Start from young
ANDREW Liao, Lee Swee Beng and Yee Foong Kuen are able to enjoy a carefree retirement because they have a steady stream of income and medical coverage, and they get retirement benefits from their previous employers.
Living within their means, their retirement lifestyle is simple yet fulfilling and comfortable.
Abdul Ghani Shahbudin: ‘Savings should ideally be 10% to 15% of one’s income.’
Prudential’s Senior Wealth Manager Abdul Ghani Shahbudin noted that unfortunately, such retirement benefits are no longer available today, with most people depending on their EPF funds as their main source of retirement income.
Sadly, surveys have shown that on average, EPF savings can only last three years into retirement. This means the younger generation has to take ownership of their retirement planning, depending on themselves to achieve their retirement lifestyle.
Basic principles of starting early and maintaining disciplined savings are important in building a solid retirement fund.
Starting early allows the money to work harder and grow bigger through compounding interest. In reference to the retirees’ experiences, Abdul Ghani also stresses the importance of saving and making it a habit. He says savings should ideally be 10% to 15% of one’s income. A retirement plan such as PRUretirement accumulator would be ideal, whereby investing as little as RM200 a month (which can be likened to forced-savings), the money can potentially grow into a sizable guaranteed monthly income of RM870* at retirement.
There is also the flexibility of increasing their retirement fund when there is extra income such as year-end bonus or salary increment.
Lastly, it’s always wise to invest in some sort of protection. Echoing Liao’s advice, Abdul Ghani says if you have a family, it’s crucial to have basic life insurance with medical protection first. Subsequently, other forms of investment can be added or obtained depending on one’s financial capability and the strength of the economy.
(*Estimated for a 25-year-old male, non-smoker, who retires at age 55 and enjoys 15 retirement years.)
Start early
THREE couples with different needs posed an interesting challenge for Prudential’s Wealth Manager, Joselin Ooi.
Ooi’s advice to the youngest couple, Mohd Khairi Ibrahim and Fara Lucia Razali, is that they must get into the habit of putting aside a small amount of money every month for their retirement fund.
Starting early buys time, which is the [...]
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