It is never too early or too late to start retirement planning and retirement planning refers to financial strategies of saving, investments and ultimately distributing money meant to sustain oneself during retirement. You can start at any time, but it works best if you factor it into your financial planning as early as possible. Many of us are motivated to work hard so that we can enjoy a certain lifestyle today. However, we rarely think about what our lives will be like when we are older. If you want to be independent and able to afford the best things in life, you need a retirement plan. That’s the best way to ensure a safe, secure and fun retirement. The fun part is why it makes sense to pay attention to the serious and perhaps boring part planning how you’ll get there. Having enough to retire comfortably is something that we are all worried about. And with recent news about Malaysia becoming an ageing nation faster than expected, it’s a subject that is at the top of mind for many of us.


Retirement planning takes into account not only assets and income but also future expenses, liabilities, and life expectancy. The general rule is the sooner you start, the better. Your magic number, which is the amount you need to retire comfortably, is highly personalized. But there are numerous rules of thumb that can give you an idea of how much to save. While the amount of money you’ll want to have in your nest egg is important, it’s also a good idea to consider all of your expenses. Be sure to calculate the costs for housing, health insurance, food, clothing, and your vehicle/transportation. And since you’ll have more free time on your hands, you may also want to factor in the cost of entertainment and travel. While it may be hard to come up with concrete figures, be sure to come up with a reasonable estimate so there are no surprises later on.


Regardless of where you are in life, there are several key steps that apply to almost everyone during their retirement planning. The following are some of the most common:


  • Come up with a plan. This includes deciding when you want to start saving when you want to retire, and how much you’d like to save for your ultimate goal.


  • Decide how much you’ll set aside each month.


  • Prioritize your financial goals


  • Check on your investments from time to time and make periodic adjustments. It’s always a good idea to make any changes whenever there’s a change in your lifestyle and when you enter a different stage in your life


Everyone dreams of the day they can finally say goodbye to the workforce and retire. But doing so costs money. That’s where retirement planning comes into play. And it doesn’t matter at which point you are in your life. Sure, you may have Social Security benefits, but that may not be enough, especially if you’re used to a certain lifestyle. Setting aside money now means you’ll have less to worry about later.