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Tips on Retirement Planning

Tips on Retirement Planning

Principles of Retirement Planning

  • Assess your retirement needs early by determining what lifestyle you want to live
  • Plan on how much money you need each year to afford it
  • Develop a saving plan, a different jar for retirement
  • Save, save, save!
  • Save before you spend!

Why Retirement Planning is Important?

  • You can't work forever
  • You may live long
  • You want to enjoy life after working hard
  • Good healthcare is expensive (but there are government hospitals)
  • Alluring holiday is expensive
  • You want to be financially independent at old age
  • You don't want to burden your kids
  • You want to leave something for your kids

By starting to SAVE in your retirement early on in your career, your funds will accumulate and grow over time, leaving you with sufficient fund to fulfill your retirement dream. 

Save, Invest and The Power of Compounding Growth

Invest RM100 monthly for an expected return of 5% annually

Age Start Age Until No of Years FV 
25 60 35 113,609
40 60 20 41,103
50 60 10 15,528

 

How to calculate your retirement savings

www.ppa.my> E-tools > Retirement calculator

Additional Tips

  • Should be debt free during the retirement age
  • Insurance to cover medical expenses
  • Investment saving now and can spend during your retirement age
  • If you want to enjoy same lifestyle as your working life, your retirement fund must have two third of your salary. For example, if you salary is RM6000 per month, your retirement age per month will need RM4000 per month if you want to enjoy the same lifestyle. 
  • 10% of your salary save in Private Retirement Scheme (PRS) 

 

Beware of Investment Scams

  • T-Tidak Akan Rugi
  • I - Indah Kharbar Dari Rupa
  • P-Peluang Hanya Sekali
  • U-Untung Besar

If you hear any people tell you about above too good to be truth, please 

 

Source: Sharing by Private Pension Administrator (PPA), Malaysia

 

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