BACHELOR OF BUSINESS ADMINISTRATION (HONS)

HUMAN RESOURCES MANAGEMENT

BA243
PERSONAL FINANCIAL PLANNING (FIN533)
GROUP PROJECT ASSIGNMENT
IMPORTANCE AND CURRENT ISSUE PERTAINING :
“INVESTMENT PLANNING & RETIREMENT PLANNING”

PREPARED BY:
NAME ID NUMBER
MOHD ANAS FARHAN BIN MUSTAFA 2020567051
MUHAMMAD ATIQ BIN ABDUL LATIF 2020165909
NORAZLINA BINTI BAKRI 2020736003
NOOR SHAFIKA BINTI A RAHMAN 2020170393

PREPARED FOR : MADAM SHAHIRA BINTI ARIFFIN

GROUP : NBH4B
DATE OF SUBMISSION : 09.01.2022
 ACKNOWLEDGEMENT

All praise to Allah as we can complete this group assignment given to us within the
dateline given. An eye-opening assignment as we now have a clearer picture on the importance
of having an investment and retirement plan.
We would like to express our deepest gratitude to Puan Shahira Binti Ariffin on her
help and guideline from the beginning of the assignment towards the completion. From her
class we managed to complete this report and we are so grateful having her as our lecturer.
Besides that, her insights and views shared during classes also help us to gain so extra
knowledge to complete all the assignments given to us particularly this group project.
A big round of applause to our group members as well as we stick together and work
hard to produce a good outcome for this assignment. Despite our daily responsibilities,
everyone took part and complete the task given to them very well. Finally, we would like to
thank our family members and the rest of our classmates for being supportive and helpful
whenever we need extra assistance.

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SUMMARY

Financial planning is a step-by-step process for achieving one's life objectives. A

financial plan serves as a road map as you travel through life. It essentially aids you in
maintaining control over your income, expenses, and investments so that you may manage your
finances and reach your objectives. Financial planning has various practical advantages. It
enables us to save more money, live a higher level of living, be more prepared for crises, and
have peace of mind. Furthermore, it is not just about increasing our savings and lowering our
spending; it is also about reaching our long-term goals, such as asset development, retirement
planning, kid education, and tax savings.

In order to combat inflation, careful financial preparation is essential. The cost of a

movie ticket was roughly RM 3-5 twenty years ago, not the RM 15-20 it is today. Chocolates,
coffee, gasoline, and other everyday items were also considerably cheaper back then. Inflation
is the term for the phenomena of prices rising over time. It is the gradual rise in the price of
products and services over time, which, if we are not attentive, can quickly deplete our savings.
We can fight inflation by investing in assets that will provide us with higher returns over time,
but financial preparation is essential. It's also a good idea to prepare for the worse. A sudden
job loss or a medical emergency can be devastating. Therefore, we need an emergency fund to
deal with such issues. Financial experts advise investors to keep an amount equal to 6 months’
salary as a contingency fund which can be invested in a liquid fund so that we can access the
money quickly in case of an emergency.

People are now living longer retired lives as a result of newer medicines and significant
advances in the medical field, which is unquestionably a good thing. But there is one critical
question we must address: how will I fund all these expenses? We need to have enough money
to enjoy our retired lives to the fullest by having a financial plan that provides regular income
after retirement. Financial planning in a family is critical because it not only helps us
understand the needs of different family members, but it also shows us how to meet those
needs. To accomplish this, we must manage our money as effectively as possible.

To establish a successful financial plan, we must first comprehend our existing financial
status, which provides us with a solid idea of the state of our money and opportunities for
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improvement. Next, we must question ourselves what financial objectives we would like to
attain in our lives. Then we may look at the many investment possibilities accessible, since
different investment routes assist investors in achieving different goals. Investing in these
funds on a continuous basis over time can help us attain our objectives and goals. We must also
choose the best investment alternatives depending on aspects such as our goals, age, risk
tolerance, and investment amount. If we are unclear about which funds to choose for our
portfolio, we can always seek the advice of a trained financial counsellor to help us make the
best investment decisions. One thing to remember is that the financial planning process does
not finish when we invest our money. We must routinely evaluate how the funds perform
because if they do not perform, we must replace them with higher performing funds. We also
need to follow our plan because as we grow older, our goals and dreams evolve.

