{"id":50214,"date":"2021-10-29T14:52:36","date_gmt":"2021-10-29T06:52:36","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=50214"},"modified":"2024-02-14T17:21:21","modified_gmt":"2024-02-14T09:21:21","slug":"principal-near-retirement-planning","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/principal-near-retirement-planning","title":{"rendered":"How To Be Financially Prepared For Retirement"},"content":{"rendered":"<p><a href=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/17172448\/In-partnership-with-CIMB-Principal-Updated.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-44990 \" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/17172448\/In-partnership-with-CIMB-Principal-Updated-300x35.jpg\" alt=\"\" width=\"360\" height=\"42\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/17172448\/In-partnership-with-CIMB-Principal-Updated-300x35.jpg 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2020\/09\/17172448\/In-partnership-with-CIMB-Principal-Updated.jpg 409w\" sizes=\"(max-width: 360px) 100vw, 360px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">Retirement should be a celebration, the moment where your life\u2019s work delivers just rewards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, for a lot of people, retirement also brings about a heavy dose of anxiety, <\/span><span style=\"font-weight: 400;\">all because of<\/span> <span style=\"font-weight: 400;\">one simple reason &#8211; they do not<\/span><span style=\"font-weight: 400;\"> have enough money to support their livelihood once they\u2019ve retired.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So how can you change your coming retirement from a ball of anxiety back to a feeling of celebration? Simple, by planning ahead.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the saying goes, \u2018failing to plan is planning to fail\u2019. Planning for retirement should be on everyone\u2019s to-do list but if you are near to retirement, you will need to take certain concrete steps in the near future so you can enjoy a more comfortable life post-retirement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s a guide on how to draw up your to-do checklist when you are near to retirement.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Early-steps-you-can-take-near-retirement\"><\/span><b>Early steps you can take near retirement<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Planning for your retirement might sound like a daunting task, but if you take it step by step and cross off each item on your list, it makes the task simpler and more manageable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/jtksm.mohr.gov.my\/images\/kluster-warnawarni\/akta-borang\/akta-peraturan\/SENARAI%20AKTA_2020\/Akta%20Umur%20Persaraan%20Minimum%202012%20(Akta%20753)\/001%20-%20Act%20753-7_11_2016_bi.pdf\"><span style=\"font-weight: 400;\">minimum retirement age<\/span><\/a><span style=\"font-weight: 400;\"> in Malaysia is 60 years old, and if you do plan to retire by that age, the <\/span><a href=\"https:\/\/www.principal.com\/individuals\/build-your-knowledge\/your-retirement-age-whats-best-time-stop-working\"><span style=\"font-weight: 400;\">early preparation stage<\/span><\/a><span style=\"font-weight: 400;\"> should ideally be several years ahead.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is to allow you enough time to take care of personal responsibilities that you should be prepared to manage differently when you retire, like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span class=\"ez-toc-section\" id=\"Paying-down-debt\"><\/span><b>Paying down debt<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The first step we need to take in preparing for our retirement is to have a plan <\/span><span style=\"font-weight: 400;\">in clearing our debts.<\/span><span style=\"font-weight: 400;\"> Ideally, you should start by clearing high-interest debt or avoid taking on new high-interest debt as you near retirement. This is to ensure you don\u2019t use up your retirement savings to clear debt when you stop earning a regular income.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span class=\"ez-toc-section\" id=\"Update-your-estate-beneficiaries\"><\/span><b>Update your estate beneficiaries<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This includes naming your estate beneficiaries by writing your will, planning property ownership transfer, updating your EPF beneficiaries, and arranging for your family to have access to your bank account and any other important legal documents in the future. Sorting this out ensures your family\u2019s well-being even if\u00a0 you are not there anymore.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span class=\"ez-toc-section\" id=\"Arrange-for-your-medical-needs\"><\/span><b>Arrange for your medical needs<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Identifying and going over your medical and long-term care plan is important to avoid draining your retirement fund as your healthcare needs will likely increase with aging.\u00a0 With \u00a0 <\/span><a href=\"https:\/\/insights-north-america.aon.com\/research\/2021-global-medical-trend-rates-report\"><span style=\"font-weight: 400;\">medical inflation<\/span><\/a><span style=\"font-weight: 400;\"> in Malaysia at 14%, healthcare costs could increase faster than your income, especially in retirement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have medical insurance, you\u2019d do well to ensure the policy has coverage post-retirement as many insurance products only cover you until 70 years old or arrange for long-term care coverage separately.