I bought this MyLife income plan a few years ago and paid 60K over 3 years.
From this year onwards - Every year in Aug I will receive around 2.6K+ for the rest of my life and if I decide to surrender my plan, the value of the plan will be worth more than the 60K i put inside previously so sounds like a good deal to me! The amount is not big but hey - baby steps go a long way. I will get there slowly but surely.
This is part of my long term plan to build up my passive income so i can "semi retire" soon by early 50s haha. From the CPF life calculator, I will receive around 3.5k a month from age 65. For me that it is a modest amount of money which should be sufficient to cover my daily expenses. I'm looking forward to building up my investment portfolio to further help me attain my goal.
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