Well, this seems like a pretty ideal retirement plan…
But uh, quick question:
Well, eventually it all boils down to what your needs and wants are when you retire.
So, the best answer would be: IT DEPENDS.
Unfortunately, most people underestimate the post-retirement spending they’ll need as they tend to think that they will spend far less in retirement than they were at work.
In fact, more than 75% Malaysian retirees who withdrew their savings at the age of 55 had reportedly used up their funds in less than 10 years.
Needless to say, the consequences could be rather disastrous if you’re one of these retirees with a drying money well. And at that point of your life, you’d probably not look forward to making a come back at work, not to mention it’d be highly difficult for you to secure a job as well.
Meanwhile, if you’d started planning for your retirement earlier systematically, it would’ve turned out very differently. If anything, you still have plenty of time – an asset that you wouldn’t be able to lay your hands on when you’re old – to make up for any mistakes you’ll pull.
Obviously, hiring a professional financial planner would be the best way to go about sorting out your retirement needs and funds – though it does come with a hefty fee.