Retirement

I remembered a few years ago when I first started working, I was asked about this question by an insurance agent, how much do I think I would need for retirement? Seriously, I can't find an answer for such question. For me, the question is rather vague and the answer differs from one person to another....

Obviously, for some, it's not an important issue to even think about retirement. For the rest, they have made the necessary plans for enjoying life after retirement.

I for one, would love to have some good plans for my retirement. For the last couple of years, I hope that I've done all the necessary things that I should be doing in ensuring my retirement.

So back to the question, how much do I think I would need to retire comfortably after the age of 55 (assuming I'm retiring at the age of 55 lah)-damn...that's another 22 years of working....huhu....Without thinking too much into this thing, I would say, I'll need to have about RM5,000 per month. That'll work out to RM60k per year. The dreaded question that I hate, what about life expectancy?...Well, nobody knows how long they will live, so just for the sake of answering the question, I'll just assume that my life expectancy is 85 years. That's another 30 years of living after retirement. Hence, RM60k per year X 30 years= RM1,800,000. It means, the least amount of money/savings that I need after retirement is RM1,800,000.

RM1.8m eh...that's lot of dough don't you think. So how and what am I going to do to achieve that RM1.8m? Hrmmm...........time for some home work for me to calculate then eh?...

Have a nice day..