Retirement savings is a capital building exercise.
But the hard facts are:
- 35% not financially prepared for retirement
- 44% not sure of retirement plans
- 21% well prepared & ready for retirement
Retirement planning myths:
- EPF is sufficient
- I don’t earn enough to save
- It’s too early for me to start saving for retirement
- My children will take care if me
- I can continue to work after retirement
Big retirement problems:
Retirement savings, concerns, security, well-being
- Adequacy > Dependability
- Sufficiency > Outliving savings
- Sustainability > Inflation
The truth is that Malaysia’s EPF admits that members EPF savings are insufficient!
At least 1/3rd savings & investment (including epf contribution if applicable) now to replace 2/3rd income in future for retirement
For example, if you are an EPF contributor you need to save at the very least 10% of your income + 23% from EPF (12% company + 11% own contribution)
How much do you save & invest each month?
Are you concerned over retirement?