Here are some financial commitments you may have to make after you retire: 

1. Financial responsibilities for spouse, children or other dependents.
2. Children’s education expenses, like tuition fees.
3. Housing loans or other outstanding debt commitments.
4. Buying a new insurance policy if you no longer have coverage from your previous job or you have reached the age limit of the existing policy.
5. The prices of goods due to inflation.

Thus, one of the most important aspects of retirement planning is saving for retirement. 

No matter how many years you have left until retirement - whether it's 10, 20, or 30 years - it's important to start thinking about life after retirement from now. Once you know how much money you'll need for retirement and how much time you have to save, you can find the best way to reach your goal.

If you're seeking ways to supercharge your retirement savings, consider making regular contributions, even beyond the mandatory rate, through the Voluntary Contribution feature. By taking advantage of this feature on our latest application KWSP i-Akaun, you have the opportunity to proactively boost your savings and enhance your overall financial wellbeing.  

Ultimately, it’s essential to have a plan for managing your retirement income once you retire. This includes determining how much you can safely withdraw each year, considering the impact of taxes and inflation, and planning for unexpected expenses or emergencies.

To assess your current situation and identify potential adjustments for the future, KWSP i-Akaun provides a handy retirement calculator for you to work out the amount you’ll need to ensure that you’ll be able to comfortably enjoy your golden years without worrying about any financial burden. 

It provides a projection of your savings1, helping you determine if there is a gap between what you'll have and what you'll need for retirement. This insight allows you to refine your strategy and make any necessary changes to ensure a more secure future. 

The calculator is straightforward to use. All you need to do is fill in your basic monthly salary, average annual increment, annual bonus, dividend estimation, and desired retirement age, and the calculator calculates the total amount of your savings. Experience the convenience of this calculator as it reveals the approximate savings upon retirement, providing you with a clearer picture for your financial planning journey.

In a nutshell, it presents an estimate of the amount you could potentially save, the expenses you might incur during your retirement years, and how much money you could have left at the end of the year. If the chart shows that your projected amount is above the suggested benchmark of RM600,000 for adequate savings by age 55, you can look forward to a secure and comfortable retirement ahead.