Reported 8 months ago
Taipei, June 22, 2024 - The amount of retirement funds depends on individual needs, and accumulating enough for living expenses is insufficient. Insurers suggest using the concept of earmarked funds to create one's own retirement 'golden three for retirement' comprising of 'pension, medical, and long-term care funds' through commercial insurance. Various insurers recommend using one insurance policy to cover retirement needs. Suggestions include using stable and secure products for pension funds, hospitalization, daily medical, and surgical insurance for medical funds, and long-term care insurance for long-term care funds. It's recommended to create a secure retirement safety net through a combination of dividend-paying life insurance and health protection components. Taiwan Life suggests planning with 'Dollar Flexible Interest Insurance' due to higher interest rates and lower premiums compared to Taiwan Dollar policies, allowing for regular investments and risk diversification. Keelung Life emphasizes the importance of earmarking funds for retirement to ensure an adequate retirement income, with investment products that combine value appreciation and principal repayment to counter longevity risks. It is essential to establish a stable cash flow mechanism for retirement savings and avoid using these funds for other purposes such as loans or expenses.
Source: YAHOO