YOU ARE IN PERSONAL BANKING
If you’re on the road to retirement or already there, it’s crucial to think about protecting what you’ve saved and the steps you should take to ensure that you’ll have enough income to live comfortably throughout your retirement. After working so hard to get to retirement, you deserve to enjoy it without having to worry about money.
After working so hard for so many years, you’ve earned your retirement.
And if you’re there already, or are just getting to this new life stage, it’s crucial to think about protecting what you’ve saved and the steps you need to take to ensure that you’ll have enough savings to live comfortably throughout your retirement.
As advances in medicine and technology continue, today’s healthy 60-year-olds could have a chance to live well into their 80’s and beyond. That’s why you should also consider planning for a retirement that surpasses the next 20 years so that you can be better prepared for your future.
Plan for a Debt free retirement
It’s a smart financial move to keep your expenses down when you’ve retired, but often it can be a process that is easier said than done.
As a start, you can make a list of all your debts and expenses, and then rank them from the one with the highest interest rates to the lowest. You should then always aim to clear off the debts with the highest interest first and make your way to the ones with the lower rates. Eventually, you’ll be able to reach the goal of being free from your debts.
For example, paying off any mortgages you may have before you retire can give you the peace of mind that you've already paid off what is traditionally a large expense [or debt]. Then, you can retire knowing full well that all you'd need to pay moving forward are your smaller loans.
Diversify your investments
Build a diversified mix of stocks, bonds and short-term investments according to your overall financial situation and how long you are looking to invest for. This way, you have a higher chance to get the kind of growth you’re looking for.
As you get closer to retirement, you’ll want to lessen exposure to riskier holdings that tend to be more volatile. This is why working with a financial planner is important to determine the asset allocation which works best with your age and investment objectives.
Don’t withdraw too much from savings
You would be putting your retirement savings at risk if you spend your savings too rapidly.
Have savings on hand for emergencies
It’s a good idea to keep at least 12 to 18 months’ worth of expenses in cash or cash equivalents. While most of your expenses should level out when you retire, you should always be prepared for a big expense that may come along unexpectedly.
Consider keeping funds in a separate checking or savings account that you can easily access as you’ll want to avoid reaching into your long-term savings as much as possible.
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A new change is coming
We will be introducing a new online business banking service, bringing new and improved features to enhance your experience with us. The new service will be rolled out to all customers in phases and our existing Baiduri Business i-Banking service will remain available to you, until such time you have been successfully migrated to the new service.
What you need to do now
To minimise any disruptions to the new service rollout, it is important that we have a record of the most current and valid details of all your existing Baiduri Business i-Banking user(s). This information is mandatory to allow your existing user(s) to proceed with first-time login to the new online business banking service.
Important update
Important notice: Our Business i-Banking service will be deactivated soon. To ensure continued access and a smooth transition to the new Baiduri b.Digital Business, please provide your full name, IC, email address and mobile number via Business i-Banking Inbox. If we do not receive updated details from all authorised users, your company will not be migrated to the new platform and a fresh application will be required. For assistance, contact us at [email protected] or call 2268 637/8/9 during business hours. Thank you for your cooperation.
Important notice: We have updated the Baiduri b.Digital Personal mobile app on 21 August 2023.
