Create Your Own Retirement Plan

Being self-employed is an exciting and rewarding pursuit. You get to choose how much to work and what to work on. This flexibility is one reason why so many are drawn towards the path of independent and freelance work. According to World Bank estimates, more than 25 percent of the Malaysian workforce today is self-employed.

Technopreneurs may enjoy the perks of hot-desking at one of the many exuberant co-working spaces across the country. E-hailing drivers could experience the daily serendipity of meeting new people and seeing new places. If you’ve decided to embark on this journey, it is important that you also do one thing to safeguard your well-being in the long term: Save for retirement.

A survey by PPA found that over 60 percent of self-employed professionals wish they are saving more for retirement. When your income fluctuates from month to month, it may seem like a tall order to set aside a fixed sum for retirement on top of other pressing business-related expenses.

However, without the usual benefits of salaried employment like a pension or a mandatory scheme to provide you a financial safety net, saving enough for retirement over the years can mean the difference between toiling into your old age and taking leisurely strolls on the beach.

Flexible. Affordable. Simple.

Create your own retirement plan that suits your specific goals and needs with the Private Retirement Schemes (PRS), a voluntary long-term saving and investment scheme designed to help you save more for your retirement. The flexibility and affordability of PRS lets you choose the amount and frequency at which you want to save. You’re in charge of your future.

Benefits of PRS for the Self-Employed

Retirement means different things to different people, but three basic tenets apply. Accumulate sufficient savings for an adequate replacement income to sustain your lifestyle when you retire. PPA’s research suggest this can be achieved by saving one-third of your income every month.

Saving regularly this way protects you against market volatility through ringgit-cost-averaging. It also ensures your cash flow is not overstretched during lean months and you save a little bit more when business picks up.

Make the most of affordable contribution limits, flexible savings period, and tax advantages when you save in PRS. With the PRS Online service developed by PPA, you can start building your retirement nest anytime, anywhere in an easy, secure and convenient manner.

Your money starts working for you the moment you set them aside for retirement.

Do it your own. Senang jer. Save in PRS.

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As you consider saving in PRS for your retirement, please refer to Structure of PRS  and PRS Providers & Schemes to understand how PRS works, who the PRS Providers are and the options of PRS funds available.

For information on fund performance and investment returns, visit Fund Performance.