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4 years ago · by · 0 comments

Majority of Malaysians do not have enough savings to retire


More than three quarters of Malaysians who are active contributors to the country’s savings and retirement fund, the Employees Provident Fund (EPF), do not have enough funds in their accounts for retirement, said a senior EPF official.

Ms Balqais Yusoff, EPF head of Strategy Management Department, told national news agency Bernama that 78 per cent of the 6.7 million active contributors did not have the basic amount of RM196,800 (S$66,944.21) for their retirement. The amount was set by the EPF as a savings threshold that would allow a contributor to spend RM820 a month for the next 20 years.

Ms Balqais said 65 per cent of active contributors had less than RM50,000 in their savings. Only 22 per cent have met the RM196,800 or more threshold.

“Based on our definition of basic savings, where retirees will need at least RM820 a month in their retirement years, those who have RM50,000 in EPF can go on for only five years before their savings run out,” she said.

“That is if they live at RM820 a month. And we know that RM820 is not enough; that amount is probably sufficient for grocery shopping only and that’s the reality today.”

She attributed the problem to Malaysia’s low salary structure, noting 89 per cent of the working population earns less than RM5,000, which translates into a lower savings rate for the EPF. “In terms of contribution rates in mandatory saving, Malaysia is the world’s fifth highest, but the salary structure does not translate into a high saving number,” she said.

“So, we need to constantly review the wage structure and the minimum wage also needs to be aligned with the rising cost of living.”

EPF is a compulsory savings and retirement plan for private-sector employees in Malaysia. At least 11 per cent of an employee’s monthly salary is set aside every month in a savings account, while employers are obligated to contribute at least 12 per cent of the employee’s salary concurrently.

Malaysians can fully withdraw their retirement savings from the EPF at 55, but many people tend to exhaust their savings within three to five years after a full withdrawal. Partly because of this, the Malaysian Healthy Ageing Society (MHAS) has advised Malaysians to educate themselves on the importance of having enough savings, as well as on healthy ageing, personal care and having a good insurance policy as preparations for old age.

MHAS adviser Professor Nathan Vytialingam said the public should realise at a young age how to manage themselves before they become a burden to others in their golden age.

“The biggest challenge for us (at MHAS) is to educate people on healthy ageing, but we will not stop our efforts to encourage them to educate themselves and seek advice from experts, especially regarding financials and healthcare,” he told Bernama. “We believe by doing this, they will be prepared to age healthily and enable the elderly to age better.” Agencies

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4 years ago · by · 0 comments

Planning for your retirement


Retirement is an important phase in our lives. While we can choose to deny its arrival by ignoring to plan for it, a well-establish approach to retirement could have a significant impact on your standard of living in later years. After all, retirement plan is a time when we should be enjoying the benefits of our working life.

Set your goals

Once retired, it’s time to start achieving things you put off because you didn’t have time to pursue them. A set of goals for your retirement will help you focus on what is important to you. Write them down, no matter how big or small and start working on your goals.

Find your interest

Whether you stop work immediately or ease into retirement, eventually you’ll be left with a gap where work once was. Find an interest or hobby and focus on it. Committing to a sport like golf or chess, joining a community group or even studying is a great way to stay busy and fulfilled.

Plan your money needs

Once you have an idea of the retirement lifestyle you want, work out how you will finance it. Benchmark your current financial position and factor in the goals you want to achieve along with day-to-day living expenses and financial commitments. Talk to an insurance agent who will help you assess your current situation and offer recommendations on how to make up any shortfall.

Plan your investment

Savings is an important part of any retirement plan. No matter where you are in your career or how much you earn, there are plenty of ways to boost your investment. This includes EPF contributions, investment-link plans and Personal Retirement Plans.

Get your concerns in order

Avoid future stress on your loved ones and get a robust and up-to-date plan for what will happen once you’ve passed. A will, insurance plan and nominating your family members are all important pieces of legal housekeeping. Depending on your situation life insurance is a good way to help you protect what matters most and provide financial security.

Get your resources

Start preparing for your retirement by reading articles, books and magazines; there’s a lot of information and advice available online. Understand how insurance plan or investment plans could help protect you and your family financially. Get a free proposal plan from today.

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