When it’s time for you to live the workforce, you’d want to live and relax after years and years of service. Investing in a private retirement scheme is an excellent way to ensure that! Here are 3 ways how a retirement scheme could secure your finances for your future better!
Extra financial security
In Malaysia, we have a federal compulsory savings plan called Employees’ Provident Fund (EPF). While this initiative helps people to save some of their income for the future, rise in living costs and an increase in life expectancy might require more money. A retirement scheme helps supplement this since it builds upon the amount of savings that you already have from the EPF.
Flexible and convenient
Many scheme providers aren’t rigid with their policies. You could choose to get funds and tenures that best suit your investment and financial needs. A private scheme is also a lot more convenient than you think. These days, buying in is as simple as filling a form online, and monthly contributions can be automated, so you need not hassle with missing payments.
Low entry requirements
Unlike the EPF where there is a rate set by the Ministry of Finance, private retirement schemes often come with easy and low entry requirements. There’s always a minimum contribution upon entry as well as subsequent payments, but the amount you choose to put in is entirely up to you. This easy and relaxed approach is what makes these schemes so attractive to people like freelancers or entrepreneurs.
It’s essential to plan ahead for your future. When it’s time for you to relax and take it easy, it’ll help if you already your financial needs covered. To live your golden years worry and stress-free, invest in a retirement scheme today! Have a look at the plans that RHB has to offer you here https://www.rhbgroup.com/personal/investment/private-retirement-scheme/index.html