1. Save or invest 10% – 15% of your income for retirement savings.
Why 15% ? Because it’s an amount that not too big and still allows you to spend on what you want.
2. Use a tax-advantage retirement plan.
PRS is a voluntary scheme for retirement. Depositor to PRS may enjoy a personal tax relief up to RM 3000.
3. Diversify your retirement fund.
It’s a big risk when you put your retirement money all in one place. My recommendation is to diversify your financial portfolio as below;
60% – Conventional fund eg. EPF, ASB, ASW, Tabung Haji.
30% – Unit Trust with diversified portfolio eg. equity, balance, sukuk funds
10% – Alternative or high-risk investment (if brave enough!)
4. Don’t be too conservative.
At age of 45 -50, you have about 10 years and more for your retirement savings to grow. So, invest a certain portion in a proven and good performance unit trust.
5. Be discipline.
To build wealth successfully, you need patience and discipline. There is no shortcut to success. It just hard works and a lot of patience.
6. Work with professional.
You need someone who can help create investing plan that fits with your life and your financial goals – it means working with a financial consultant that you can trust.
Retirement planning is too important to figure out on your own.
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