Why you need to save for your retirement?
Know the 3 Retirement Concerns
Retirement means different things to different people. But all your needs, wants and dreams can be distilled into just 3 key factors – having enough money to maintain your current lifestyle, making your money last as long as you live and planning ahead to account for inflation.
It is recommended that you save 1/3 of your monthly salary now to have 2/3 replacement income when you retire.
Life expectancy of Malaysians is on the rise with men expected to live until the age of 72 years while women until the age of 77 years (Department of Statistics Malaysia, 2016). You will need to have sufficient replacement income to last at least a minimum 20 years.
ENSURE THAT YOU DON’T
OUTLIVE YOUR SAVINGS
DON’T BE FINANCIALLY DEPENDENT
Maintaining your standard of living now will cost you more in the future.
|INFLATION will increase your cost of living and erode purchasing power|