I am a financial advisor, specialized in providing financial planning, investment management, and life management services for people across Malaysia ----- I am very sure that I've told everyone, but I never write anything regarding this here.
Does anyone tell you this?
Retirement is EXPENSIVE.
Example: My monthly commitment is RM3,000 / month (exclude debts). Assume after including the inflation rate, in 2034 I need two times higher to fulfil my commitment (RM6,000). And I also assume the life-span of people is 75 years.
Now, let's calculate :
Retirement is EXPENSIVE.
Example: My monthly commitment is RM3,000 / month (exclude debts). Assume after including the inflation rate, in 2034 I need two times higher to fulfil my commitment (RM6,000). And I also assume the life-span of people is 75 years.
Now, let's calculate :
75 - 55 = 20 years (w/o any income)
20 x 12 = 240 months (w/o any income)
240 x 6,000 = RM1,440,000 (total money that I suppose to have after my retirement. which. I can't imagine how can I have that one million. with my cashflow condition now. omg)
Nope. this is not meant to create fear. It is just something to ponder. Picture yourself as a retiree in the next 10 - 20 years? These are two things for you to consider:
1. Have you diversified your income & investing for growth?
It is always a good idea you know, to diversify your income. If you want to enjoy financial independence, this should be on the top of your list. Most important, you have to know and understand where to diversify your money? (Current account / Fixed deposit / Unit trust / etc). I heard about this once. An investment plan is like a job description. Once you know the job you need your money to do for you it becomes easier to make the right hire (select the most appropriate investments). In need of further explanation? Roger me.
2. Have you ever calculated your likely retirement income?
Yes? No. You should try this because it actually helps you to see how long your money will last. Just play around the retirement date, the rate of return & inflation and see how these things may affect your retirement income. Need help about this? Roger me.
If retirement is something you look forward to, start preparing for it today. If you’d like to find additional resources on managing your students loans, debts or your retirement savings, just roger me.
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It is never too late to get started
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Roger me.
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