Robert Ting is a verified insurance agent with over 14 years of experience. In this video he shares what Malaysians need to know about saving for Retirement and why insurance is better than House or Fixed Deposit.

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Robert Ting has been awarded the Certificate of Excellence Award in 2017. The Certificate of Excellence is a yearly honor that is given to the best agents in the directory who have achieved notable number of positive reviews and ratings from their customers.

Video Summary

Problem: People rely on EPF only for retirement. The EPF fund is used up in only 3-4 years after retirement and does not last the rest of the lifetime. 76% of Malaysians do not have sufficient savings to last

Solution: Save on your own money in addition to EPF. There are different ways on how to invest your money.

1) House – Save money and buy property like a house

Houses are a very good investment in the past. It is very important to find the right property, because a bad property will lose you a lot of money as well.

2) Bank Account or Fixed Deposit – Save money and fixed savings like FD with banks

You have to manually save it and be disciplined with yourself to not spend. It is too easy to access the money and purchase a nice new car or spend it on new electronic gadgets.

3) Insurance – Save money through insurance

Insurance is better than a house, because you have a guarantee that the value of your insurance goes up. Also Bank Negara Malaysia (BNM) ensure that all the insurance products in Malaysia are suitable for retirement and accumulates wealth and does not destroy it. Worldwide insurance is the safest investment you can make for your retirement.

How much money do you need for retirement?

A good estimate is RM 1 million. It can last you 20 years after you retire, if you want to maintain your current lifestyle. If you are willing to lower your current lifestyle, you might only need RM 500,000.

Curious to learn more? Ask us a question below or look for an insurance or takaful agent near you on iBanding’s Insurance Agent Directory.

Conclusion

Insurance is better than a Bank Account or Fixed Deposit account, because it automatically forces you to save every month.  Besides automatically deducting money from your bank account it also protects you from impulse buying and spending your money. In emergency still get the money, but you will not spend it so easily like in Option 2: Bank Account or Fixed Deposit