4 Best Retirement Plans for Highest Income Payout in Singapore (2025 Edition)

As you will be committing a significant portion of your life savings, ensure that the payout for your retirement plan is competitive and personalised to your needs.

For this comprehensive review, InterestGuru.sg looks into the best retirement plans in Singapore that provide the highest income payout toward meeting your lifestyle needs and expenses.

• Best High Income Retirement Plan for Disability Benefit – Manulife RetireReady Plus III
• Best High Income Retirement Plan for Inflated Payout – Etiqa Enrich Retirement
• Best High Income Retirement Plan for Lowest Premiums – China Taiping i-Retire
• Best High Income Retirement Plan for Guaranteed Payout – Singlife Flexi Retirement

Related article: The Complete Guide to Retirement Planning

What makes a good retirement plan or annuity policy?

The main objective of a retirement plan or annuities would be to provide a consistent stream of income starting from your preferred retirement age. Ideally, a shorter premium tenor would provide the highest yield to the maturity of the policy.

In order to retire without much financial stress, you should look to increase the number of income streams you have. This will guard you against the event where one income stream runs dry.

A retirement annuity plan helps you to achieve that by paying out guaranteed monthly income as well as potential bonuses upon reaching your chosen retirement age. In this post, we breakdown what are some of the best retirement plans offered in Singapore and which fit your unique needs.

Depending on individual retirement plans, additional options may even be available to further optimize your overall financial yields.

Our pick for the 4 Best Retirement Plans and Annuities in Features and Income Payout are based on the criteria below:

• Policy options available for premium tenor
• Policy options available for the period of income payout
• The rate of financial returns and payout (Guaranteed and Non-Guaranteed)
• Choice and features of riders to complement health coverage (Additional guaranteed payout)
• Product features unique to the listed retirement plans

Find out more: Compare Best Retirement/Annuity Plans in Singapore

Read also: 3 things to consider before taking up a new financial product

With all insurance companies in Singapore offering their retirement annuities, make sure you select only the best for yourself!

Why do you need a retirement plan?

Your CPF LIFE payout will supplement your income during your retirement and assist with your basic living needs. However, it will not be realistic to expect CPF Life to provide a high level of comfort for your lifestyle.

Consider the following questions:

• Are you looking to still have a high and stable income despite a lower workload as you age?
• Are you still preparing your financials to sustain your lifestyle when you stop working?
• Is maintaining a specific lifestyle important even as daily costs go up?
• Does your ideal retirement lifestyle involve discretionary spending such as frequent overseas travelling?
• Are stability and predictability what you seek in a financial product when it comes to your income stream during your retirement years? 
• Will a retirement annuity help to provide additional cash flow to your preferred lifestyle?

If your answer to the above questions is mostly yes, you may wish to consider taking up a retirement plan for a constant stream of income.

Basics of retirement planning: How does a retirement plan work?

Basics of retirement planning: When should you start saving for your retirement?

The best retirement plans based on features and income payout

In no order of preferences or ranking, we present the best retirement plans that offer a stream of the highest income payout to meet your retirement needs.

As your retirement goals and objectives are unique based on your individual expectation, ensure that your retirement plan is customised to fit your lifestyle needs.

Best High Income Retirement Plan for Disability Benefit – Manulife RetireReady Plus III

Manulife RetireReady Plus III is a retirement income plan that gives you the flexibility to choose:

• Your desired retirement age at 55. 60, 65 or 70 years old
• Income payout period of up to 80, or up to 90 or for a lifetime
• Your desired amount of monthly guaranteed income
• Your desired premium payment term of 5, 10, 20 years or single premium (SRS option available)

What’s NEW in Manulife RetireReady Plus III:

• Retrenchment benefit is now 50% of your annual premium (up from 40% with RetireReady Plus II)

RetireReady Plus III will be 100% principal guaranteed upon retirement age and comes with Loss of Independence Benefits which is equivalent to your monthly guaranteed income payable should you not be able to perform 3 out of 6 Activities of Daily Living (ADLs).

