10 Golden Wealth Management Values for the rest of your life! No.1
Updated: Jun 16, 2020
There is a growing importance of elderly care where senior citizens need some assistance with daily activities and health care, whom they desire to age with dignity.
We all will grow old one day. Now, how do you want that "older you" to be like? Think about it.
Malaysia has a population of around 32 million in 2019.
The latest WHO data published stated that in 2018 life expectancy in Malaysia for Male is 73.2, and is female 77.6. Total life expectancy is 75.3, which gives Malaysia a World Life Expectancy ranking of 71.
As of 2017, according to The Star Malaysia, the number of people aged 65 and above in Malaysia was about two million or 6.3% of the total population. Thus, it has entered the ranks of ageing countries.
According to data from the Employee's Provident Fund(EPF) Board, members aged 56-60 have a per capita deposit of only RM97,543.
Suppose you entered the workforce at the age of 30 and retire after 30 years of work. The average monthly income before retirement is RM4,000.
If the EPF plus bank payment is RM500,000, the monthly income for 20 years of retirement is RM2,083. Divided by the monthly salary before retirement of RM4,000, the income replacement rate is only 52%, which is far below the 60% minimum income replacement rate set by international standards.
The above also calculates the inflation rate, so the planned retirement income we have prepared may not meet the standard of living after 20 years.
So let me ask you, do you have enough retirement fund for the "future you"?
Today, a "younger you", you must prepare for the 'older you',
And insurance will ensure the safety and security of your later life.
Prepare early to make it easier!
Contact us today to find out a solution on how to tackle this problem. Your best interest is paramount to us.
Click here to continue reading Value No. 2.
1) IMM Malaysia
2) The Star Online. 2020.Malaysia To Become Ageing Population By 2020. [online] Available at: <https://www.thestar.com.my/business/business-news/2018/11/03/malaysia-to-become-ageing-population-by-2020/> [Accessed 22 April 2020].
3) KS, J., 2020.Most Malaysians Cannot Afford To Retire. [online] The Star Online. Available at: <https://www.thestar.com.my/business/business-news/2017/10/25/most-malaysians-cannot-afford-to-retire> [Accessed 22 April 2020].