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Temporary Closure of Manulife Insurance Berhad (MIB) Branches due to state holidays.
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Go Digital with Manulife Online

Starting 1 April 2024, all branches will not be accepting any walk-in payment transactions and contact update details.

Discover the easy steps for your ongoing payment process and contact updates such as mobile number, mailing address via our customer portal, Manulife Online.

Our dedicated customer service team will be there every step of the way, ensuring a smooth transition for you.

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4 Things You Should Do Before You Retire

 
You’ve worked your whole life for this moment. All those years of labour and service to your job has culminated in this monumental occasion: retirement. You must have made plans for your post-working life, but one simply cannot sit idly by and wait for the retirement age to come around. Preparations must be made to ensure that your transition from the working world to the retired life is as smooth as possible. So here are 4 things you should do before you retire.
Before Retirement

1. Make sure your retirement expenses are in order

One thing that is for certain to happen after retirement is a change in lifestyle. All those post-retirement plans you had, like travelling or joining a gym, are great to have but you must ask yourself: Can I afford to do all these things now without a steady income?

Throughout your working life you may have amassed a whole lot of savings, plus you may be getting pension payment. But whether or not all of this is enough varies from person to person. So it’s up to the individual to determine the ideal monthly expenses for themselves.

 

2. Start living on a reduced budget

The first tip on this list might be easier to do if you are already actively saving up for retirement. If there’s a fancy restaurant that you’ve always wanted to celebrate your anniversary at, it could probably wait until after retirement.

The money that you make from the last 5 to 10 years of your working life should be channelled to your post-retirement fund, to allow you to do more things during your retirement.

 

3. Review your insurance coverage

Your insurance needs may change in retirement just as your financial priorities and responsibilities change. Make sure to review your life and health insurance policies so that your coverage is appropriate for your new lifestyle. Prescription medications or other medical expenses may no longer be covered by your employer or insurance, so examine how your health coverage and needs may be impacted after you retire. Also, at this point in your life, life insurance may not be as much of a consideration as it was before, so you may want to review your current policy and adjust it to suit your post-retirement needs.

 

4. Get insurance coverage

As you get older, you may find yourself spending more on healthcare and with the cost of medical care increasing each year, this won’t be too kind on your wallet. It is good to get a medical plan to help with these costs. It’s never too late to be insured! 

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