‘Look at retirement holistically’ is advice that Kenanga Investors Berhad (KIB) emphasises when it comes to improving one’s financial status.
In the past, retirement was not a common topic to be discussed among friends or family.
Many people believe that the money contributed to their EPF will be sufficient to take care of their retirement, but is it really enough?
KIB Executive Director and Chief Executive Officer Ismitz Matthew De Alwis says that is it important to know what you are doing.
KIB believes that having financial literacy is the most important ingredient. It also considers the importance of changing mindsets as cultural and behavioural factors often play a role in decision making.
Being financially literate provides the necessary knowledge, skills and tools that foster confidence needed when deciding how to secure your financial future.
This leads to successfully accumulating, managing and preserving wealth and thus, strengthening your position for retirement.
The point to consider is not how much you will have at the moment of retirement but whether it will be sufficient to cover you over the various phases of your life over the 20 or more years after retirement.
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