Finally, I'd like to quote Benjamin Franklin: "If you fail to plan, you plan to fail." We
may have multiple distinct financial objectives that we aim to attain, but in order to achieve
them at the appropriate time in our lives, we must have a financial plan in place.

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 TABLE OF CONTENT

Page

Acknowledgement 1

Summary 2–3

1.0 Introduction 5–6

2.0 Importance and Current Issued 7 – 11

3.0 Type of Investment 11 – 13

4.0 Purpose of Investment 13

5.0 Purpose of Retirement 13 – 14

6.0 Statistical Information 15 - 17

7.0 Conclusion 18 - 19

8.0 Recommendation 20

9.0 Referrence 21

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1.0 INTRODUCTION

Making a wise investment can truly improve our financial situation. It will assist in
giving us with sufficient finances to make our aspirations a reality. Before investing, it is
critical to plan of time. Nowadays, most people have a portfolio that includes numerous
investment vehicles such as equities, gold, bonds, government programmes, and so on. So, in
order to financially protect our future, we need a suitable investment strategy. Investment
planning is the process of setting financial objectives and putting them into a strategy. The
primary component of financial planning is investment planning. The determination of goals
and objectives is the first step in investment planning. Then we must reconcile those objectives
with our available financial resources. Nowadays, there are several investment vehicles
available, the most prominent of which being cash, shares, bonds, and real estate. So,
depending on the finances at our disposal, we can invest in these vehicles to achieve our aims
and objectives.

There are 5 benefits of investment planning that we would like to highlight. From the
standpoint of family security, investment planning is critical. If the working member of the
family dies, the remaining members of the family will be financially secure as a result of the
investment. With an investing strategy, it is quite feasible to successfully manage a person's
income and spending. Managing revenue allows a person to better manage other expenses,
such as tax payments. Investment planning also assists us in better understanding our existing
financial status. Financial understanding makes it simple for an individual to analyse an
investment or retirement plan. Next, those investment products that are extremely liquid should
be chosen. In the event of an emergency, funds may be readily withdrawn from those
investments. Lastly, the savings generated by the investment are extremely beneficial in
difficult times. For example, the loss of a working member in the family has a significant
impact on the family's level of life. At that point, the working person's investment becomes a
valuable source of income for the family.

Retirement planning establishes retirement income objectives as well as the activities

and decisions required to meet those goals. Retirement planning include identifying sources of
income, estimating spending, putting a savings strategy in place, and managing assets and risk.
Future cash flows are anticipated to determine whether the retirement income goal will be met.
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Retirement planning should ideally be a lifetime endeavour. You may begin at any moment,
but it is most effective if you incorporate it into your financial planning from the outset. That
is the most effective strategy to ensure a safe, secure, and enjoyable retirement. The enjoyable
part is why it's important to pay attention to the serious, and sometimes dull, portion: figuring
out how you're going to get there.

This is the most important result of retirement planning. Retirement planning allows
you to live a calmer and stress-free life. Having investments that generate regular income
throughout retirement allows you to live a worry-free life. Retirement is the age when one may
rest and enjoy the fruits of one's labour. Everyone used to rush from their 9 to 5 jobs. Everyone
works in order to earn money and make a decent living. Retirement, on the other hand, refers
to the point at which a person is no longer able to work. As a result, this is the moment when
the money generated should do all the job. To do this, one must begin investing for retirement
at an early age. Starting modest also aids in the generation of large future profits. As a result,
a retirement fund should be a well-diversified portfolio capable of generating returns after
retirement. Planning for retirement at an early age will assist to reduce the expense. For
example, in an insurance policy, the premium amount to be paid is lower when the insured is
younger. While acquiring insurance during retirement might be pricey. Finally, investing in
retirement will allow you to generate profits that outperform inflation. Saving money in a bank
savings account will not yield a high rate of return. In other words, the interest earned will not
be sufficient to fund a comfortable retirement. As a result, smart investment planning will
enable one to create considerable long-term returns. It is also critical to begin investing early.
This helps to smooth out the effects of market volatility.

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2.0 IMPORTANT AND CURRENT ISSUES

When it comes to Malaysian retirement savings, the main issue is not so much how
much money people have as it is the quality of life they will have after retirement. That is why
many statutory bodies in Malaysia are collaborating with the government on several policy
issues. This includes preparing for the fact that people will live much longer lives.

