{"id":48952,"date":"2021-08-04T17:01:37","date_gmt":"2021-08-04T09:01:37","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=48952"},"modified":"2021-09-07T17:01:27","modified_gmt":"2021-09-07T09:01:27","slug":"roadmap-saving-investing-retirement","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/roadmap-saving-investing-retirement","title":{"rendered":"The Complete Roadmap To Saving And Investing For Retirement"},"content":{"rendered":"<p><strong>In partnership with<\/strong> <img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-41069\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/31111545\/Principal2.png\" alt=\"\" width=\"200\" height=\"34\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/31111545\/Principal2.png 790w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/31111545\/Principal2-300x51.png 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2019\/10\/31111545\/Principal2-768x131.png 768w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><\/p>\n<p>You\u2019ve probably heard this before: many Malaysians are unprepared for retirement.<\/p>\n<p>A recent <a href=\"https:\/\/www.worldbank.org\/en\/country\/malaysia\/publication\/a-silver-lining-productive-and-inclusive-aging-for-malaysia\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">World Bank study<\/a> found that almost 75% of Malaysians contributing to their Employees Provident Fund (EPF) have account balances below RM250,000 at age 54. The World Bank\u2019s simulations suggest that this would result in a retirement monthly income of less than RM1,050.<\/p>\n<p>This could mean that <a href=\"https:\/\/www.imoney.my\/articles\/retirement-savings-autopilot\" target=\"_blank\" rel=\"noopener noreferrer\">relying on your EPF savings<\/a> for retirement is not enough. But how do you know how much you need for retirement, and how do you achieve that number? Here\u2019s a step-by-guide to planning your retirement.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Set-your-retirement-goals\"><\/span>Set your retirement goals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first step to reaching your retirement goals is to actually know what your goals are. This means taking into account:<\/p>\n<ul>\n<li><strong>When do you want to retire?<\/strong> Do you want to retire at the minimum retirement age of 60, or even earlier?<\/li>\n<li><strong>What kind of lifestyle do you want and can afford?<\/strong> Do you want to maintain your current lifestyle, cut back on expenses or spend your golden years in luxury?<\/li>\n<\/ul>\n<p>Once you\u2019ve decided on these questions, you can work backwards from your goal. You can use the Private Pension Administrator Malaysia\u2019s (PPA) <a href=\"https:\/\/www.ppa.my\/retirement-calculator\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">retirement calculator<\/a> to help you estimate how much money you\u2019ll need in retirement. Here\u2019s an example:<\/p>\n<ul>\n<li>Let\u2019s say you are a 30-year-old earning RM5,000 a month.<\/li>\n<li>You get a salary increment of 3% every year, and you want to retire with 2\/3 of your income to maintain your living standards.<\/li>\n<li>You plan to retire at 60, and you expect your funds to last until you\u2019re 80.<\/li>\n<li>Based on these assumptions. the PPA calculator suggests that you may need RM1,725,385 to retire.<\/li>\n<li>If your EPF savings amount to RM1 million by the time you retire, this means that you\u2019ll have to make up the RM725,385 gap through other investments.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Analyse-your-current-finances\"><\/span>Analyse your current finances<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before you start investing, you need to get your budget sorted. Here\u2019s how:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"a-Set-up-an-emergency-fund\"><\/span><strong>a) Set up an emergency fund<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>An emergency fund refers to money that you\u2019 have set aside to pay for unexpected events, such as a vehicle repair or a sudden job loss. The EPF suggests setting aside at least <a href=\"https:\/\/www.kwsp.gov.my\/documents\/20126\/1396795\/My+Money+Matters-EN.pdf\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">six months\u2019 salary<\/a> as your emergency fund. It\u2019s important to have these savings before you start investing, so you don\u2019t have to dip into your investments during emergencies.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"b-Look-at-your-cash-flow\"><\/span><strong>b) Look at your cash flow<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Next, you\u2019ll want to know how much money you have going in and out. This helps you adjust how much you can save for retirement.