Should you be unable to perform at least 2 of 6 ADLs, the monthly guaranteed income payable will still be increased by 50%. RetireReady Plus III is also a hassle-free application. There is no need for health underwriting and it also provides a premium waiver should you be disabled during the premium payment period.

In-depth financial details for Manulife RetireReady Plus III

At age 35, Ben purchases Manulife RetireReady Plus III to plan for his retirement. He pays a yearly premium of S$17,359 for the next 10 years.

With S$173,590 paid in premiums, the policy continues accumulating cash value with no further financial commitment until the chosen retirement age. At age 66, Ben starts receiving a projected retirement monthly income of S$2,702.50 ($1,000 guaranteed & $1,702.50 non guaranteed) for the next 20 years.

By age 85, Ben received a total of S$648,600 in projected retirement income ($240,000 guaranteed & $408,600 non-guaranteed) with only S$173,590 paid in premiums, a good 373% return on his investment.

Conclusion of Manulife RetireReady Plus III

You will receive additional monthly retirement income if you become disabled with the RetireReady Plus III’s inclusive disability income benefit.

What we like about Manulife RetireReady Plus III

• Single premium option available
• You can choose to pay your premiums using cash or CPF SRS account
• Income payout period can go as long as for life
• 100% principal guaranteed upon reaching retirement age
• No health underwriting needed
• Option to receive a non-guaranteed bonus in a lump sum or spread it into your monthly income at retirement age
• 1.5X of Monthly Guaranteed Income – Upon unable to perform 2 out of 6 ADLs
• 2X of Monthly Guaranteed Income – Upon unable to perform 3 out of 6 ADLs
• Retrenchment benefit the sum of 50% your yearly premium

What we do not like about Manulife RetireReady Plus III

• Retirement age is fixed in blocks of 5 years starting from 55 years old. Policyholders could not choose retirement age below 55 years old, or choose to retire at a specific age

More about: Manulife RetireReady Plus III (The complete policy review)

Spoilt with choices? Do not know what to choose? Fret not! Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Best High Income Retirement Plan for Inflated Income – Etiqa Enrich Retirement

Etiqa Enrich retirement is Singapore’s only retirement annuity plan offering an inflated payout option. Inflation is a term which all of us are familiar with the rising cost of goods and services over the years. A plate of chicken rice no longer costs the same as it did 20 years ago.

Similarly, $1,000 will not be able to buy as much things as it can compared to 10 years later. As such, having inflated payouts for your retirement makes sense as guaranteed monthly income will increase 2% p.a. when you choose Etiqa Enrich retirement.

Etiqa Enrich retirement gives you the option to choose:

• Level payout (fixed guaranteed income) or Inflated payout (Monthly increment of 2% p.a. from the 2nd payout year onwards)
• Your preferred amount of monthly guaranteed income
• Your preferred number of years (10 or 20 years) to receive your monthly payout
• Your preferred premium term varying from 2, 5 or 10 years

Related article: 5 reasons you should invest in a retirement annuity plan

In-depth financial details for Etiqa Enrich Retirement

At age 35, Ben purchases Etiqa Enrich Retirement to plan his retirement. He pays a yearly premium of S$21,056.70 for the next 20 years.

With a total of S$210,567 paid in premiums, the policy continues accumulating cash value with no further financial commitment until the chosen retirement age. At age 66, Ben starts receiving a projected average retirement monthly income of S$3,280 (minimum of $1,000 guaranteed & average of $2,280 non-guaranteed) in the next 20 years.

Etiqa Enrich retirement unique Inflated Payout Benefit guarantees that Ben will receive a higher guaranteed monthly income (2% p.a.) from the 2nd year of payouts onwards. This means that from the 11th payout year, Ben will receive a guaranteed monthly income of $1,221)

By age 85, Ben will receive an estimated total of S$787,217 in projected retirement income with only S$210,567 paid in premiums, a good 373% return on his investment.