Statistics shows that, the average Malaysian lifespan is around 75 years. The average
lifespan in the 1950s, when the retirement savings system was established, was around 55
years. The portion about retirement planning is crucial. First, because of the issue of ageing,
and second, since most Malaysians need to save more to keep up with rising living
expenditures, particularly medical bills.

As a result, you'll note that the government has continuously increased the minimum
pay provision, with the most recent budget setting the minimum wage in Peninsular Malaysia
at RM1,000 per month. The goal is to restructure the economy such that people may save more
and retire with more money in their accounts when they earn more.

The role and importance of the medical card is undisputed, especially in the case of a
medical emergency. However, ensuring a smooth and worry-free retirement is not enough,
especially for people with health problems, as experts have emphasized the importance of
choosing suitable health insurance. However, the type of coverage is important and depends
on the health problems the person may have, especially genetic problems. A comprehensive
health plan is perhaps the best protection one can take after having unlimited financial
resources to access the best medical care.

Furthermore, as the government slowly moves toward a new normal in easing the
Movement Control Order (MCO), many people have effectively returned to work, amid what
appears to be better than that with the lockdown period. It remains to be seen whether the huge
population is focused on spending less and saving more to avoid future financial problems,
especially as they age.

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 There are people who simultaneously support their children and one or both of their
parents. Approximately 44% of middle-aged adults with children at home have at least one
surviving parent who may need care; 15% are full members of the descendants that financially
support both parents and children. A comprehensive retirement plan that includes savings on
medical bills and potential long-term care costs. When you know your expenses are covered,
you won't have to rely on family to fill the void.

Few things are as scary as the idea of running out of your resources. Even a seemingly
appropriate portfolio cannot meet your needs if it is not properly managed, especially when
market conditions change. The retirement plan is important because it helps you avoid spending
money on retirement. Your plans can help you calculate the rewards of your investment, the
amount of risk you should take, and the amount of income you can safely earn from your
portfolio. Working with a financial adviser who specializes in post-retirement planning means
that you can save a reasonable amount of money at the end of your employment. And your
assets are managed to protect you from unforeseen circumstances, so you won't miss a
recession.

The current issue of retirement is the challenges of retirement savings during Covid-
19 pandemic. The pandemic has gone unplanned, so it has caused many people to experience
financial difficulties during the lockdown. It has resulted in many people using their savings
for retirement as well as the emergency money they have saved over the years. Financial
expert studies have shown that many Malaysians do not have savings even in the short term.
Malaysians are said to be not saving, but many have less than RM1,000 in savings. Although
many save as soon as they receive their monthly salary, the money is usually spent before the
end of the month.

Malaysia is moving towards an aging nation due to increased life expectancy and
declining fertility rates. Therefore, financial resources for the elderly as well as reducing the
expenses needed for healthcare will be major challenges in the future. This is important
because there is a view that the life expectancy of Malaysians is now increasing to 75 years
and requires high savings after retirement to survive. In fact, the expenditure required in the
post-retirement period is said to exceed RM240,000 for survival.

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 This situation gives the impression indirectly that these people or contributors are seen
as still unprepared for their retirement savings. In other words, public awareness of this is still
low and their retirement savings are also 'still too far away' to provide strong financial security
after retirement. It was important for people to continue saving to ensure their future well-
being. This is because many fell poor after retirement because they did not adequately prepare
for their retirement savings. The remuneration money is not enough because they rely only on
one source of savings. In Malaysia, many workers rely solely on EPF contributions to support
their life after retirement. Some do not have alternative savings for old age use. In fact, retirees
are exposed to post-retirement risks, such as unplanned costs like terminal illness, declining
income, and missing opportunities for ancillary income.

When it comes to investment, people usually want for high investment return. Investing
money in an asset involves trade-offs because the investor gives up the utility of using the
money for his investment now for a higher utility in the future. Investing in stocks can generate
returns in two ways: one can come from dividends while the other can come from capital gains.
Investing in bonds can benefit investors in the form of regular instalments or coupons that are
paid out at predetermined intervals. Investing in real estate can also benefit investors through
rental income and capital gains.

Most people invest for their retirement. Since most people depend on salary income to
support themselves, it can be difficult to maintain their lifestyle after retirement when you are
out of work. This means that people must invest part of their earnings during their working
years to ensure a nest egg in their retirement years. While the government and business used to
offer a defined benefit pension plan for employees, people now must rely primarily on defined
contribution plans. Many young people also want to retire early and therefore must invest more
of their income to achieve their goals. The Financial Independence Early Retirement (FIRE),
movement has become a major movement among millennials. FIRE is a goal many people are
striving for these days. Saving a large portion of your income at an early age (up to 70% of
your income) could make it possible for you to retire at age 40-45 instead of 60-65. The FIRE
movement advocates a prudent lifestyle both when investing and in early retirement.

