- Did you know that there’s more to retirement planning than sorting your finances? With careful preparation, you can ensure that you and your loved ones will always stay secured and comfortable, no matter what life throws at you. According to the Malaysian Reserve, only 12 percent of Malaysians are on track for early retirement, while 40 percent feel somewhat positive to retire comfortably, indicating that retirement planning is still lacking amongst Malaysians.
- Retirement planning is akin to growing a tree; it takes time, patience, and care at various stages before it can bear fruit. To achieve your ideal retirement life, there are several aspects you will need to consider, at every stage of life, besides prioritising your finances.
- Let's look at retirement planning stages, from seedling to tree, so you can 'Be A-Z ready for tomorrow'.
- Seedling stage: 20-30s
- Like a vulnerable seedling, you need to begin planning for retirement as early as possible to lay the groundwork for your future. Once you’ve started earning enough to save, understand your current financial situation, create a budget according to your lifestyle, grow your savings, and set your retirement goals.
- At this age, every day can be an adventure - from mountain climbing to track racing, futsal with friends, or travelling the world. Give yourself the gift of protection that aligns with your lifestyle while enjoying your best moments. Having a medical plan while you’re young and healthy can be more affordable and provide you with the necessary coverage against unexpected health issues that would drain your savings.
- You can start with a comprehensive with no overall lifetime limit and a to give you the confidence to stay active in your youth. With flexible deductible options for your hospitalisation or medical treatments, you can choose from different deductible levels to suit your needs. Not only that, with an added retirement option to your plan, you’ll get to convert your deductible plan to zero deductible plan to enjoy a lifetime of medical coverage after you retire.
- Sapling stage: 30-40s
- In your 30s to 40s, the roots of your plans are taking hold, and your finances are more stable. Perhaps, you’re also putting down roots and raising a family. As we age, it’s important to prioritise our health and expand our life protection coverage to suit our current and future needs.
- Everyone's healthcare needs are unique, so it's wise to take precautions and includeprotection against any critical illnesses or diseases that run in your family. By doing so, you can protect yourself with adequate medical coverage and provide financial security for your loved ones.
- Furthermore, you can also focus on growing your retirement fund with an , which combines life insurance coverage with investment opportunities, allowing you to boost your savings over time while securing you and your family’s future.
- Another option to grow your retirement fund in the long run is a that helps you accumulate your savings over the next 20 or 30 years while enjoying the benefits offered, with a flexible premium payment term from as short as six years to match your level of affordability.
- Mature stage: 40-50s
- Now, your plan is grown and has reached its potential. You’ve accumulated enough to retire comfortably. That means it’s time to preserve your wealth and focus on your long-term retirement and healthcare needs.
- Estate planning is crucial at this stage. By creating an estate plan, you can rest assured knowing that will fulfil your wishes to provide financial security for your loved ones and preserve .
- Changes may also occur in your household as you prepare to send your children off to college or university. Fortunately, the savings plan you started in your 20s would be nearing its maturity, allowing you to cash it out to supplement your children's further education or create precious moments with your loved ones by going on a dream vacation or celebrating a special family event.
- Full Bloom: 50-60s
- Your plan has reached full bloom, and it is a thing of beauty. After achieving financial independence and securing adequate protection for you and your loved ones, you can now enjoy the fruits of your labour and a well-deserved retirement.
- As you embark on this new chapter, feel free to explore passions that help you blossom. Whether traveling the world, penning the next bedtime story for grandkids, or re-creating delectable internet-famous dishes, the possibilities are endless.
- Plus, as a senior citizen, you can take advantage of a wide range of to indulge in the best all-around experiences and live life to the fullest.
- Aging to Z
- Just like a tree that has reached full maturity, now it’s time to slow down and savour the simple pleasures in life. As you reflect on the retirement plans you've made over the years, take comfort in knowing that your hard work and dedication have paid off.
- Retirement planning is a process that requires long-term commitment and attention to detail. By considering and building your wealth and protection at every life stage, from seedling to full bloom, you can grow your retirement tree and reap the benefits of a secure and comfortable future.
- Remember, prioritise your finances as well as your health and personal growth. Don't forget to review and update your policies regularly with your authorised Allianz agent to adapt to changing circumstances. With careful planning and preparation at every stage of life, you can be A-Z ready for tomorrow!
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- Stay tuned for our next article to help you Be A-Z Ready for Tomorrow. For more information and tips on retirement planning, reach out to an authorised Allianz agent to get started.
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