Roadshow sheds light on importance of retirement planning

The Employees Trust Fund (TAP) continued its ‘10 Years Towards Retirement’ roadshow at the Theatre Hall of the Ministry of Finance and Economy, Bandar Seri Begawan recently in its effort to further increase 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. This include setting a retirement income goal by identifying an individual expected retirement needs and expenses, and ultimately making the necessary decisions and actions right now to achieve this goal.

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”. The 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 Bank Islam Brunei Darussalam (BIBD) 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. They were also shown on how to detect and avoid financial scams such as the ‘Get Rich Quick Scheme’.

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

Participants during the roadshow. PHOTO: TAP