Retirement Planning

Think you’re ready to retire, but want to make sure? Concerned about maximizing Social Security? Have an early retirement package you just don’t know if you should take? Not sure what expenses will be when you retire?

The 5 to 10 years before you retire is a critical time for planning to meet your goal. Those who can pay their bills are good to go. This is especially true for retirement planning when income sources are constrained and new sources of income are unlikely to materialize.

Personal planning is important because it is the determining factor of your satisfaction with your retirement lifestyle. Financial planning is crucial because it identifies your sources of income and expenses and establishes your retirement budget, based on your personal plan.

Malaysian retirees awake at night

Retirees financially need to support at least 1 family member

Retirement reality in Malaysia

  • The Malaysian labour force was covered under the pension scheme and 46% under the mandatory EPF, another 44% are left out. This amounts to over six million Malaysians who are self-employed or in the semi-formal sector left out by any retirement scheme due to a lack of a comprehensive social protection system.
  • Up to 92 per cent of Malaysians worry over their financial health and needs at old age as well as being unprepared for retirement.
  • 33% are ‘very worried’ about their financial health when they get old, while the remaining 59% are ‘a bit worried’.
  • 40% of Malaysians say they are ready for retirement while 80% claim they have the strategies to meet expenses at old age.
  • Of those who claimed that they have strategies to meet their old age expenses, the most popular strategies included relying on the children or partners, continuing working, and relying on government financial assistance.

We believe anyone can be a successful investor by following some basic principles.

It’s not a simple question to answer, but running some numbers will give you a good idea about where you stand. You will find out when you might have enough to retire.

Many of your day-to-day expenses in retirement will be similar to those you have currently. But one expense you’ll have to think about is your medical insurance. You will learn more about health care costs in retirement.

You can start collecting EPF payments at age 55, but that’s not the whole story. See how a variety of options and strategies could affect your retirement income. You will see how your retirement age affects your EPF benefits.

You may decide to retire before all your debt—for example, your mortgage—is paid off, and that’s okay. Just make sure you understand the implications and have a plan to pay it off. You will see how paying off debt can affect your retirement lifestyle.

As you get closer to retiring, make sure you’re doing everything you can to set your savings up for success. You can set up your savings to get you to your goal.

But even if you’ve been investing solo for decades, think about whether you might benefit from advice as you begin planning for retirement. During this time, you’ll be making some very important decisions that could make or break your retirement timeline.

how can we help you?

Contact us through phone or submit an inquiry online.

Give me insight on investment planning. Choon Hong shows me the benefits by investing in PRS and wrap account.

JK Wong
Engineer, Johor

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