Friday, April 23, 2010

NST Online: RM1m needed to retire comfortably (latest)

So important for people to know why they need to save their money over the long term. Not invest in a too good to be true scheme that promises fast money. You still have time before your retirement years - use that time wisely - SAVE & GROW YOUR WEALTH!

NST Online: RM1m needed to retire comfortably (latest)


KUCHING: Malaysians need at least RM1 million in retirement savings to live comfortably, says Sasitharan Krishnan, Senior Director Customer Relations ReMark Malaysia.

He said based on research undertaken, most retirees in the country were unable to reach the needed savings and this caused them to look for jobs, even though retired.

This failure to have adequate savings he added, was because, they did not plan their finances early and also due to the lack of a savings discipline.

According to Sasitharan, the study also showed that savings in the Employee Provident Fund (EPF), only lasted for three years.

"This situation is worrisome. Therefore,I am proposing that the government review the retirement age from 55 to 65 years," he said, when met after the Financial Planning Seminar held here in conjunction with the Malaysia Unit Trust Week 2010.

He also said the retirement age of 55 was too early from Malaysians as they are still young when compared to the Europeans and Japanese who reached pensionable age at 65.

He also indicated the retirement age of 55 rendered Malaysian workers unproductive, two or three years before they retired.

"At that age in Europe and Japan, the workers still have a high degree of efficiency," he explained. - Bernama

From NST Online:

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