Conclusion of Etiqa Enrich retirement’s Policy Illustration

With the inflated payout option, it is encouraged to choose a 20-year retirement income payout period as clients will get to feel the effects of 2% compounded over time.

What we like about Etiqa Enrich Retirement

• Inflated payout option for increased guaranteed monthly income from the 2nd payout year onwards
• Special condition benefit which pays out $10,000 in the event you are diagnosed with Alzheimer’s Disease, and more (up to 2 claims)

What we do not like about Etiqa Enrich Retirement

• Premiums lean on the higher side for inflated payout option but this is cancelled out by the increase guaranteed income during the payout period

More about: Etiqa Enrich retirement (The complete policy review)

Spoilt with choices? Do not know what to choose? Fret not! Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Best High Income Retirement Plan For Lowest Premiums – China Taiping i-Retire II

China Taiping i-Retire II offers a no-frills retirement plan with premium payment terms ranging from a Single Premium, 5, 10, or 15 years,

China Taiping i-Retire II gives you the flexibility to choose:

• Your preferred premium payment term (Single Premium, 5, 10 or 15 years)
• Your prefered payout term (10, 20 or 30 years)
• Your preferred guaranteed monthly income

In-dept policy illustration for China Taiping i-Retire II

At age 35, John purchases China Taiping i-Retire II to plan for his retirement. He pays a yearly premium of S$138,640 for the next 10 years.

With S$138,640 paid in premiums, John begins receiving a projected monthly retirement income of S$2,469.60 ($1,000 guaranteed & $1,469.60) per year for the next 20 years.

If Ben suffers an accident that causes him to lose his right limbs (or the equivalent), China Taiping i-Retire II will pay the Lost of Independance Benefit. In Ben’s case, he will receive 24 months of Guaranteed Monthly Income amounting to $24,000.

By age 85, Ben will receive a total of S$592,703 in projected retirement income ($240,000 guaranteed & $352,699 non-guaranteed) with only S$138,640 paid in premiums, a good 428% return on his investment.

Conclusions on China Taiping i-Retire II’s Policy Illustration

China Taiping i-Retire II is more affordable as its premiums are lower for its guaranteed monthly income.

What we like about China Taiping i-Retire II

• Best retirement annuity plan for people who do not need extra benefits, keeping costs low
• No medical underwriting needed to take up China Taiping i-Retire II

What we do not like about China Taiping i-Retire II

• China Taiping i-Retire II’s single premium option is not fundable with SRS funds

More about: China Taiping i-Retire ii (The complete policy review)

Spoilt with choices? Do not know what to choose? Fret not! Whatsapp us to let our friendly but Professional Licensed Financial Adviser understands your needs and work out a FREE comparison proposal for you.

Best High Income Retirement Plan for Guaranteed Payout – Singlife Retirement II

Singlife Flexi Retirement II remains one of the most competitive annuities in Singapore. This is a regular premium retirement plan which you can customize based on your desired lifestyle and finances.

Singlife Flexi Retirement II will be 100% principal guaranteed upon reaching your chosen retirement age and comes with Care Income Benefits which is equivalent to your monthly guaranteed income payable should you not be able to perform 3 out of 6 Activities of Daily Living (ADLs).

Singlife Flexi Retirement II gives you the option to choose:

• Your preferred retirement age
• Your preferred amount of monthly guaranteed income
• Your preferred number of years (5 years or till age 120) to receive your monthly payout
• Your preferred premium term of 5, 10, 15, 20 or 25 years
• Hassle-free application – No health underwriting needed

In-depth financial details for Singlife Flexi Retirement II

At age 35, Carol purchases Singlife Flexi Retirement II to plan for her retirement, with an addition of the Care Income Plus Cover rider. She pays a yearly premium of S$14,318.20 for the next 10 years.

