{"id":20488,"date":"2015-12-17T10:06:09","date_gmt":"2015-12-17T02:06:09","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=20488"},"modified":"2024-02-02T15:31:38","modified_gmt":"2024-02-02T07:31:38","slug":"the-secret-to-planning-a-happy-retirement","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/the-secret-to-planning-a-happy-retirement","title":{"rendered":"The Secret To Planning A Happy Retirement"},"content":{"rendered":"<p><a href=\"http:\/\/offers.imoney.my\/survey\/allianz-retirement-survey\" target=\"_blank\" rel=\"dofollow noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-20548 size-medium\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/1995\/12\/Allianz_Logo-300x52.jpg\" alt=\"Allianz\" width=\"300\" height=\"52\" srcset=\"\/articles\/wp-content\/uploads\/1995\/12\/Allianz_Logo-300x52.jpg 300w, \/articles\/wp-content\/uploads\/1995\/12\/Allianz_Logo.jpg 509w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/a><br \/>\nWe\u2019ve been writing about retirement planning for as long as we can remember but the number one question that our readers ask most often is, \u201cHow much is enough?\u201d\u00a0 How much should you save for retirement? How much do you need in retirement? How much will you spend in retirement? How much can you afford in retirement? These \u201chow-much\u201d questions are all vital questions that will come up in everyone\u2019s retirement planning process.<\/p>\n<p>There are many theories and rules of thumb to answer all these questions, and they all work \u2013 depending on the retirement lifestyle that you have envisioned for yourself. Planning this out is essential to figuring out whether you will be able to retire or whether you\u2019ll need to keep on working!<\/p>\n<p><iframe loading=\"lazy\" style=\"max-width: 100%; max-height: 100%;\" src=\"https:\/\/www.youtube.com\/embed\/0_BuI--aFLo\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>According to Datuk Steve Ong, chief executive officer of Private Pension Administrator (PPA), the rule of thumb is to ensure that one has two-thirds of the last drawn salary to maintain one\u2019s lifestyle past the retirement age.<\/p>\n<p>If your last drawn monthly salary is RM6,000, you will need about RM4,000 a month to enjoy the same quality of life in your retirement years.<\/p>\n<p>Another way that gives you an idea of how much you will need for retirement is the multiply by 25 guideline. This rule estimates how much money you\u2019ll need in retirement by multiplying your desired annual income by 25.<\/p>\n<p>Why 25? This assumes a conservative figure of 4% returns on your retirement fund, so you withdraw 4% (1\/25) each year while earning 4% as well to ensure your fund leaving your fund more or less unchanged so that it doesn\u2019t deplete before your time is up.<\/p>\n<p>This means, if you want a monthly retirement income of RM4,000 a month, you will need to withdraw RM48,000 a year from your retirement portfolio, which makes a total of RM1.2 million in your retirement portfolio (RM48,000 x 25 = RM1.2 million). If you want to withdraw RM60,000 per year (RM5,000 a month), you\u2019ll need RM1.5 million.<\/p>\n<p>Don\u2019t let the amount scare you. All these guidelines are just guidelines. Ultimately, you need to decide what you want for your retirement to be able to determine how much you will need in your golden years accurately.<\/p>\n<p>Here are 5 most common retirement lifestyles and how much the estimated costs are:<\/p>\n<h2><span class=\"ez-toc-section\" id=\"1-The-minimalist-retirement\"><\/span><strong>1. The minimalist retirement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Though it is always the safest to prepare financially for a retirement that matches your lifestyle pre-retirement, some retirees do opt for a minimalist retirement. Minimalist retirement involve downsizing on your lifestyle \u2013 for instance, moving to a smaller home assuming that your children have grown-up and moved out.