PERSONAL & BUSINESS SOLUTIONS
Retirement Planning
Retirement Planning
Worrying whether you have enough savings to continue living comfortably post-retirement can keep you up at night! That’s why you need to plan ahead for this eventuality.
In the simplest sense, retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include lifestyle choices such as how to spend time in retirement, where to live, when to completely quit working, etc. A holistic approach to retirement planning considers all of these areas.
Share your retirement income goals with our wealth planners, and we will advise the actions and decisions necessary to achieve those goals. This also involves identifying sources of income, estimating expenses, implementing a savings program, and managing assets. We will estimate your future cash flows to determine if you can achieve your retirement income goal. You will also need to consider that your retirement planning changes throughout different life stages.
The key benefits of retirement planning are as follows:
- Financial security
- Accumulation of savings and assets over time ensures you have enough money to support yourself and your family during retirement. It allows you to maintain your desired lifestyle, cover essential expenses, and fulfil your financial goals without relying solely on government or family support.
- Goal setting and achievement
- By setting goals and working towards them, you can achieve milestones and fulfil your aspirations, such as travelling, starting a business, pursuing hobbies, or supporting your children or grandchildren.
- Burden reduction
- Planning for retirement can help alleviate the financial burden on your family. By accumulating savings and having adequate Takaful coverage, you can reduce the risk of becoming a financial burden to your loved ones during your retirement years or in the event of unforeseen circumstances like medical emergencies.
- Educational opportunities
- Retirement planning often involves learning about various investment options, financial strategies, and managing assets. This knowledge can be valuable not only to you but also to your family members. You can pass on this financial wisdom, helping them make informed decisions about their own finances.