Manulife Vietnam estimates average millennial needs VND5.5 billion to fund comfortable retirement
Manulife Vietnam estimates average millennial needs VND5.5 billion to fund comfortable retirement
Customers also benefit from the product which offers a long-term growth boost through an attractive regular bonus every three years after the third year.
Achieving financial freedom by the time you retire is a common goal for many, including millennials who also face one of the most uncertain economic futures of any generation. As the retirement ambitions of millennials grow, so does the retirement gap that is standing between them and a comfortable post-work lifestyle.
The new product provides customers with a unique offering tailored to their retirement needs, including flexible investment through three Lifestyle Funds 2035, 2040, and 2045. Photo: Manulife Vietnam
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According to Manulife Vietnam estimates, an average millennial in Vietnam aged 30 would need around VND5.5 billion in savings by age 60 to fund a comfortable retirement lifestyle. While potentially a wake-up call for some, this goal is still achievable with the right financial advice and solutions.
Manulife Vietnam’s new 2021 investment-linked product 'The Gift for Your Future' (Món Quà Tương Lai) is designed to help customers close the retirement gap by investing in professionally-managed funds, while at the same time providing peace of mind through insurance protection.
The new product gives millennials and customers alike the chance to achieve their financial goals by benefitting from Manulife Vietnam’s long history of providing quality insurance and investment solutions.
“A comfortable retirement is a dream for many, however, the truth of the matter is that not everyone plans sufficiently to make their retirement dreams a reality. Millennials, in particular, will encounter a more challenging road ahead and considering this segment accounts for 35% of the population in Vietnam, it’s important they start planning for their retirement now,” said Phung Ba Khang, Chief Product Officer for Manulife Vietnam.
“Whether your retirement goal is 15, 20, or 25 years away, Manulife Vietnam can help you find your financial independence so you can live every day better. Our new investment-linked product ‘The Gift for Your Future’ can even help address the retirement gap for millennials and protect them along their life journey,” added Khang.
The new product provides customers with a unique offering tailored to their retirement needs, including flexible investment through three Lifestyle Funds 2035, 2040, and 2045. In a market first, customers are provided with target-date fund options that match their retirement period or financial goals. Managed by investment professionals from Manulife Investment Management Vietnam, these three funds invest in stocks with high growth potential, while minimizing risk over time by gradually re-adjusting portfolio asset weights towards bonds and other fixed-income instruments.
In addition, ‘The Gift for Your Future’ delivers comprehensive protection with innovative supplementary riders covering customers and their families for medical, critical illnesses, and accidental protection needs. Customers also benefit from the product which offers a long-term growth boost through an attractive regular bonus every three years after the third year, along with a special bonus at end of policy years 10, 15, and 20. Furthermore, many exclusive add-on healthcare and wellness benefits are available from the ManulifeMOVE platform.
Manulife Vietnam is making it easier to calculate how much you need to save for retirement with their soon-to-launch Retirement Planning Calculator. This free and easy-to-use online tool will help estimate your financial needs for retirement by utilizing your unique circumstances and investment goals.
“Retirement planning has never been more important than it is now,” said Sang Lee, CEO of Manulife Vietnam. “More and more consumers are looking for flexible and holistic solutions in order to build a sufficient retirement fund before age catches up with them.”
“At Manulife Vietnam, we pride ourselves on the ability to help our customers with financial freedom in retirement. By learning from the lessons of other markets we can better address the retirement needs in Vietnam through a combination of advice, products, and online tools that take the worry out of retirement planning,” added Sang.
Visit manulife.com.vn to find the right mix of insurance protection and investment solutions for your retirement.
