1. Updated FAQ on medical repricing interim measures is now available.

 

2. We acknowledge the recent press statement issued by Bank Negara Malaysia regarding interim measures to address the contribution revisions for medical plans. As a responsible takaful operator, we take this matter seriously and remain committed to act in the best interests of our customers. These interim measures aim to provide our customers the flexibility to better navigate and manage their financials while preserving their medical coverage.

 

We understand the importance of keeping our customers informed and will provide updates as soon as new information becomes available.

 

In the meantime, we encourage you to click here for more details or contact our dedicated customer service line at 1300-13-8338 and press 6 after language selection, from Monday to Friday, 8.30am - 5.15pm (except Public Holiday) for further assistance.

 

3. Temporary Suspension of New Direct Debit Authorisation (DDA) Applications

Please be informed that the submission of new Direct Debit Authorisation (DDA) applications will be temporarily suspended effective from 16th January 2025 until further notice. Click here for more details.

 

4.   Revised Operating Hours During Fasting Month

We wish to inform you that the operating hours of our Customer Care Centre at Level 3, Head Office and Customer Careline will be revised. Click here for more details.

Understanding the benefits of early retirement planning

Understanding the benefits of early retirement planning

Explore what retirement planning is, the benefits, & why it is important with GETB. Uncover effective strategies & prepare your future today! Read here

16 Dec 2024
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Understanding the benefits of early retirement planning

Planning for retirement may seem far off, but starting early can significantly impact your financial security in the future. By taking steps now, you can ensure a comfortable lifestyle post-retirement while minimising financial stress. In this article, we’ll discuss what is retirement planning, the benefits of early retirement planning, how it contributes to long-term stability, and the key retirement strategies that can help secure your financial future. 

Why start early?

why start early

Planning for retirement early gives you more time to accumulate sufficient savings for your retirement fund. By starting early, you can benefit from the investment profit. Statistics indicate that those who begin saving at the age of 25 are likely to accumulate 2.5 times more savings compared to those who start at 35​.

Starting early also prepares you for unexpected economic risks such as inflation and market volatility. Additionally, it provides the flexibility to adjust your retirement plan according to your financial situation and life goals. By using protection plans, like those offered by Great Eastern Takaful, you can ensure you’re ready for unforeseen events during your retirement​.  

Building long-term financial security 

long-term financial security

One of the most crucial benefits of retirement planning is achieving long-term financial stability. Proper planning ensures that you’ll have sufficient funds for both your needs and aspirations, such as healthcare, leisure, or even travel during your retirement.

According to an EPF report, more than 50% of Malaysians aged 54 have savings below RM50,000, which is barely enough for retirement​​.
Such alarming statistics underline why retirement planning is important, particularly for Malaysians. To address these gaps, protection plans like Takaful integrate savings with protection, ensuring that your family is safeguarded and your retirement fund grows steadily.  

Key steps in early retirement planning

  1. Define Your Retirement Goals
    Start by identifying how much you’ll need to maintain your lifestyle post-retirement. Take into account potential costs like healthcare, living expenses, and inflation. Having a clear goal will serve as a roadmap for your savings and investments. 
  2. Build a Retirement Savings Plan.
    Make it a habit to save consistently. Whether through dedicated retirement accounts or comprehensive plans like those from Great Eastern Takaful, committing to regular contributions will help grow your retirement fund while offering financial protection​. 
  3. Diversify and ProtectYour Investments
    Diversifying your investments is essential for mitigating risks. Incorporate both high-growth options and stable products, such as Takaful plans, which offer dual benefits of growth and protection.
  4. Consult Financial Experts
    If you're uncertain, seeking professional guidance is a wise move. Financial advisors can help you design effective retirement strategies, recommend suitable investments, and ensure your plans align with your long-term objectives.

 

The benefits of retirement planning go far beyond financial security—they provide peace of mind and the ability to live your later years to the fullest. The earlier you start planning for retirement, the better positioned you’ll be to enjoy financial freedom. Take advantage of leveraging protection-based plans from Great Eastern Takaful, a proactive step today can shape your future success and avoid last-minute financial stress. Don't delay; begin your retirement planning journey today and secure a worry-free retirement. 


References:

  • 20 Something Finance: Compound Returns: 2X your Retirement Savings by Starting at 25 vs. 35 (https://20somethingfinance.com/compound-returns-retirement-savings/)
  • Astro Awani: https://www.astroawani.com/berita-malaysia/lebih-50-peratus-pencarum-kwsp-berumur-54-tahun-simpan-kurang-rm50000-260921