<\/p>\n<p>The key to planning a minimalist retirement is to list down all the things that you are currently paying for, and see which can be eliminated. Some of the lifestyle adjustments that you may be required to make are:<\/p>\n<ul>\n<li>Eating in instead of eating out<\/li>\n<li>Downsizing to a smaller home to keep maintenance and utilities fees low<\/li>\n<li>Changing to a smaller, more fuel-efficient car to keep petrol and maintenance low<\/li>\n<li>Cutting down significantly on entertainment costs (that expensive golf membership may have to go)<\/li>\n<li>Cutting down on vacations cost by going to nearer destinations, or limiting to once a year only<\/li>\n<li>Paying off all your loans and debts before retirement. This means no more housing and auto loan<\/li>\n<\/ul>\n<p>Assuming that you will be debt-free by the time you hit retirement, here is the ballpark figures of how much you and our partner need for the necessities:<\/p>\n\n<table id=\"tablepress-208\" class=\"tablepress tablepress-id-208\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Category<\/th><th class=\"column-2\">Annual estimated cost<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Accommodation (inclusive of upkeep, utilities, etc.)<\/td><td class=\"column-2\"><center>RM6,000<\/center><\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Transportation (inclusive of petrol, servicing, repairs, etc.)<\/td><td class=\"column-2\"><center>RM3,000<\/center><\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Food &amp; groceries<\/td><td class=\"column-2\"><center>RM3,600<\/center><\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\">Insurance for two persons (life and medical)<\/td><td class=\"column-2\"><center>RM10,000<\/center><\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\">Entertainment<\/td><td class=\"column-2\"><center>RM6,000<\/center><\/td>\n<\/tr>\n<tr class=\"row-7 odd\">\n\t<td class=\"column-1\">Vacation (once a year)<\/td><td class=\"column-2\"><center>RM5,000<\/center><\/td>\n<\/tr>\n<tr class=\"row-8 even\">\n\t<td class=\"column-1\">Contingency fund<\/td><td class=\"column-2\"><center>RM2,000<\/center><\/td>\n<\/tr>\n<tr class=\"row-9 odd\">\n\t<td class=\"column-1\">Total estimated cost per year*<\/td><td class=\"column-2\"><center>RM35,600<\/center><\/td>\n<\/tr>\n<tr class=\"row-10 even\">\n\t<td class=\"column-1\"><b>Total retirement fund needed for 20 years<\/b><\/td><td class=\"column-2\"><b><center>RM712,000<\/center><\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-208 from cache -->\n<p><em>* Annual cost does not include inflation.\u00a0<\/em><\/p>\n<p>If you can stick to a minimalist lifestyle, you will mostly need about RM3,000 a month for yourself and your partner in your golden years.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2-Starting-a-business\"><\/span><strong>2. Starting a business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After working for decades, some retirees would consider exploring the idea of starting a business post-employment. Perhaps it\u2019s out of passion, or to kill time, but for most, they need to supplement their retirement income due to poor retirement planning when they were in employment.<\/p>\n<p>Whatever the reason, starting a business takes thought and planning. When considering what to do for a business, first determine how you can take your skills and turn them into a profit. For example, if you like baking, you can start a baking business from home.<\/p>\n<p>At this stage of life, your risk appetite should be kept small. Capital for starting the business should not be eating into your retirement income. Remember, start small and start slow.<\/p>\n\n<table id=\"tablepress-209\" class=\"tablepress tablepress-id-209\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Cost of starting a home-baking business<\/th><th class=\"column-2\">Estimated return<\/th><th class=\"column-3\">Risk<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\"><b>RM2,500<\/b><br \/>\n<br \/>\nTo buy materials, utensils and taking up a two-month baking course.<\/td><td class=\"column-2\">- RM30 per kg for cake<br \/>\n- RM20 per box of cookies<br \/>\n- RM4 per cupcake<\/td><td class=\"column-3\">Low<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-209 from cache -->\n<p>If you are able to fulfil the following orders a month, here\u2019s how much you can possible make every month:<\/p>\n\n<table id=\"tablepress-210\" class=\"tablepress tablepress-id-210\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\">Item<\/th><th class=\"column-2\">Quantity<\/th><th class=\"column-3\">Amount <\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">1 kg cake<\/td><td class=\"column-2\"><center>3<\/center><\/td><td class=\"column-3\"><center>RM90<\/center><\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Cupcakes<\/td><td class=\"column-2\"><center>60<\/center><\/td><td