Investing is also important in fighting inflation. If people do not invest their money and
just leave it in a checking or savings account, they will lose their purchasing power as inflation
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eats up money's value. Currently reported inflation is low, but actual inflation is quite high
because education and health spending are growing much faster than reported inflation. To
hedge against this situation, it may make sense to start investing in assets that can beat inflation.

Investing is one of the main ways to achieve financial goals. As a person grows
throughout life, new financial needs emerge. Usually, people start by buying a house. Even if
someone buys a house on a loan, there is a significant down payment requirement. By investing
through an asset mix, individuals can create the amount they need for their down payment. In
addition to these financial goals, retirement is always a comprehensive financial goal
throughout career.
Through investing, your money will work hard for you to achieve better returns and help
achieve your future goals. While investing is not as easy as keeping money in a savings
account, every saver can be an investor.

Investing is a way to potentially increase the amount of money you have. The goal is to
buy the investment at a low price and sell it at a higher price.

The difference between saving and investing is, you usually keep money in a bank
account or just by keeping it in a safe place. When you invest, you buy funds and keep your
money in an investment account. When saving, the chances of your money’s return to increase
are lower, compared to when you invest. Investing helps you overcome inflation through
benefits and keeps the purchasing power of your money strong. Savings are usually set aside
for short -term goals, while investments are better suited for long -term goals such as
retirement.

One of the effective investment strategies is to start earlier and invest over a longer
period, even if you start with a smaller amount. A long period gives a return from a good
compound. The return from compound revenue is very effective because it can provide a
good income return. If you are new to your career, don’t make it a barrier for you to invest.
Little by little, long so the hill in the long run, you have the potential to enjoy good returns.

Risk is part of investing. However, there are ways to manage risk in your investment
portfolio. The first is diversity. This means you put your money in different types of
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investments, and you can also help reduce the risk of losing money. One investment may suffer
a loss of value, but that loss can be salvaged through another investment.

3.0 TYPES OF INVESTMENT

Investment in Saving Account

Can be used to meet the unexpected use of cash, to buy short term assets, go for a vacation. It
is advisable to transfer the amount for saving account for investment at the beginning of the
month in order to avoid overspending.

Types of Saving Account

1) Individual savings account
2) Joint savings account
3) Saving account for association societies & clubs

Investment in Fixed Deposit Account:

Fixed deposit account has better return than savings account, fixed period can be from 1-6
months. The interest is fixed at the time the deposit is taken. Allowed to accept deposits of
any amount for time deposit except for time deposit of one month (min amount RM5,000
1) No interest will be paid on any 1,2,3 months FD that has not run the full period
2) No interest will be paid on FD of 4 months & above if withdrawn before the
completion of 3 months & other than those mentioned, rate payable for FD withdrawn before
maturity is half the contracted rate for each completed month the funds have deposited.
3) FD account can be opened by person 18 years & above
4) Joint, societies, associations, clubs, companies

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Investment in shares
Common stock is the type of stock that is sold to the public, buying common stock enables
the stockholder to accumulate wealth through capital appreciation & dividends.

An investment is the use of funds or surplus to obtain optimal returns. In addition, investments
are also aimed at increasing equity and liquidity. Effective investment management is essential
so that the interests of investors are always protected based on investment instruments, risk
profiles and targeted returns. The evaluation of investment management is to ensure that it is
orderly, in accordance with the permitted limits of authority and relevant records are
maintained complete and up to date. In addition, Investing is also the act of placing funds for
a period to obtain the desired rate of return, with full awareness of the risks involved.

Investment products include simple basic bank savings as well as more complex structured
financial instruments. In addition, investment products in the capital market (securities)
include:
1) Shares
-Shares represent ownership in a company. Anyone aged 18 and above can purchase a
minimum of 1 ‘lot’ which is equivalent to 100 units. Individuals who own shares in a company
are known as shareholders. To trade your stock easily, please make sure it is listed on the
Stock Exchange.

