The moment we learned about the value of money from a young age, we were always encouraged to save up for rainy days. Fast forward today as working adults, we are not only saving for emergency purposes but also for a better future and retirement life. But are we saving enough? How sure are we that our retirement savings can sustain our lifestyle after we stop working?
I Want To Live the Life I Want
Retirement can be very exciting for most individuals as it signifies a new chapter in life where you have all the free time in the world to do whatever you want. Some take the initiative to plan holidays to exotic places while some participate in workshops or even venture into starting a small business. Think about flying to different cities every year to attend special celebrations and also make trips to visit relatives and friends overseas who you have never seen in years. Retirement is a wonderful time to fulfill your wishes and do everything that you’ve always dreamt about.
I Want a Worry-Free Future
With more time on your side and an endless list of items to accomplish, you want to ensure that you have the financial independence and ability during your retirement. With the increased average life expectancy of Malaysians, it is crucial to have more savings in order to sustain for the next 15-20 years after retiring.
Reports have highlighted that the mandatory pension scheme alone is not enough for your future. This is where the Private Retirement Schemes (PRS) – a voluntary long-term saving and investment scheme can help bridge your retirement savings gap. Studies have recommended that at least two-thirds (67%) of your last-drawn income is needed to maintain your current lifestyle when you retire. To achieve that, PPA suggests that you save 33% of your monthly salary. From the 12% employer and 11% employee contributions under the mandatory scheme, you will need an additional 10% to top up on the current 23%, which can be done by saving in PRS.
I Want To Save in PRS & Receive Treats!
You can start saving in PRS now by joining the #ISaveInPRS Treats Contest. New enrolees stand the chance to receive PRS Treats worth RM100 (in units) and additional Touch ‘n Go eWallet reload PIN worth RM30 when you key in this code: ISAVEINPRS in the ‘Remarks’ section when signing up for your account. These special treats are only available for the 20 first-time enrolments. You can join the contest with a minimum RM100 contribution in these two simple steps:
1) Register for PPA’s PRS Online Enrolment for the first time.
2) Answer 3 simple questions in the online contest form after enrolling to qualify for the Monthly and Grand PRS Treats draw.
PPA’s PRS Online enrolees during this contest period also stand a chance to walk away with PRS units worth RM6,000 from the Grand PRS Treats Draw.
Existing PRS Members can also participate by referring friends or family members and stand to claim PRS units and Touch ‘n Go eWallet reload PIN, each worth RM50 when the enrolee key in the referrer’s PPA account number in the ‘Remarks’ section during the online enrolment process.
So, pave the way for yourself to have the life you want later by joining the #ISaveinPRS Treats Contest from now to 30 November 2021!