and Permanent Disability benefits and the option to reinvest monthly payouts for future income enhancement. Despite its strengths, it's recommended to compare it with other plans for optimal retirement income solutions.
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Great Eastern GREAT Retire Income

The Great Eastern GREAT Retire Income is recognised for its high guaranteed payouts compared to other annuities, offering a secure and stable income for retirement. This plan, with its capital savings and flexible premium and payout periods, caters well to those seeking reliable financial security during their retirement years. It shines in providing additional payouts for loss of independence but lacks in optional add-on riders for broader coverage.

How to apply for a comparison session?

Step 1

Submit a request for a comparison session with Life Insurance Singapore. Based on your request, we will match you with one of our MAS-licensed partners.

Step 2

Our partners will obtain quotations from the respective insurers and help you compare based on price, features, and suitability.​

Step 3

Once you've found the perfect retirement plan, feel free to purchase it from a friend, directly from the insurer, or from our partners!

Why do you need a retirement plan?

You need a retirement plan to ensure financial stability and maintain your lifestyle after you stop working. It helps manage living costs, healthcare, and leisure activities, providing peace of mind for your future. Retirement planning is essential for achieving long-term financial security, allowing you to enjoy your retirement years without financial worry.

What is the retirement age in Singapore?

The retirement age in Singapore is currently set at 63 years, but in 2026, the retirement age in Singapore will be 64. There are plans to gradually increase it to 65 by 2030. This adjustment is part of Singapore’s strategy to support an ageing workforce, allowing individuals to remain employed and financially independent for longer. Additionally, the re-employment age is also set to rise, ensuring older workers have the option to continue working under revised terms if they wish, providing a structured approach to extending the working life in line with increasing life expectancy and health improvements.

How much does the average Singaporean need for retirement?

The amount the average Singaporean needs for retirement varies, but financial experts often suggest aiming for a sum that supports 60-70% of your pre-retirement income to maintain a comfortable lifestyle. Factors influencing this amount include lifestyle choices, healthcare needs, and inflation rates. Planning with these considerations helps ensure financial security and the ability to enjoy retirement without undue financial stress. For a more detailed calculation, it’s advisable to consider specific personal and financial circumstances, possibly with the help of a financial planner.

When is the best time to start retirement planning?

The best time to start retirement planning is as early as possible, ideally in your 20s or as soon as you start earning. Beginning early maximises the power of compound interest, allowing more time for your investments to grow. Starting early also means you can adopt a more aggressive investment strategy and gradually shift to more conservative investments as you approach retirement, ensuring a more robust financial foundation for your retirement years.

What makes a good retirement plan or annuity policy?

A good retirement plan or annuity policy is characterised by its ability to offer a stable and sufficient income stream during retirement, flexibility in terms of payment options and retirement age, and a balance between guaranteed returns and potential for higher, non-guaranteed bonuses. It should also provide clear terms regarding fees and charges, and ideally, offer some form of protection or coverage for unforeseen circumstances, enhancing financial security. Personal circumstances and financial goals should guide the choice, making it important to compare various options to find the one that best suits your long-term needs.

What is a participating fund?

A participating fund in insurance and annuity plans pools premiums from policyholders to invest in various assets, aiming to balance growth with capital preservation. It uniquely offers policyholders a share in the profits through bonuses or dividends, depending on the fund’s performance. These funds are a blend of insurance protection and investment, providing both security and potential for increased returns, making them attractive for individuals looking for a product that contributes to both their savings and protection needs.

Which insurer has the best participating fund in Singapore?

According to Dollar Bureau’s analysis of Singapore’s participating funds from various insurers, Manulife is the top performer based on geometric mean returns over different time frames, with NTUC Income, and AIA also ranking highly. This performance evaluation considers both short and long-term returns, offering a comprehensive view of how these funds have navigated market conditions. It’s crucial for potential policyholders to focus on guaranteed returns when choosing a plan, as non-guaranteed returns can vary significantly. 

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