Every individual of different occupation and age will go into retirement one day. Regardless of how you want to spend your golden years. you will need sufficient financial preparation beforehand.
Simply follow the subsequent step and you might well be on your way to an ideal retirement lifestyle:
Step 1: Anticipate your retirement age and length of golden years
Although early retirement is something most of us wish for, it also means you will need a lot more money as you need to fund a longer retirement period.
According to Bank Negara Malaysia, the average lifespan of Malaysians is 77 years for males and 83 years for females.As such ,your retirement funds will then have to endure the eroding effects of inflation for about 20 years or so. It is therefore important to build a solid nest egg which will be able to match the increasing cost of living.
Example Scenario
Ahmad is a 35-year old bank manager who plans to retire at the age of 55 and he expects to live up to the age of 80. This gives him a retirement period of 25 years and 20 years to build up his retirement fund.
Step 2: Determine your retirement needs
Step 3: Calculate how much is needed to generate your retirement fund and the shortfall
Step 4: Come up with a lump sum investment to kick start the program me
Step 5:Work out how much you need to save every month
The financial freedom retirement planning software is available , for more infomayion, please email samsuriah.ahmad9@gmail.com.
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