How You Can End The Sandwich Generation: Critical Info For Parents 30-40+

By Joanne Poh, 02 September 2019 581


Image: iStock

In the short span of a few decades, Singapore has changed immensely.

Many of today’s young parents are part of the sandwich generation, and are under great financial pressure to support their aged parents while trying to raise families of their own.

The number of dual income families is on the rise, which reflects the growing need for increased household incomes.

Today’s young parents are being stretched financially, but it doesn’t have to be that way for their kids. 
 


There are now many financial tools and a wealth of information available that can make retirement planning easier than ever. With adequate retirement planning, today’s parents can free their children from having to support them in the future, breaking the cycle of the sandwich generation.

Not sure where to start? Income’s Gro Cash Flex is an option to consider. 


Image: iStock
 

Gro Cash Flex – retirement saving with liquidity, just in case.

Gro Cash Flex is a savings plan that lets you choose your policy and premium terms, with yearly cash payouts from the end of the second policy year. These cash payouts can either be accumulated at a non-guaranteed interest rate of up to 3.25% per annum, or withdrawn in case you require cash for your child’s education needs, for instance, or a special family trip.

The plan offers the flexibility to select your policy and premium terms to match your own financial abilities and retirement needs. You can opt for a longer policy term if you wish to give your money more time to grow, and pick a premium that is comfortable given your income and financial commitments. Your capital is guaranteed upon maturity, making this a low risk way to grow your money.


Image: iStock

At the same time as it prepares you for retirement, the plan also offers protection against death terminal illness, or total and permanent disability (before the anniversary immediately after you reach the age of 70). This offers the peace of mind in knowing that your family will be protected should something unfortunate happen to you.

Acceptance to the plan is guaranteed regardless of any health conditions you might have.


Image: iStock

Retirement planning starts now

This is just one of the many products Income offers to help you enjoy a comfortable retirement. 

When it comes to planning for retirement, starting early puts you at an advantage as your money has more time to grow. Learn more about how you can get started, explore your options with an advisor from Income for recommendations tailored to your situation.



   

Important Notes:
This article is meant purely for informational purposes and should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income products mentioned are specified in their respective policy contracts. For customised advice to suit your specific needs, consult an Income insurance advisor.

This advertisement has not been reviewed by the Monetary Authority of Singapore. 

 

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