Sunday, November 13, 2016

Tips to Save for Your Retirement

#  Set aside 20% of your salary for retirement

#  Split the 20% into three basic instruments
    10% --->  towards takaful (for muslims) or premium for insurance
     5%  --->  into savings (or Tabung Haji for Muslims)
     5%  --->  into a unit trust fund

#  Keep track of savings and prioritise your financial needs

#  Think of ways to make money grow through investment plans and insurance/takaful policies

#  Couples should be transparent about savings

#  Retirees must plan carefully and shouldn't splash hard-earned EPF savings on costly 
    holiday packages, expensive dine out or new cars

#  Work part-time or operate a small business from home or turn your hobby into a
    source of income

#  Buy annuities from insurance companies, which will provide a fixed monthly
    income for the rest of your life


Source :  STAR/KWSP

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