2) Unit Trust Funds

-A unit trust fund (UT) is an investment scheme that collects money from investors who have
similar financial objectives and invests it in a specific portfolio. It includes stocks, bonds and
derivatives. UT is managed by a licensed fund manager who strives to achieve UT’s
investment objectives in accordance with securities laws.

3) Private Retirement Scheme

-A private retirement scheme (PRS) is a long -term voluntary investment scheme designed to
help you save for your retirement. PRS aims to diversify the options available to all
Malaysians, whether salaried or self -employed, in addition to the mandatory contributions
made to the Employees Provident Fund (EPF). Each PRS contains a variety of retirement
funds that can be selected based on an individual’s retirement needs, goals and level of risk
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acceptance. The choice of funds under PRS aims to enhance returns for its members within a
regulatory framework.

4.0 PURPOSE OF INVESTMENT

Every consumer who buys goods or gets services certainly has its own purpose. Similarly,
consumers who are interested in investing need to know the purpose of investment before
investing. There are some differences between the goals and objectives of this type of
financial income.

The goal is to:

a) Buy a car and a house.
b) Sending children to higher education.
c) Traveling.
d) Plan a comfortable retirement for a secure future.
A person's investment objective is to:
a) Maintain or preserve purchasing power for the principal amount invested.
b) Earn income from investments.
c) Binding net asset value.
d) Any combination of the above.

Overall, it is very important to make investment planning that is in line with the goals and
objectives of financial planning. This is to get the best results to achieve the dream goal.

5.0 PURPOSE OF RETIREMENT

A retirement plan's goal is to provide financial security so that people can retire from
full-time employment. Planning has gotten more difficult as the cost of living, particularly
health care, has risen. Both the individual worker and the government must be responsible
for proper retirement planning in order to ensure that workers, particularly those in lower
income categories, have the essentials for a happy retirement.

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 People leave their jobs, not their lives, when they retire. They might set new goals for
themselves after they retire. Simultaneously, they may prefer to go about their daily lives
without having to worry about money. People who plan of time can provide the groundwork
for achieving their life goals without relying on money.

It is possible to live a life without worry. This is the most essential outcome of
retirement planning. If you plan of time, you can live a stress-free and serene existence. If
you have investments that provide consistent income, you can live a worry-free retirement.
Retirement is a time in a person's life when they can relax and enjoy the fruits of their labor.

When they were younger, everyone used to race to their 9-5 jobs. To make a living,
everyone puts in a lot of effort. On the other side, retirement days are days when you are no
longer able to work. Therefore, now is the time to relax and let the money take care of
everything. To accomplish this, one needs start saving for retirement at a young age. In the
long run, starting modest can help you earn a lot of money. As a result, a retirement fund
should consist of a well-diversified portfolio that can generate income after retirement.

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6.0 STATISTICAL INFORMATION OF RETIREMENT

How An “Average” Older (65+) Household Spends Its Money

U.S. Bureau of Labor Statistics, Consumer Expenditure Survey, Accessed June 3, 2008

ANTICIPATED SOURCES OF RETIREMENT INCOME

Employee Benefit Research Institute, May 2005

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MALAYSIAN SITUATION

In Malaysia, the Employee Provident Fund (EPF) -source of income for retirement for the
private sector employees.

Although EPF savings is one of the main channels to provide for retirement, 99.9% of the
contributors would withdraw their EPF savings in one lump sum once they reach 55 years of
age and 70% of them would use up all their EPF savings in just three years post-retirement

Figure 1.

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 A recent landmark global retirement study shows mixed results for Malaysia’s
retirement and pension prospects. This is a problem because the country is just a decade
away from ageing nation status. Simply put, as the population grows older, the need for
sustainable, long-term retirement funds is going to become that much more important. This
concern has been exacerbated by the Covid-19 pandemic and the damage it has done to
individuals and businesses.

In July last year, Department of Statistics Malaysia (DoSM) chief statistician Datuk
Seri Dr Mohd Uzir Mahidin warned that Malaysia is expected to become an ageing nation
by 2030. A country is regarded as “ageing” once the percentage of people aged 60 and
above hits 15.3%. The latest available data suggests that the elderly presently make up a
little over 10% of the population. While the country has undoubtedly made great strides in
reducing overall poverty, data indicates that a large chunk of the population is still
vulnerable to unexpected financial hardships.

This vulnerability is reflected in retirement savings and contributors have been

severely tested in what has been an all-round traumatic 2021 so far. According to the latest
data in September, active Employees Provident Fund (EPF) contributors make up just over
half of all registered members. This comes up to 7.54 million, out of a total membership of
14.8 million. Of this number, as many as 54% of contributors aged 54 have less than
RM50,000 set aside for retirement.

