Wealth Management: What should I know about retirement planning? What are the things I should consider when planning for retirement?
Retirement planning is an essential aspect of wealth management.
As a business owner, you will need to consider the following issues:
- The timing of your retirement
- The amount of money you need to continue your current lifestyle
- The succession plan as to who and how the business will be run after you retire. This is to ensure that there is a plan in place which will maximise the selling price of your business or enable the business to continue with minor disruption
Factors to consider when developing a retirement plan are:
- Future retirement needs
- Current living standard / style and future expenses
- Total funds accumulated (investment and savings) taking into account inflation, insurance and taxation
- Family circumstances (number of dependants, age, education needs, etc.)
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
Back to the top
Related Knowledge Base Issues