Realising retirement is coming soon
Mrs. Vimala had spent 30 years teaching others, but she had neglected her own homework: retirement planning. At 54, the reality of turning 60 hit her. She would have a government pension, yes, but with the rising cost of living, she worried it would only cover the basics. She wanted to travel and spoil her grandchildren, not just survive.
She felt it was too late. Most financial advice she read was for young people leveraging 30 years of compound interest. She didn’t have 30 years; she had six.
Discovering the right savings plan
She met with our advisor from TM Legacy Builders. Our advisor didn’t scold her for starting late. Instead, he proposed a strategy tailored to her timeline. He recommended a short-term endowment plan with a 6-year premium term. It matched her remaining working years perfectly. She could aggressively save a portion of her salary while she was still earning, and the plan would mature right as she retired.
How the plan worked for her
The plan offered guaranteed returns, which was crucial for her. At her age, she couldn’t afford high-risk stock market investments that might crash right before she needed the money. She needed certainty. Mrs. Vimala committed to the plan. It required discipline, taking a significant chunk of her monthly income, but knowing there was a finish line gave her motivation.
Financial control over the situation
She watched the fund grow, giving her a sense of control she had never felt before. Now approaching 60, Mrs. Vimala is ready. The plan will provide a substantial lump sum upon maturity. Combined with her pension, she has created a “retirement gratuity” for herself.
Emotional benefit beyond numbers
Statistics show that many EPF contributors exhaust their savings within five years of retirement. Mrs. Vimala has ensured she won’t be one of them. TM Legacy Builders showed her that “late” is better than “never,” and that with the right strategy, you can sprint to the finish line of financial freedom.
Key takeaways for late-career planners
- It’s never too late to start planning for retirement.
- Structured savings/investment plans can align perfectly with the remaining working years.
- Yearly accumulation builds wealth.
- Taking control now leads to long-term security.
How TM Legacy Builders supports retirement planning
TM Legacy Builders supported her retirement planning every step of the way. We helped her, as a late-career professional, choose a plan that fit perfectly with her remaining working years, structuring contributions and growth projections around her retirement goals.
