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You can never be ready for retirement. But you can always prepare for it.
Going into retirement solo be it due to the death of a spouse, divorce or choice of lifestyle and being retirement-ready is a growing concern with the changing social landscape and economic climate. While most Malaysians tend to put off thinking about it sometimes until their 40’s, Allianz Malaysia understands the importance of building a secure financial foundation for your golden years, now.
Malaysia’s population is aging fast and a recent report in The Star stated that those aged 54 have less than RM50, 000 in their Employees Provident Fund, while the United Nations study last year also revealed that the average 60-year-old Malaysian is expected to live until the age of 79.
The retirement age in the country is between 60 to 65 years which means Malaysians are in need of sufficient funds for the next to 14 to 19 years of life. Do you have enough set aside to retire comfortably?
For singles, the situation is much graver. While they don’t have children to care for, singles just don’t enjoy the same tax breaks as married couples do. They don’t have access to a shared income and some will not have access to a dependable income such as pension, so being-retirement ready on a single income already seems like a long shot.
Allianz RetirePlus presents an ideal retirement plan that offers multiple retirement income options for different needs. Four flexible premium payment terms – six years, 10 years, 15 years and 20 years or until old age which means you determine how much to set aside and for how long.
The plan, open to those aged 18-50 years old offers a minimum coverage of RM15, 000, also allows you to enjoy a yearly income after the first year for a 20-year period or chose to enhance your funds through the performance of the Universal Life Fund which has cash value that accumulates at a fixed interest rate. And with long term coverage until 81 years, which ideally can see you through your twilight years.
“Retirement isn’t intimidating if you prepare and plan for it well. It may not necessarily appeal to singles in their 20’s or 30’s but being financially secure to enjoy life well beyond your working years is what everyone strives for. Your EPF savings is just a tip of the iceberg of what you can plan for your retirement. The best thing you can do for yourself is to diversify your retirement plans, and Allianz RetirePlus gives you the pliability to retire the way you want to and it’s never too early to start,” said Allianz Life Insurance Malaysia CEO Rangam Bir.
“Being single in your retirement age could face three very real, very possible scenarios – being able to work and make more money than you used to, working to pass time or having to working to stay afloat. All of that when you have a clean bill of health is manageable. But sudden illness or requiring round the clock medical care would drain whatever resources built,” he added.
“It’s here that insurance is the solution. Being retirement-ready means being educated on the realities of retirement, understanding your current aspirations and also putting in long-term goals that can help you retire with peace of mind.”