TAP roadshow zooms in on retirement planning

Tabung Amanah Pekerja (TAP) continued its ‘10 Years Towards Retirement’ roadshow at the Ministry of Finance and Economy yesterday in its effort to raise awareness on the importance of retirement planning.

The roadshow is part of TAP’s ongoing initiative for its members who will be retiring in the next 10 to 15 years.

The agency believes that several important factors need to be considered when making a retirement plan.

“Setting a retirement income goal by identifying an individual‘s expected retirement needs and expenses, and ultimately making the necessary decisions and actions right now to achieve the goal,” it said in a statement.

It also highlighted voluntary contribution as “one of the many ways members could increase their retirement savings, such as contributing more than the mandatory amount into their TAP and/or SCP accounts”.

ABOVE & BELOW: A speaker briefing the participants on the importance of financial planning; and attendee of the roadshow. PHOTOS: TAP

Yesterday’s session also saw the attendees being briefed on the TAP_Brunei app, which allows members to make projections of their TAP and SCP savings when they retire and estimate the savings gap they need to cover to achieve their retirement income goal.

The roadshow also featured a session on financial planning by a financial planner from Baiduri Bank who briefed the attendees on lifestyle and finances as well as the importance of considering the right methods to map out their finances. Also participating in the roadshow was Autoriti Monetari Brunei Darussalam (AMBD) through its Credit Bureau Unit and Financial Consumer Issue Unit.

Participants were given credit reports and consultation on the details of their reports by AMBD.

TAP said a similar roadshow will be held in the near future.