At age 66, Carol is eligible to receive a non-guaranteed bonus which she instead chooses to convert to additional monthly income.

With a total of S$143,182 paid in premiums, Carol starts receiving a total projected retirement income of S$2,119.60 per month ($1,000 guaranteed & $1,119.60 non-guaranteed) for the next 20 years.

Should Carol lose her ability to perform 2 of the 6 ADLs, she will receive an additional S$1,000 per month of retirement income. If she loses the ability to perform 3 of the 6 ADLs, she will receive an additional S$2,000 per month for as long as she stays disabled.

Otherwise, by age 85, Carol would have received a total projected S$508,700 in retirement income with only S$143,182 paid in premiums, a good 355% return on her investment.

Related article: How can I accumulate a million dollars (Realistically)

Conclusion on Singlife Flexi Retirement II’s Policy Illustration

The most flexible retirement plan in the market allows you the flexibility to retire anytime you want. Although the premiums are a little high amongst the other retirement plans here, its non-guaranteed portion makes up for that, giving you the highest return on investment.

What we like about Singlife Flexi Retirement II

• Flexibility to choose your retirement age. You do not need to choose between 55, 60, 65. You are free to choose when you want to retire or even retire earlier than 55 years old
• 100% principal guaranteed upon reaching retirement age
• No health underwriting needed
• Option to receive a non-guaranteed bonus in a lump sum or spread it into your monthly income at the start of your chosen retirement age
• Single Premium option is now available with the option of funding it with your SRS funds

What we do not like about Singlife Flexi Retirement II

• Disability income benefit has now become a rider, Care Income Plus Cover which you need to purchase for additional monthly income should you become disabled

More about: Singlife Flexi Retirement II (The complete policy review)

How do you get the most out of your retirement plan?

Your retirement plans are meant to supplement your lifestyle and expenses in your golden years. Find a retirement plan that pays out according to your life objectives before looking at the financial figures.

After all, the yields and the financial payout will not make a difference if the retirement plan does not allow you to utilize it according to your retirement lifestyle.

Related article: 5 reasons to invest in a retirement annuity plan *NEW*

Whenever possible, consider the following before taking up a retirement plan:

• Would you prefer a higher guaranteed or a higher overall non-guaranteed payout?
• Do you need the payout to increase at a fixed rate to keep up with inflation?
• In the event of disability or Critical Illness, do you still have to continue paying your premiums?
• What is the overall annualised yield on the retirement plan?
• Are you expecting a lump sum payout once you reach your retirement age?
• How much guaranteed and non-guaranteed are you expected to receive if you have to do an early surrender of your policy during your retirement years?
• In the event of disability during the payout period, is there any income multiplier to cover additional costs that will be incurred on your lifestyle?

Ensure that your retirement plan can address your retirement needs and concerns as much as possible. Due to the large financial commitment and long time horizon required, never compromise on what is important to you.

What are the other alternatives besides a high income retirement plan?

A retirement plan with the highest income payout allows greater financial freedom during your initial retirement years. You may also wish to explore having a separate retirement plan to provide additional financial security with some of the unique features below:

• Additional guaranteed monthly payout, in the event of failing minimally 2 out of 6 or 3 out of 6 activities of daily living.
• A retirement plan that only payouts monthly over the next 10/15 years from the start of your retirement, but provide a lump sum cash payout at maturity.
• Lower monthly payout, but the plan guarantees a lifetime payout, with the option to pass on the plan to the next generation.
• Lower initial monthly payout but payout increases yearly to keep pace with inflation.
• Making withdrawal only as need via a lifetime whole life savings plan, while allowing un-utilised savings to generate returns in the plan.
• Investing into a basket of unit trust funds that provides a higher non-guaranteed monthly payout.

While the income payout from the above list of plans may not be as high as a high income payout retirement plan, each of the said categories may offer unique financial benefits to you.

Find the best retirement plans and annuity policies with the highest income payout here!