🤔 If we were to retire today, how much funds do we need to have for retirement??
👴🏻🧑🏻🦳 📰🗞️The Star news article published on 23rd Sep 2022 waken us from our naive wonderland and forced us to do a reality check. You may check out the article here 👇🏼 https://www.thestar.com.my/news/natio…
📝 A little summary of this article: 📌According to Employees Provident Fund’s (EPF) chief strategy officer En. Nurhisham Hussein, a person needs at least RM 600,000 if he/she is retiring today to cover his bare minimum daily expenses and ordinary outpatient medical needs or visits to general practitioners and not any major medical needs.
📌He also said that those who are retiring in the next 20 – 30 years will need at least RM900,000 to RM1 Million!
📌The sad news is currently only 4% of Malaysians could afford to retire for an RM600,000 savings threshold.
📌While 56% of EPF contributors, who are 54 years old, have less than RM50,000! Question❓
💰Would having RM 600,000 to RM 1 Million today satisfy your retirement needs?
😅Short answer, it depends.
1️⃣. It depends on whether a person can shrink his needs to a basic minimum to make his funds sustain longer.
2️⃣. It depends on whether he can remain in a normal healthy state without the need to pay high-rise medical bills and supplementation.
3️⃣. It depends on whether he can prevent anyone from his family from asking for his financial aid knowing that he is now retired with money.
4️⃣. And it also depends on whether he can maintain a frugal and humble retirement lifestyle for the next 20 – 30 years without being trapped by his greed and fear.
🥵It’s challenging, isn’t it??
🤓Yes, it is. But we can definitely plan ahead and prepare for it.
🌻I hope by now we can understand better that being financially independent is not just about graduating with a good education, finding a good job that pays well, starting a family, saving some money whenever we can, and hoping that one day when we retired, we will be financially free and supported by our children, etc…
🧠It is more important to cultivate the right money management mindset by being financially literate. Getting in the right understanding and knowledge is crucial for one’s financial well-being. One can learn from books and courses through self-study but unless we apply what we have learned, it will be just a piece of information.
💡The information doesn’t means it will bring Transformation. 😃Honestly, that is why we are passionate as financial planners for our clients. We are happy to see our clients improve in their life. They win, and we win as well. Wonderful right? 🔋We hope our videos will continue to bring inspiration, that’s our objective in the first place. We hope that our small actions can throw some light, especially to those who need it.
🎥Hence, stay tuned for our next video where we will show the most effective way we can adopt to start saving and investing for our retirement.
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