Stable income after retirement one of major issues, concern of workers in private sector

SEREMBAN: A stable income after retirement is one of the major issues and concern of employees from the private sector.

Added to that is the high cost of living, medical needs and responsibilities.

A private sector employee, Sarinah Mat Kassim, 32, said she often thought about life after retirement even though it was a long way to go.

“Every year, the cost of living goes up while health is something you cant be sure of. We are healthy now, but may be sick in the future. I worry that after retirement, I may run out of funds. Even though I contribute to the Employees’ Provident Fund ( EPF), I am not sure if it would be enough for me and my family,” she told Bernama here.

A mother of three, Sarinah said once she retired, she plans to move all her contributions in EPF into a special account for monthly expenses.

“If it is withdrawn in one lump sum, I may not manage the money well, but with a monthly retirement fund, I can plan my expenses better,” she said.

Bank employee Nor Azhani Mohamad Yusof, 28, who dreams of becoming a millionaire by the time she reaches 60, has started investing in Amanah Saham Bumiputra 2 and CIMB Islamic Dali Equity Fund for 20 years, using her EPF Account 1 savings.

“I have been investing for two years now and I am confident it is one way to ensure a more secure life for me after retirement. I also plan to use the profits for my children’s education and start Quran- reading classes near my home,” she said.

Nor Azhani said her decision to invest her funds was influenced by her older colleagues who encouraged her to do so for her future needs.

“I hope more young people will invest in funds or shares which have been recognised by the government and not be inf luenced by investments which promise huge returns in a short period,” she said. — Bernama