Why the insurance sector needs to act now
Retirement Planning Retirement planning in a financial context refers to the planning and allocation of finances for retirement. The purpose of retirement planning is to have financial independence so that gainful employed is an option. The process of retirement planning includes the assessment of how ready is one to retire given a desired retirement age and lifestyle; to identify actions to improve the readiness to retire and this is where insurance and takaful providers can come in to support and educate a potential retiree in acquiring financial planning knowledge and encouraging their saving practices. In this section, a few contributing authors shares their thoughts on this subject with us.
By 2017, Asia Pacific’s ageing market potential is projected to hit U.S. $3 trillion with 463 million people aged over 60, according to the latest findings from the 2nd Asia Pacific Silver Economy Business Opportunities Report 2013, a bi-annual publication produced by Ageing Asia Pte Ltd, Singapore. Today, Malaysia’s population aged over 60 is 2.4 million, and this number is expected to increase to 3 million by 2017. The World Health Organisation Life states that the life expectancy in Malaysia for males is 72 years and 76 years for females by end of 2012. By 2020, life expectancy for males is expected to reach 74.2, and for females to reach 79 years.