Lifetime layered endowments payout

My Ferrari story (in brief)

1. Prudsave policy

Loose coins savings into a small sum.

I free free bought this PrudSave in Aug 13 at OSIM Race Kit collection day then.

Premium was $6k p.a. for 7 yrs, total: $42k.

This is like putting aside $500 p.m for 12-month, for 7 years. Like no salary increment in 2013, then every year I missed $6k per year "forever."

This Aug 25, it becomes $53k lump sum as promised.

xirr: 2.62%. What Prudential BI payout stated, it honours it.

~~~~

2. First 10 new endowments:

From age 58, lump sum payout started: $29.1k+$5.2k+$3.3k+$2.2k = $40k p.a. from age 58 to 64.

In addition, these 10 endowments pay me another continual burst of annual payouts: $24k p.a. from age 66 to 80yo.

3. Next 10 Resale endowments

From age 66 to 68, I would build up another burst of larger payout sum, amounting to $400k+.

If I invest it @5% p.a. dividend, I will get $20k p.a. lifetime 

4. Last 5 Resale endowments

It will be meant to give me a lifetime annuity payout of $4k p.a. from 66 & 5 payout boosts, whenever I want to surrender. 

5. My Takeaway

It takes a lot of discipline to save.

Actually this continuous stream of payout starting from age 58, will allow me to retire. 

Somehow when age 58 comes, it becomes so tempting not to retire too early.

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