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Source | Save Up

Source | Save Up

There are many things that you could do to prepare for life after retirement. You could a monthly automatically salary transfer, put down long-tenure fixed deposits, purchase an endowment plan, and utilizing unit trust funds. Here are some elements to take into account.

1. Why Should You Start Planing Young?

Source |Business Pundit

Source |Business Pundit

People are living longer, thus, they need more savings to sustain their life after retirement.

The United Nations states that the average 60-year-old (the official retirement age is 60) Malaysian today is expected to live another 19 years, that means living till the age of 79.

2.What Are Your Retirement Objective?

Determine your plans after your retirement, many people prefer to continue working but with reduced hours. Others want to start their own small business venture, while some want ot travel the world once the children have flown from the nest.

Once you have your post-retirement lifestyle down, you will be able to plan your finances accordingly.

3. What Would Be Your Alternative Income?

mp salary

Source: Malay Mail

It is advice that retirees have their an alternative source of income. This is due to to cost of inflation, insurance policies and for some retirees, a way of passing time.

4.Would Your Children Need Financial Support After Your Retirement?

Take in consideration if your children will need your help after you have retired. Many people are marrying later and later in life, as a result the children are still very young when they  end up retiring.

Also, consider medical and financial emergencies that your children may need your help with and incorporate them into your planning.