class=\"column-3\"><center>RM240<\/center><\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Cookies<\/td><td class=\"column-2\"><center>30 boxes<\/center><\/td><td class=\"column-3\"><center>RM600<\/center><\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td colspan=\"2\" class=\"column-1\"><b>Total revenue a month<\/b><\/td><td class=\"column-3\"><b><center>RM930<\/center><\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-210 from cache -->\n<p>Of course that\u2019s barely enough to cover your monthly expenses but it\u2019s a good way to supplement your retirement fund to keep up with your current standard of living or increase it if you\u2019re able to.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"3-Back-to-school-retirement\"><\/span><strong>3. Back to school retirement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Most people look forward to their golden years as a period where they would finally be able to fulfil their aspirations \u2013 be it to travel the world, or to go back to school.<\/p>\n<p>However, the truth is, aspirations cost money. If you are planning to take up a course post-employment, you will have to ensure your retirement income be able to cover all of your expenses, plus the fees of going back to school.<\/p>\n<p>Going by the rule of thumb used by the PPA, which is to achieve two-thirds of your last drawn income of RM6,000 a month, this will be a rough estimation of how much you need:<\/p>\n\n<table id=\"tablepress-211\" class=\"tablepress tablepress-id-211 table-subhead-side\">\n<tbody class=\"row-hover\">\n<tr class=\"row-1 odd\">\n\t<td class=\"column-1\">Monthly retirement income <\/td><td class=\"column-2\">2\/3 x RM6,000 = RM4,000 a month<\/td>\n<\/tr>\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Annual retirement income<\/td><td class=\"column-2\">RM4,000 x 12 months = RM48,000<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Estimated years of retirement<\/td><td class=\"column-2\">20 years<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Master of Business Administration (MBA) at Universiti Malaya<\/td><td class=\"column-2\">RM29,727.90<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\"><b>Total retirement funds needed<\/b><\/td><td class=\"column-2\"><b>RM989,717.90<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-211 from cache -->\n<p>So you\u2019d need to plan quite a bit ahead in order to afford that additional RM29,000. This will need to come in the form of additional savings before retirement or a general decrease in your cost of living post retirement. What\u2019s important is that you never withdraw more than RM4,000 in order to keep your retirement funds secure.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"4-Retiring-abroad\"><\/span><strong>4. Retiring abroad<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to the latest study release by HSBC, the preferred retirement destinations for Malaysian retirees are Australia, followed by New Zealand, Singapore and Switzerland.<\/p>\n<p>Retiring abroad usually requires more money than retiring locally, especially if the exchange rate is against you. If you are like most Malaysians, your preferred destination would be Australia. According to Numbeo, estimated living cost in Australia is around AUD$30,000 a year, provided you retire at age of 60, lives up to age of 75 and have no medical complications.<\/p>\n<p>Here\u2019s how much you need to have before you jet off to your dream retirement in down under:<br \/>\n<div class=\"block\"><div><\/p>\n<h3 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"AUD30000-x-25-x-310-RM232423285\"><\/span><strong>AUD$30,000 x 25 x 3.10* = RM2,324,232.85<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: center;\"><em>* Based on exchange rate of December 2015<\/em><\/p>\n<p><\/div><\/div><br \/>\nThe above calculation has not taken inflation into account. Just looking at that will show you that you will need to have quite a substantial amount of money saved up!<\/p>\n<p>Whichever retirement lifestyle you aspire, it is important that you plan for it as soon as you can. There are various ways to help you boost your savings to ensure your retirement fund can outlive you. One way to systematically save up enough to complement your Employees Provident Fund (EPF) savings is by investing in a savings plan that come with insurance protection.