For the past decade, Ms Nancy Lim, 55, has been carefully strategising for retirement.

With the aim of stopping full-time work at the age of 60, she has been working closely with her financial advisor representative and investing her savings to create passive income streams for her retirement. 

The human resources director, who is single, understands that disbursements from her CPF Life will only begin when she’s 65.

“From now till I’m 65, which means the next 10 years, I have this ‘marathon’ to run where I steadily build up passive income streams from my insurance savings plans and investment-linked plans,” she says.

“My overarching objective in retirement planning is to have a new income stream starting at different points in my life – ideally every year, if not a time interval of about two to three years apart,” adds Ms Lim.

Income stream from first policy year

“One of the reasons why I chose Invest Flex Vantage is that it offers me the flexibility to take a break from paying premiums or take a premium holiday as and when I need to from the fifth year onwards,” she says.

Ms Lim’s discipline stems from personal experience. Having seen both her parents outlive their savings while battling dementia in old age, she wants to make sure she remains financially secure throughout her retirement years.

She has plans to travel the world and hopes to be able to continue pursuing her hobbies, which include playing the cajon, a drum-like instrument, well into her later years.

Ms Lim says she chose to purchase her plans from Income Insurance as the company offers a wide range of insurance products, including ILPs. Her personal financial advisor representative from Income Insurance, Mr Elvin Phua – who has been with her for more than 10 years – has also been very helpful throughout her financial planning journey.