A retirement annuity is a contract by which an insurance company agrees to provide you with a stream of income during your retirement years. Generally, a retiree may need about 60% of his/her last drawn salary to maintain his/her existing standard of living during retirement. The Employees Providence Fund (EPF) contribution can be an important source of retirement income, but a study by EPF also showed that majority of contributors spent all their savings within three years of withdrawal upon retirement. Retirement annuities ensure that you are taken care of for the rest of your life.
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