Life Protection
Protect your loved ones’ future from life’s uncertainties.
STRENGTHEN YOUR FINANCIAL FOUNDATION
Have enough to enjoy the things you love and more.
Now that you’ve got extra cash, you’ll want to know the best way to grow your money. Maybe even start planning for retirement. Whatever you decide, it’s never too early to plan for your financial future.
TIPS AND ADVICE
MAKE YOUR MONEY WORK HARDER FOR YOU
All of us have a different tolerance level when it comes to risk. Some are willing invest it all, others prefer to remain slightly more cautious. Our attitudes change over time. But we can at least agree on one thing: We don’t want our money to just sit there and do nothing.
CHOOSE AN INVESTMENT THAT FITS YOUR NEEDS
What type of investment is right for you? That depends on your goals and risk tolerance level. The key to successful investing is to spread your money across different kinds of investments, called asset classes. The main asset classes are set out below – with the first four being the most common.
| Asset Class | Examples and comments | Risk Profile |
|---|
Don’t retire without a plan
Retirement is creeping up on you. Every second, every hour, every day. But here’s the trick: You can choose when you want to retire. Who says it has to be at 55? Plan early. That way, you can retire because you want to, instead of working because you have to.
are malaysians prepared for retirement?
Total EPF savings for Malaysians at 55 years old
Based on RM196,800 savings, a contributor would only be able to spend approximately RM800 a month for the next 20 years, which is below the poverty line income of RM830 per month.
50% of retirees would have spent their entire EPF savings within 5 years
Source: EPF booklet, February 2015 http://www.kwsp.gov.my/portal/documents/10180/4459038/BOOK_-_EPF_Saving_and_Your_Retirement_CS5_.pdf
How much should we save ?
The rule of thumb is to ensure that you have a 2/3 replacement income ratio of your last drawn salary to continue enjoying your current standard of living upon retirement.
To achieve the 2/3 replacement income ratio, you need to set aside at least 33% of your current monthly pay of your last drawn salary to continue enjoying your current standard of living upon retirement.
Malaysians are already saving at least 23% a month for EPF.
You can contribute to the Private Retirement Scheme (PRS) - a voluntary long- term savings and investment scheme designed to help Malaysians accumulate savings for retirement.
http://www.thestar.com.my/lifestyle/family/features/2014/managing-your-money-after-retirement/
Source: Private Pension Administrator, PPA
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