To majority of people, Retirement is holiday. It is a holiday everyday and therefore will spend more money while having reduced or no income.
Will you be ready for this holiday? This holiday may last on average of 20 years or more.
Facts/statistics quoted by industry players on retirement planning in Malaysia:
Retirement Facts in Malaysia
- 34% Malaysians put aside money regularly for their retirement funds (may or may not include EPF contributors)
- 99.9% of EPF contributors withdraw their savings in one lump sum
- 70% of these would use up their EPF savings within 3 years
- 72% Malaysians claim that they save for retirement
- 41% do not have concrete plans to build their retirement fund
- Of those who save for retirement, 77% put their money in low-yielding savings vehicle
- Most do not segregate their retirement savings from other savings
- Those who do, 83% would use the money should other needs arise
- 73% do not seek advice from financial professionals
- 39% intend to work beyond retirement age to boost income
