Manulife Singapore and DBS Bank have announced the launch of their co-developed retirement product, RetireSavvy, a flexible, digital retirement plan that offers customers multiple options to tailor a plan that best serves their financial and retirement needs throughout the different phases of life.
Designed to endure and adapt to the various changes in the multi-staged lives of Singaporeans, who enjoy one of the highest life expectancies in the world, RetireSavvy gives customers the option of starting small and boosting their retirement plans with premium top-ups along the way.
Customers can also update the income pay-out period, retirement income rate and/or defer retirement age under their RetireSavvy plans and receive a lump sum retrenchment pay-out benefit in the event of retrenchment.
“COVID-19 continues to present challenges for people in Singapore and the global economy,” said DBS Financial Solutions Management Group head Brandon Lam. “However, the silver lining is that more consumers are nor placing a higher priority on holistic financial planning, which also takes into consideration their retirement needs.”
“Instead of putting retirement – a long-term financial goal – on the backburner, being able to retire well weighs significantly on our customers’ minds. They are now more cognisant of the importance of maintaining a steady source of recurring income from private savings, investments or insurance, which replaces work income when they choose to retire.”