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\">\n<h3><span class=\"ez-toc-section\" id=\"Plan-your-post-retirement-lifestyle\"><\/span><b>Plan your post-retirement lifestyle<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You should start planning now what you want to do post-retirement, and how much it will cost you to ensure you don\u2019t run out of money trying to fulfil your bucket list for retirement. If your post-retirement plans include traveling the world or other hobbies that will require a sizeable financial commitment, then you should start setting aside funds now to afford them.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Checklist-to-get-financially-ready-for-retirement\"><\/span><b>Checklist to get financially ready for retirement<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">What most people worry the most about retirement is the funds needed to retire comfortably. So, let\u2019s get to the steps you need to take to be financially ready for this life stage.<\/span><\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Review-your-retirement-savings\"><\/span><b>Review your retirement savings<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For many Malaysians, their only retirement savings may be their Employees Provident Fund (EPF). According to <\/span><a href=\"https:\/\/www.kwsp.gov.my\/ms\/-\/epf-sets-new-target-of-rm240-000-for-basic-savings\"><span style=\"font-weight: 400;\">EPF<\/span><\/a><span style=\"font-weight: 400;\">,\u00a0 the minimum amount that you should have in your EPF account when you reach retirement age is RM240,000. Divided over 20 years of post-retirement living, that means that you only have RM1000 per month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order to supplement your EPF funds to ensure a financial buffer beyond your EPF savings, you can also:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">contribute more than the statutory rate (<\/span><a href=\"https:\/\/www.kwsp.gov.my\/employer\/contribution\/all-about-your-responsibility\"><span style=\"font-weight: 400;\">currently 9%)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">top up your savings with <\/span><a href=\"https:\/\/www.kwsp.gov.my\/member\/contribution\/self-contribution\"><span style=\"font-weight: 400;\">self-contribution<\/span><\/a><span style=\"font-weight: 400;\"> to your existing EPF savings<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">make your EPF savings work harder with <\/span><a href=\"https:\/\/www.principal.com.my\/en\/epfiinvest\"><span style=\"font-weight: 400;\">EPF i-Invest<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">diversify your savings through <\/span><a href=\"https:\/\/www.principal.com.my\/en\/prs\"><span style=\"font-weight: 400;\">Private Retirement Schemes (PRS)<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><div class=\"block block--warning\"><div>The EPF i-Invest platform allows you to invest part of your EPF savings in approved unit trust funds to potentially provide greater returns than your EPF savings and allows you to diversify your savings into overseas investments. You can start your EPF i-Invest journey with Principal Asset Management <a href=\"https:\/\/www.principal.com.my\/en\/epfiinvest\">here<\/a>.<\/div><\/div><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other things you may need to consider when reviewing your retirement savings are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cost of living<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Medical expenses<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To fight inflation<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Emergencies<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your retirement bucket list<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Your retirement savings plan needs to cover all these, to make sure that you have enough money to live comfortably post-retirement.<\/span><\/p>\n<ul>\n<li>\n<h3><span class=\"ez-toc-section\" id=\"Rebalance-your-investment-portfolios\"><\/span><b>Rebalance your investment portfolios<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you have existing investments, the next step for you is to rebalance your investment portfolio.<\/span><\/p>\n<p><a href=\"https:\/\/www.fool.com\/investing\/how-to-invest\/balanced-portfolio\/\"><span style=\"font-weight: 400;\">Rebalancing your investment portfolio<\/span><\/a><span style=\"font-weight: 400;\"> is even more important when you\u2019re approaching retirement. It ensures that you have the right asset allocation (i.e., how your portfolio is divided into equity, fixed income, or other investments) that matches your risk level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So how should we rebalance our portfolio? Generally, rebalancing your portfolio is simple. Here are two main ways\u00a0 in which you can rebalance your portfolios.<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sell your high-performing investments and use that money to buy lower-performing ones. With this method, you won\u2019t have to put in any additional funds into your investment portfolio.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Allocating new funds. This method of rebalancing your portfolio requires you to put in additional funds in a strategic manner. Here\u2019s an example; if you see that one of your investments is overweighted, then you should invest your new deposit into other investments until your portfolio is balanced again.