More than 80% of EPF contributors do not meet the minimum savings target of
around RM240,000 by retirement age, and the bottom 20% of contributors average less than
RM7,000 in savings. Even though the government has allowed EPF members to withdraw
RM500 monthly from Account 2 to stave off hardship due to the Covid-19 enforced
shutdowns, this is unlikely to be a long-term solution. In any event, the bottom 20% of
contributors simply do not have enough money in their Account 2 to last them 12 months,
even at a withdrawal rate of just RM500 a month.

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7.0 CONCLUSION

Investing is something you can do today, tomorrow or when you feel ready. The goal
is to increase the value of your money over a period through returns from the effects of this
compound have the potential to increase the purchasing power of your money in the future and
help you retire comfortably.

This study discovered retirement awareness among the working population below 40 in
Malaysia. Based on this study, research has shown that retirement confidence, sources of
retirement information, and financial literacy and knowledge among the young working
population directly influence retirement awareness. However, retirement confidence was
demonstrated to influence retirement awareness due to the most vital relationship significantly.
Since this study explores the level of retirement awareness among the working population
below 40 in Malaysia, the findings may give an insight into future actions. However, the study
further highlighted the point that a strong relationship exists between financial literacy and
financial education and their awareness of retirement among this group. Somehow, there is a
need to enlighten the community regarding retirement knowledge and its consequences.

One of the main findings of this study is that most of the respondents acknowledged that
even though the saving process for retirement may limit the money they have currently, the
money they saved and invested will benefit them after they leave the workforce. In addressing
the retirement issues in this country, most of the employees in this study also believe that
planning for retirement is not a burden, even it might prevent them from enjoying their current
life. Apart from that, this study's results also may have implications for the importance of
financial education. Although there might have little consensus on the efficacy of the financial
education (Hastings et al., 2013), the results of this study suggest that it can be useful in
mitigating behavioral biases commonly observed in economic decisions.

Many previous studies also highlighted that those who have planned for their retirement
mostly were from the group that arrived close to retirement with a high level of wealth and
showed a higher financial literacy than the group of the non-planners. Somehow, it is
recommended that the employees should have access to a retirement saving plan based on
automatic payroll deductions whether they are using the private or public retirement scheme.
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Employers also should at least provide a program or course that covers retirement areas as one
of the initiatives to help their employees to be more aware of their future retirement life at the
same time to prevent any potential financial crises arises during the retirement years. Besides,
researchers also believe that it is more urgent than ever for the policy makers to take measures
that can improve financial literacy to promote people's awareness of retirement preparation
from the earlier stage of working life.

Nevertheless, awareness and financial planning for retirement among working youth are
of utmost importance regardless of whether they work for Government, private sector, or self-
employed. In planning for retirement, employees must know their lifetime path, return rates on
various types of investments, age of retirement, etc. They should investigate gaining
information on retirement planning and financial education

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8.0 RECOMMENDATIONS

In the case of an emergency, to be prepared. You would not want to be able to rely on
anyone in the event of a financial or medical emergency. You may develop an emergency fund
with the correct retirement plan, which can keep you prepared for unanticipated situations.

To accomplish one's retirement goals. Every retirement marks a new beginning. It's
that beautiful time in your life when you have the flexibility to pursue goals like travelling to
new places, learning a new hobby, or even starting your own company. You may also have
responsibilities, such as sending your child abroad to continue his or her education. With the
right retirement strategy, you can achieve all of these objectives.

To make an impact that will last. You've put in a lot of effort to make your family's
life as comfortable as possible. Even if you are not present, you want to ensure that this level
of comfort lasts for years to come. When you plan for your retirement and build your
retirement accounts, you can prepare to leave riches for your family.

Finally, maintaining one's standard of living. You want to keep your existing way of
life after you retire. These expenses are now deducted from your monthly pay. You can plan
for a steady income after retirement to cover your living expenses.

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REFERENCES

https://thecollegeinvestor.com/16912/5-benefits-of-investing/
https://www.ethica.net.au/6-key-retirement-planning-steps-youmay-choose-to-take/
https://www.kwsp.gov.my/member/investment
https://www.ppa.my/joining-prs/
https://scripbox.com/pf/retirement-planning/

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