<\/p>\n<p>Here\u2019s how much someone aged 30 would need to save each year to fit the retirement lifestyles above:<\/p>\n\n<table id=\"tablepress-214\" class=\"tablepress tablepress-id-214 table-head-side table-subhead\">\n<tbody class=\"row-hover\">\n<tr class=\"row-1 odd\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><center><b>Minimalist<\/b><br \/>\nRM712,000<\/center><\/td><td class=\"column-3\"><center><b>Starting a business<\/b><br \/>\nRM714,500<\/center><\/td><td class=\"column-4\"><center><b>Back to school<\/b><br \/>\nRM989,717.90<\/center><\/td><td class=\"column-5\"><center><b>Retiring abroad<\/b><br \/>\nRM2,324,232.85<\/center><\/td>\n<\/tr>\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Average annual rate of return <\/td><td class=\"column-2\"><center>4%<\/center><\/td><td class=\"column-3\"><center>4%<\/center><\/td><td class=\"column-4\"><center>4%<\/center><\/td><td class=\"column-5\"><center>4%<\/center><\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Annual cost of living in retirement<\/td><td class=\"column-2\"><center>RM35,600<\/center><\/td><td class=\"column-3\"><center>RM35,725<\/center><\/td><td class=\"column-4\"><center>RM48,000<br \/>\nWith RM29,727.90 one time payment<br \/>\n<\/center><\/td><td class=\"column-5\"><center>RM116,211.60<\/center><\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Average yearly saving target<\/td><td class=\"column-2\"><center><b>RM12,600<\/center><\/b><\/td><td class=\"column-3\"><center><b>RM12,600<\/center><\/b><\/td><td class=\"column-4\"><center><b>RM17,400<\/center><\/b><\/td><td class=\"column-5\"><center><b>RM40,800<\/center><\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-214 from cache -->\n<p>One of the most popular and easiest way to manage your retirement planning is through a <a href=\"https:\/\/www.allianz.com.my\/savings\" target=\"_blank\" rel=\"dofollow noopener\">retirement savings plan<\/a> that come with insurance protection. Here are some criteria that will have to consider when choosing the right retirement savings plan to protect your golden eggs.<\/p>\n<ol>\n<li><strong>Flexibility<\/strong> \u2013 The retirement savings plan should offer you flexibility in premium payment and also in pay-out.<\/li>\n<li><strong>Fast-track<\/strong> \u2013 The premium you paid can be reinvested and left to be compounded until maturity of the policy. Other than just the guaranteed cash payment, opt for a savings plan that provides an enhanced investment option. Though not guaranteed, the enhanced retirement benefit will help boost your retirement savings.<\/li>\n<li><strong>Protection<\/strong> \u2013 The policy should also keep you protected until maturity. The higher the age of maturity the better, as you wouldn\u2019t want yourself to outlive your retirement fund.<\/li>\n<li><strong>Security<\/strong> \u2013 Get a savings plan that offer guaranteed payment that you can choose to cash out before retirement or maturity, or reinvest as deferred retirement benefit.<\/li>\n<\/ol>\n<p>No matter your age, or stage of life, don\u2019t ignore the white elephant in the room. Retirement is an eventuality, and planning for it will only get harder, due to the rising inflation and cost of living. Grab it by its horn and face the issue as soon as you can. Don\u2019t leave it till the eleventh hour!<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Find-out-if-youre-ready-to-retire-with-our-retirement-calculator\"><\/span><strong>Find out if you&#8217;re ready to retire with our <a href=\"http:\/\/offers.imoney.my\/survey\/allianz-retirement-survey\" target=\"_blank\" rel=\"noopener\">retirement calculator<\/a>!\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h6><em>Image from Sixty &amp; Me<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>How much should you save and how much do you need for retirement? It depends on how you envision your retirement. Read on to find out!<\/p>\n","protected":false},"author":9,"featured_media":20507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,240,236],"tags":[208],"class_list":["post-20488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-retirement-planning","category-sponsored","tag-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Secret To Planning A Happy Retirement | iMoney<\/title>\n<meta name=\"description\" content=\"How much should you save and how much do you need for retirement? It depends on how you envision your retirement. 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