If you have begun retirement planning, it is likely that you have pencilled in the numbers and have a good sense of how much money you will need in investments, pensions, and savings when you retire. And if your calculations indicate that you have enough money to support your desired lifestyle for the remainder of your days, then congrats!
Though it isn’t a valid justification for not having life insurance, it can help you secure your hard-earned riches and ensure that even in the event of your passing, your loved ones won’t have to bear an undue financial burden.
Life insurance becomes even more essential for you if, on the other hand, you were regrettably unable to save enough for the future. In the event that something untoward happens to you, it can prevent your family from going into debt. Additionally, it can become your financial legacy, allowing you to leave your loved ones with a small gift rather than nothing at all when you pass away.
Always strive to be over-prepared when it comes to money and retirement savings. You can be sure that your life was well-lived by leaving your loved ones a legacy of financial security. See what insurance can do for you by getting in touch with a financial counsellor.
Even in the midst of the Covid-19 outbreak that has resulted in job losses and wage reductions, Malaysians are warned not to touch their retirement funds because medical expenditures increase as people get older.
A retirement fund must be kept separate from one’s emergency funds, they claimed, adding that withdrawals from any retirement fund, including the Employees Provident Fund (EPF), Amanah Saham Bumiputera (ASB), or other private retirement plans, should only be considered as a last resort.
The returns on retirement savings are a major issue for retirees, particularly those who rely only on the interest from fixed deposits. Many people are actively seeking substitutes. The biggest worry is that in their pursuit of greater profits, people can become victims of fraud. The vulnerable category that authorities are watching out for is this one.
Despite the government’s best intentions, the programme and other relief measures, such as lowering the minimum statutory contribution rate for employees from 11% to 7%, are projected to harm accrued savings in the future, particularly after retirement.
Purchase Personal Health Insurance
So, what can be done to ensure that post-retirement medical care runs smoothly? Experts recommend the most traditional health investment of all: a medical card.
Furthermore, as the government gradually eases the Movement Control Order (MCO), many people have returned to work in what appears to be better times than before the rigorous lockdown.
What remains to be seen is if the vast majority of the population will focus on spending less and saving more in order to avoid future financial troubles, particularly when they are elderly.
The purpose and importance of a medical card are undeniable, especially in the event of a medical emergency. That is why it’s important to invest in retirement insurance schemes Malaysia.
However, it is insufficient to ensure a comfortable and worry-free retirement, particularly for individuals with pre-existing medical concerns, as experts stressed the necessity of selecting the correct health insurance coverage.