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">When rebalancing your portfolio, you can estimate your risk level and ideal asset allocation by taking <\/span><a href=\"https:\/\/www.principal.com.my\/sites\/default\/files\/2021-06\/Principal%20Investor%20Quiz%20A4%20100621%20R2%20FA.pdf\"><span style=\"font-weight: 400;\">Principal\u2019s short quiz<\/span><\/a><span style=\"font-weight: 400;\"> here.<\/span><br \/>\n<sup>Source : https:\/\/www.principal.com.my\/sites\/default\/files\/2021-06\/Principal%20Investor%20Quiz%20A4%20100621%20R2%20FA.pdf<\/sup><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Plan-your-retirement-income\"><\/span><b>Plan your retirement income<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Apart from what you have saved up for retirement, you can also look for ways to increase your retirement income. One way to continue supplementing your income after retirement is to find a hobby that you can monetise. If you like cooking, maybe you can start a simple lunchbox business. The most important part of monetising your hobbies is, keep the risks low. Remember, you\u2019re doing this to help supplement your retirement funds.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The second one is to <\/span><a href=\"https:\/\/www.thebalance.com\/how-to-get-passive-income-in-retirement-2388773\"><span style=\"font-weight: 400;\">maintain a passive income after retirement<\/span><\/a><span style=\"font-weight: 400;\">. This can be done in a myriad of ways, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Property ownership with potential for rental returns<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Existing investments that provide returns (EPF, PRS, unit trust)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Part-time work that leverages on your professional experience<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"How-Principal-can-help-you-grow-your-retirement-savings\"><\/span><b>How Principal can help you grow your retirement savings<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A lot of us fail to plan properly for our retirement, which can lead to financial pressures in the future. With proper planning and execution, your retirement can be just as fulfilling as any stage of your life. Instead of worrying about your retirement, take steps to start preparing as soon as possible.\u00a0<\/span><\/p>\n<div class=\"block\"><div><span style=\"font-weight: 400;\">You can start your retirement journey <\/span><a href=\"https:\/\/www.principal.com.my\/en\/goal-my.html\"><span style=\"font-weight: 400;\">here<\/span><\/a><span style=\"font-weight: 400;\"> with Principal Asset Management.\u00a0<\/span><\/div><\/div>\n<p><span style=\"font-weight: 400;\">Investing with Principal also allows you to diversify your retirement savings with EPF i-Invest and PRS or you can get in touch with their <\/span><a href=\"https:\/\/www.principal.com.my\/en\/goal-based-solution-contact-us\"><span style=\"font-weight: 400;\">consultants<\/span><\/a><span style=\"font-weight: 400;\">\u00a0to guide you on your investment choices.<\/span><\/p>\n<p><sup>You are advised to read and understand the Prospectus, Information Memorandum and\/or Disclosure Document including any supplemental thereof and the Product Highlight Sheet (if any) before investment. A copy of the said documents have been registered with the Securities Commission Malaysia (SC) and may be obtained at our offices, distributors or our website at [<a href=\"https:\/\/www.principal.com.my\" target=\"_blank\" rel=\"noopener noreferrer\">www.principal.com.my<\/a>]. The registration of these documents does not amount to nor indicate that the SC has recommended or endorsed this product or service. The issuance of any units to which the said documents relates will only be made on receipt of an application referred to in and accompanying a copy of the relevant Prospectus, Information Memorandum and\/or Disclosure Document. Investing involves risk and cost. You should understand the risks involved, compare and consider the fees, charges and costs involved, make your own risk assessment and seek professional advice, where necessary.<\/sup><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Planning for retirement should be on everyone\u2019s to-do list but if you are near to retirement, here\u2019s a to-do list you can get started on.<\/p>\n","protected":false},"author":51,"featured_media":50297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,236,230],"tags":[208,660,520,649],"class_list":["post-50214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-sponsored","category-unit-trust","tag-featured","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>Plan Ahead For Your Retirement With Principal<\/title>\n<meta name=\"description\" content=\"Whether retirement is still some ways ahead or nearing for you, planning ahead is always a good thing to do. Learn how you can start planning right here!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/principal-near-retirement-planning\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Be Financially Prepared For Retirement\" \/>\n<meta property=\"og:description\" content=\"Whether retirement is still some ways ahead or nearing for you, planning ahead is always a good thing to do. 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