<\/p>\n<p>Start by tracking all your income and expenses for a few months. This helps you see how much you\u2019re saving every month. Besides that, when you\u2019re aware of how much you\u2019re spending on certain categories, it can be easier to cut down on unnecessary expenses later.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"c-Pay-off-high-interest-debt\"><\/span><strong>c) Pay off high-interest debt<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Before investing, you should also pay off any high-interest debt, such as credit card bills or personal loans. That\u2019s because these debts can incur high interest payments. For example, let\u2019s say your credit card balances incurs an 18% p.a. interest rate, but investing only delivers an average return of 7% p.a. In this scenario, you&#8217;ll end up paying more on your credit card balance than you&#8217;ll earn by investing, so you\u2019ll want to get rid of your high-interest debts as soon as you can.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Establish-saving-habits\"><\/span>Establish saving habits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The more you save, the better your chances of reaching a comfortable retirement. Here are a few ways you can beef up your savings:<\/p>\n<ul>\n<li><strong>Pay yourself first. <\/strong>Set up automatic transfers to move money into a savings account when you get your salary, so you won&#8217;t be tempted to spend it. If you can\u2019t put aside a lot of money, you could start low (e.g. 1% of your income) and try to gradually increase it over time.<\/li>\n<li><strong>Cut down on unnecessary expenses. <\/strong>Consider if you can spend less money on expenses such as food delivery, entertainment or retail purchases.<\/li>\n<li><strong>Review subscriptions. <\/strong>List out all your recurring subscriptions &#8211; this could be your streaming TV subscription, mobile phone plan, internet bill or gym membership. Consider if you can switch to a more affordable alternative or go without it altogether.<\/li>\n<\/ul>\n<p>Consider using the 60%-20%-20% formula to help you plan your monthly expenses, emergency savings and retirement funds. Let\u2019s assume your monthly salary is RM10,000 &#8211; all of you need to do is to allocate RM6,000 for your expenses, RM2,000 for emergency savings and RM2,000 for investments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Start-investing\"><\/span>Start investing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finally, you\u2019re ready to start investing.<\/p>\n<p>But how do you start? How do you know which assets to invest in, or how much money you should invest in them? Here\u2019s where your risk profile comes in handy. Your risk profile refers to how much investment risk you can handle. From there, you can estimate your ideal allocation &#8211; that is, how your portfolio is divided into different asset classes like equities or fixed income investments.<\/p>\n<p>For example, an aggressive investor might have 90% of their portfolio in equities, which are high-risk investments. On the other hand, a conservative investor might have 85% of their portfolio in fixed income investments, which carry low risk. To estimate your risk profile and asset allocation, you can take this <a href=\"https:\/\/www.principal.com.my\/en\/what-type-investor-are-you-these-7-easy-questions-may-tell-you\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">short quiz<\/a>.<\/p>\n<p>The next step is to decide which investments go into each asset class. You can do this by selecting individual stocks or bonds, but an easier way is to invest in unit trust funds. Unit trusts invest in a group of equities, fixed income investments or other assets, which makes it easy for you to instantly diversify your portfolio.<\/p>\n<p>There are a few ways you can beef up your retirement savings with unit trusts:<\/p>\n<ul>\n<li><strong>By investing your EPF savings. <\/strong>Under the EPF Members Investment Scheme, you can invest part of your savings in Account 1 in approved unit trust funds for potentially higher returns.<\/li>\n<li><strong>Through PRS. <\/strong>The <a href=\"https:\/\/www.imoney.my\/articles\/prs\" target=\"_blank\" rel=\"noopener noreferrer\">Private Retirement Scheme<\/a> is a voluntary investment scheme to help you save for retirement. Under this scheme, you can invest in PRS-approved unit trust funds.<\/li>\n<li><strong>Through regular unit trusts. <\/strong>You can also invest in unit trust funds on your own <a href=\"https:\/\/www.principal.com.my\/en\/unit-trustmy\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">through Principal<\/a>.