Hello everyone, after looking through post on this forum I have notcied that many people have pension and health insurance with one of the above two. I was wondering if they have offices in Taiepi with English speaking staff and how much is req to start a retirement fund ie min amount to pay in each month.
Robin Hood, sorry I missed this before. I am English and work for Prudential in Taiwan.
You could start a fund with a very small regular contribution, providing you increase it at some point. The key with pensions planning is to start as early as possible so that you get as much compounding as possible before you need to start drawing down on the funds.
For example, save $100 a month for 10 years, and you have $12,000. If you earned a constant 5% annual interest paid monthly at the end of 10 years you would actually have $15528, leave this 10 years without adding to (same interest assumption) and you have $25575.
Assuming you buy an annuity US$100,000 in savings will give you approximately $4500-$5000 a year income. You can do better than this by investing in higher risk vehicles but as a rule of thumb work on US$100K for every 4-5K of income that you require in retirement. If you can’t afford to save enough now then you can start, and plan to build up as your income increases.
If you want to speak to someone about a specific Prudential plan PM me and I will put you in touch with someone. I don’t sell myself.
All the best.