Do You Have A Retirement Plan?

With today’s inflation rate, do you think your savings is enough for you to retire comfortably? Be sure of it! Act now!

Imagine this scenario : you have worked for more than 30 years, what savings you have are insufficient, and you are not even close to retiring yet. Your spouse, who earns the same as you do, has stopped working due to illness. Over the years, the both of you have tapped into your retirement savings to pay for medical treatments, housing loan, and your children’s education fees. Prices of daily household items go up while growth in wages lags behind the rise in cost of living – due to high property and medical costs. Retirement should be the time when you could finally enjoy yourself after years of working. However, the grim reality is, many Malaysians worry about money after retiring and whether they have enough to last.

Be Prepared And Save For Your Retirement Now!

According to the Employees Provident Fund (EPF) : One in three Malaysians does not have a savings account, most do not have enough savings to last more than five years after retirement. As of last year, the EPF reported that 65% of members aged 54 have RM50,000 or less in their accounts. This is a worrying figure. The EPF estimated that at a minimum, a member who is 55 years old must have at least RM228,000 in his/her EPF savings to be able to withdraw RM950 a month based on life expectancy of 75 years. Whether this amount is sufficient, depends on the individual lifestyle. According to a World Health Organisation 2007 study, the healthy life expectancy of an average Malaysian is 66 years. However, with an average life expectancy of 75 years, Malaysians are expected to experience health problems in the last 10 years of their lives.