Withdrawing from our retirement account verses withdrawing from Annuities.

[Alaska]

Is it true that they are going to build a lot of nursing home in Punggol?

Nursing home suppose to be surrounded with lustful green, quiet and peace. Nursing home with deafening air-plane noise and air-pollutioin?

[Anna]

not familiar with annuities. what happen if i die early ?? does the insurance benefit or if it is pass on to my kids ??

  Once a person signs up for the annuity with the insurance company, and in the midst of the payments from the insurance company that the policy holder dies prematurely, the remaining portion will be returned back to the estate (dependants) according to the policy contract for annuity from the insurance company. So since the policy holder has children and perhaps a spouse, if the deceased has not left any will, the remaining balance of the annuity will be paid to the family members( children & spouse).

[hansolo76]

your explaination is true only if the annuity has some insurance plan added to it which will increase the premium by a fair bit. basic annuity simply means everyone pooling money which will be used to support those who live past 85. those who died earlier, too bad

not familiar with annuities. what happen if i die early ?? does the insurance benefit or if it is pass on to my kids ??

  Once a person signs up for the annuity with the insurance company, and in the midst of the payments from the insurance company that the policy holder dies prematurely, the remaining portion will be returned back to the estate (dependants) according to the policy contract for annuity from the insurance company. So since the policy holder has children and perhaps a spouse, if the deceased has not left any will, the remaining balance of the annuity will be paid to the family members( children & spouse).

[tom]

From the papers, it seems the first annuity starts from age 62 to 85. Second annuity continues from age 85 onwards. If the person dies at age 85+ the remaining money will go to a pool to finance those Singaporeans that lives longer.