Retirement may be sooner than you think, and if you haven’t been diligently putting away some money every month, you’ll need to start now.

To help keep you disciplined and grow your retirement fund, Takaful Brunei Keluarga Sdn Bhd (TBK) has just the solution: the TBK Retirement Takaful plan.

With the average life expectancy in Brunei at over 70 years old, one should anticipate needing about 80 percent of our pre-retirement income in order to maintain the same standard of living we’re used to.

Although you can contribute as little as $15 a month under TBK’s Retirement Takaful, it is advisable to put away at least 10 percent of your monthly income in order to have a more secure retirement fund.

As a general rule of thumb, TBK Acting Deputy General Manager Hj Mohd Fuad Hamdi bin Pehin Dato Hj Salim, said that a retiree needs between 50 and 70 percent of current household expenditure for their retirement.

TBK’s Retirement Takaful aims to help you save systematically “to generate long term fund that will become the family’s source of income in the future”.  However, unlike a normal savings plan, the Retirement Takaful will also help loved ones in the event of unexpected death or permanent disability through its Takaful Protection coverage.

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Beneficiaries will receive the total saving amount that is accumulated over the years saved by participant with additional profit that has been accumulated from the savings for that number of years and total Takaful installment contribution that has not yet been contributed for the remaining number of years the participant had intended for.

As with most takaful products, the retirement plan divides a participant’s installment into their own savings and a small portion for tabarru’ or donation. The aspect of tabarru’ in takaful allows for the funds to be given to a nominated next of kin in the event of death or other unfortunate incidents before the maturity of the plan such as Total Permanent Disablement.

For customer convenience, takaful installment can be made via standing instruction, credit or debit card as well as by cash at any TBK counter.

The Retirement Savings plan is open to individuals 18 years and above and the plan must mature before the age of 65. For enquiries and more information, contact TBK Call Centre at 2231100 or visit its website.

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