<\/li>\n<\/ul>\n<p>Here\u2019s how these three methods differ.<br \/>\n\n<table id=\"tablepress-1658\" class=\"tablepress tablepress-id-1658 table-subhead-side\">\n<thead>\n<tr class=\"row-1 odd\">\n\t<th class=\"column-1\"><\/th><th class=\"column-2\">EPF<br \/>\n(Members Investment Scheme)<\/th><th class=\"column-3\">PRS<\/th><th class=\"column-4\">Unit trust<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-hover\">\n<tr class=\"row-2 even\">\n\t<td class=\"column-1\">Tax incentive<\/td><td class=\"column-2\">None<\/td><td class=\"column-3\">Up to RM3,000 until year of assessment 2025<\/td><td class=\"column-4\">None<\/td>\n<\/tr>\n<tr class=\"row-3 odd\">\n\t<td class=\"column-1\">Creditor-protected (i.e. cannot be seized for debt repayment)<\/td><td class=\"column-2\">Yes<\/td><td class=\"column-3\">Yes<\/td><td class=\"column-4\">No<\/td>\n<\/tr>\n<tr class=\"row-4 even\">\n\t<td class=\"column-1\">Nomination of beneficiaries<\/td><td class=\"column-2\">Available<\/td><td class=\"column-3\">Available. Quicker release of assets of beneficiaries on death, i.e. within 18 business days<\/td><td class=\"column-4\">Not available. Unit trusts fall under Wills\/Wasiat or Distribution Act. Lengthier distribution of assets to beneficiaries, 3-5 years or longer<\/td>\n<\/tr>\n<tr class=\"row-5 odd\">\n\t<td class=\"column-1\">Sales charge<\/td><td class=\"column-2\">Up to 3% through fund management institution<br \/>\n<br \/>\n0% through Principal and EPF i-Invest<\/td><td class=\"column-3\">Up to 3%, or 0% through Employer Sponsored Plan<\/td><td class=\"column-4\">Up to 6.5%<\/td>\n<\/tr>\n<tr class=\"row-6 even\">\n\t<td class=\"column-1\">Annual management fee<\/td><td class=\"column-2\">1.8%<\/td><td class=\"column-3\">1.4%<\/td><td class=\"column-4\">1.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-1658 from cache --><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Evaluate-your-plan\"><\/span>Evaluate your plan<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As you get closer to retirement, you\u2019ll want to periodically evaluate your investment portfolio &#8211; for instance, at the end of every year. Here\u2019s why:<\/p>\n<ul>\n<li><strong>Rebalance your <\/strong>Throughout the year, your asset allocation may change as the prices of different asset classes fluctuate. To rebalance your portfolio is to adjust it so that it reflects your ideal allocation again.<\/li>\n<li><strong>Adjust your risk level. <\/strong>As you grow older, your risk tolerance might decrease. You may need to adjust your portfolio to invest in more conservative investments.<\/li>\n<li><strong>Account for life changes. <\/strong>As the years go by, your life circumstances may change. Perhaps you\u2019ll have more dependents, or your lifestyle has changed and you\u2019ll now need more money for retirement. Reviewing your portfolio to account for these changes ensures that your plan is still aligned with your retirement goals.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Start-planning-for-retirement-with-Principal\"><\/span>Start planning for retirement with Principal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Preparing for your retirement can seem intimidating, but you can\u2019t afford to put it off. On the upside, a bit of planning goes a long way. With Principal, retirement planning is easy. Principal has a range of investment solutions, whether you\u2019re looking to invest your EPF savings, through PRS, regular unit trusts or if you\u2019re looking for Shariah-compliant solutions.<\/p>\n<div class=\"block\"><div><a href=\"https:\/\/www.principal.com.my\/en\/goal-my.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><strong>Visit Principal<\/strong><\/a><strong> to find out how to take control of your financial goals and increase your chances of a comfortable retirement.<\/strong><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s what you can do to increase your chances of retiring comfortably.<\/p>\n","protected":false},"author":1,"featured_media":48982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,236,230],"tags":[208,772,660,520,649],"class_list":["post-48952","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-sponsored","category-unit-trust","tag-featured","tag-investing","tag-investment","tag-principal","tag-retirement"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Step-By-Step Guide To Preparing For Retirement<\/title>\n<meta name=\"description\" content=\"Retirement planning can be intimidating, but you can\u2019t afford to put it off. 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