What's an income plan and why's it important?
You’ve worked hard all your life. And now it’s time to cash-in your retirement savings and enjoy your golden years. But before you go ahead and start ticking off that bucket list, there’s still one more adulting responsibly you need to take care of – making sure your retirement savings last and gives you an income for the rest of your life.
With so many options available, we want to help you make a choice that will suit you. And explain the different retirement income plans available.
An income plan is a product which, in exchange for a lumpsum investment, provides a regular income for life. It is one of the most important parts of planning for your retirement.
You can buy an income plan with COMPULSORY money (money that you specifically saved for your retirement e.g. a pension or provident fund) and/or VOLUNTARY money (money that you chose to save independently e.g. a retirement annuity).
Now that you have a better understanding of the Metropolitan income plan options available, speak to your Metropolitan financial adviser about investing your hard-earned retirement savings and get an income in golden years.