Not many Malaysian’s plan for retirement

This was the findings of a recent survey conducted by Prudential lately. In planning for retirement, 1 major aspect that needs to be looked into is your spending requirements or your expenses budget on a monthly basis.

From there you have to add in inflation factors to compensate for additional future costs over the years. Upon retirement, family commitments usually reduces as the kids are almost independent and your mortgage or car loans are normally settled in full. But as commitments go down, the need for healthcare might increase to aging and illness. So, this must also be taken into consideration.

However, there are people who overlook all these issues and spend off their EPF on buying a new luxurious ‘retirement’ car or unnecessary renovation for the family home or live above their means.

Please read below :

Prudential launches RM5.5m ad campaign

KUALA LUMPUR: Prudential Assurance Malaysia Bhd has launched its RM5.5mil advertising campaign aimed at enhancing awareness among Malaysians on the importance of retirement planning.

The campaign – “What’s Your Number” is a 10-week campaign beginning Wednesday and one of the core initiatives of Prudential is to heighten awareness amongst consumers on the need to financially plan and prepare for life after retirement.

Prudential’s chief officer for brand, communications and partnerships distribution, Thomas Wong, said the campaign was the result of a recent survey by the company which revealed that Malaysians were generally ill-prepared and did not pay strong emphasis on retirement planning.

The findings of the survey were released in August; the survey covered over 1,000 city dwellers across Malaysia and it was conducted to understand and get better insight into retirement.

“While Malaysians clearly know what they want to do when they retire, a majority are not actively planning for it. Only 34% of those surveyed are consciously putting money aside regularly for their retirement funds.

“To add to the issue, a startling 60% are unaware of how much they need to sustain their lifestyles post-retirement. With longer life expectancy, rising medical and general inflation costs, such ignorance is indeed worrying if it is not addressed,” he said in an interview.

Under the campaign, the company’s 8,000-strong agents would be provided with a retirement calculator as a tool to determine their clients’ retirement “numbers” based on different desired lifestyles.

They could also use this to help clients calculate how much they need to save for retirement, he said.

According to Wong, through this innovative tool coupled with Prudential’s global expertise in retirement planning, it has given the company an added advantage and niche over other players in this field.

He added through its existing range of investment-linked plans, the company was able to help customers achieve their retirement “numbers” and goals.

Prudential currently has a total of nine investment-linked funds, including one foreign fund that invests in the Asia Pacific region (excluding Japan) and four syariah-compliant funds. The total investment-linked funds under management as at June 30 stood at RM2.9bil and in terms of market share, it commands about 32% of the investment-linked business.

Wong said the campaign had also been successfully launched by the group in South Korea, Hong Kong and Taiwan.

One Response to “Not many Malaysian’s plan for retirement”
  1. onlineinsurancequotes says:

    We’re seeing a similar attitude toward retirement saving around the globe.

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