There’s been lots of talks surrounding retirement funds withdrawals recently and how that could be detrimental for the future generations (New Straits Times, 2022). But, how do you know if you have enough in your retirement funds saved up?
The current retirement savings target as of 2021 set by the EPF is RM240,000 at the age of 55 for a basic retirement (meaning you get to spend RM1,000 per month for 20 years).
Is that really enough?
Our take: It Is Not.
We think that the figure required is way more than that when you account for inflation, rising cost of living et cetera. So how much exactly do you really need to save up for your retirement?
Check out our newly launched retirement calculator below (developed by RinggitPlus certified financial planners).
The retirement fund figure is calculated based on your personal financial goals and needs. You can calculate it as many times as you want based on different scenarios and factors. 😉
Start calculating your financial freedom number through the button below. Feel free to share this retirement calculator with your friends and family to spread the awareness on financial freedom.