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Retirement planning for millennials - 10 February 2020
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10 February 2020
Retirement planning for millennials
As a young millennial, the thought of planning for retirement rarely crosses their mind. You feel invincible and are preoccupied with building an exciting career. With the rising cost of living, coupled with longer life expectancies, millennials are at risk of having to work way into old age.
Nevertheless, here at Sun Life Malaysia we always look forward to a lifetime partnership in preparing you for a financially secured and independent retirement. Here are five steps to help your retirement planning so you can have your happy retirement:
Step 1 - Define your magic number
Planning for retirement is about ensuring you have enough funds to cover for your expenses as well as your loved ones upon retirement. Start by figuring out how many more years you might work. If you're 25 now and plan to retire by 65, you have 40 years to save for your funds. Next, consider your life after retirement. You should have at least 20 times your current annual expenditure to maintain your way of life.
Step 2 - Start saving now
If you are 25 and start saving for your retirement now, you will also be reaping around 40 years’ worth of 'compounded interest' on top of the savings itself. The earlier you start saving, the more your money can grow. It makes sense to put as much of your income as you can into a retirement account regularly. It would also help if you use auto-debit facilities that automatically transfer your money to your retirement fund.
Step 3 - Revisit your budget
Financially savvy millennials want to pay off debts as quickly as possible because compounded interest works both ways; in favour of young investors but against young borrowers. Sticking to a monthly budget is the most reliable way to save and pay off debt. Don’t spend more than you earn.
Step 4 - Protect yourself and your loved ones
A life insurance is designed to protect your family and your dependents from financial troubles due to unexpected eventualities. Remember that insurance premiums are generally at their lowest when you are young and healthy. Sun Life Malaysia offers a wide variety of products that will suit you depending on your circumstances.
Check out our list of product offerings
here
.
Step 5 - Build an investment portfolio
As soon as you have worked out your savings and insurance needs, the balance can be used for investment purposes. Remember, small amounts grow over time. Sun Life Malaysia not only offer a wide range of investment-linked products that allows you to grow your wealth, but also protect the financial future of both you and your loved ones. Watch how we helped our clients to fulfil their goals and protect them in their times of need
here
.
In summary, retirement is when you stop living at work and start working at living.
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