Top up to support the golden years

WHEN we top up our mobile plan, it is not about extra credits, but the extra talk time. When we top up our cars, we don’t think about extra petrol, but how much further we can go.

Life is a continuous journey of top-ups. Little top-ups made every month can lead to savings that can stretch for years. This is what saving for retirement means.

While the majority of Malaysians do save, they are unaware of the amount needed to be able to comfortably retire.

On average, Malaysians are expected to live up to 75. Most underestimate the impact of the increased life expectancy and inflationary rate, and assume their life savings will be enough to support them in their old age.

To make your retirement years the best part of your life, it is important to start now, no matter what age you are at, explained Husaini Hussin, chief executive officer of Private Pension Administrator Malaysia (PPA), the central administrator of Private Retirement Schemes (PRS).

“The money you have when you retire is not from some bonus or windfall, but the accumulation of all the top-ups you have made throughout your life.

“Start early, be disciplined and save consistently, do not withdraw unnecessarily,” he said.