明天，你拿什么养老？？
Retire is not important, being able to is!
According to the statistic, 90% of the retiree in Malaysia finish their EPF in 3 years time!
A 2nd EPF account is a must now! To enjoy current money and accumulate more fund for our retirement at the same time!
Hurry up! The earlier we start, the earlier we enjoy!
每个人都会有退休的一天，但並不是每个人有退休的能力！
根据统计，90%
如今，準備私人第2个退休金户口是非常重要的，
Right now, 99.9% of the contributors withdraw their EPF savings in a lump sum once they reach 55.
And it is up to the contributors to manage that money. But sadly, EPF has found that contributors tend to go through that money rather quickly.
Their first survey shows that 70% of retirees use up all their EPF money within three years after retiring. A second survey done in 2004 shows them doing better – they managed to stretch their money up to 10 years.
But that might not be good enough given the fact that people tend to live a lot longer these days. In Malaysia, life expectancy for women is 76 years and for men 72 years, which means that after retirement they have to support another 20 years of living.
And on average, contributors have RM106,000 in their EPF account when they retire; and for a number of people the EPF is their only form of savings.
“If one reaches 55, the probability is he could live until 80 even up to 83. But you can't stretch that RM100,000 for 30 years. It’s not possible,” says Rusma.
While the private sector is deemed to offer better salaries and perks and a lump sum in the EPF, ironically it is the civil servants who tend to have it better after retirement.
Their monthly pension, which is half their last drawn pay, assures them at least of a continuous source of income regardless of how long they live.
“A good pension scheme is one where there must be regular payment. The quantum will differ but at least you are guaranteed of something,” says Rusma.
"Retirement ISN'T Important, BUT Being Able to IS"
Do we spend more over the weekend or holiday or over weekday/ workdays?
Everyday is a holiday when we retire, we are working for the '2 us'; the current us and the future us. We need to use money for current lifestyle and set a side some money for future lifestyle, as we need to spend money in our retirement with no money earned.
Hence, the future us are using the money which the current us is setting aside now...
"Can you retired?"
Malaysian Start Retirement Preparations Late
When do people start preparing for retirement? According to a Retirement Scope 2010 study, having children is a big turning point for working Malaysian (55%). Reaching a key age is also an important trigger (47%), which, combined with the first factor, explain why Malaysians wait a certain time before they start saving for retirement, it says.
Malaysians atart preparing for their retirement at a later age-39 years for Malaysian workers versus 35 years for workers in all the other countries surveyed. Among the young (defined in the survey as 25 to 34 years old), only 20% have started to prepare for retirement. Malaysian who have family responsibilities (57%) and those who have paid off their home loans (48%) prepare more for retirement.
In general, workers like to retire at 56 years and they expect to retire at that age, but those with larger family responsibilities increasingly want to retire later in life (58 years). There are also an increase in the number of people who want to work longer. The ideal retirement age for those working was 54 in 2007, but this has increased to 56 in 2010. Retirees quit working three years earlier than they would have liked (an average ideal age of 57 versus an actual average age of 54).
Malaysian are retiring earlier than their counterparts in the countries benchmarked in the survey (with the exception of China), while the working segment's ideal age of retirement is lower than the other countries (see chart).
Along with the late preparation for retirement, Malaysian workers' level of confidence in their own amount of retirement income has suffered a big drop since 2007.
Only 37% of workers consider that their future income will be sufficient, versus 62% in 2007 (lowest among 10 countries surveyed with the exception if Japan). Retirees are slightly more positive, with 46% saying it is sufficient. In Japan, however, the survey found a big gap, with only 11% of workers thinking tht their retirement income will be sufficient, and with 53 % of retirees it is sufficient.
The survey interviewed 520 working people aged between 25 and 75, and 517 retired or pre-retired aged between 45 and 75.
by Tan Su-Yin
Retirement Planning
Retirement is the second phase of life. I cannot guarantee that you will be rich; but I can guarantee that you will not be poor if you plan your retirement with the right saving scheme.
A successful retirement is like a successful life > It will only happen by design...
Retire is not important, being able to is!
According to the statistic, 90% of the retiree in Malaysia finish their EPF in 3 years time!
A 2nd EPF account is a must now! To enjoy current money and accumulate more fund for our retirement at the same time!
Hurry up! The earlier we start, the earlier we enjoy!
每个人都会有退休的一天，但並不是每个人有退休的能力！
根据统计，90%
如今，準備私人第2个退休金户口是非常重要的，
 |
Do you have a systematic saving method?
- How often do you save?? Is your saving plan assured??
- Cost of living is keep increasing,will your EPF saving enough to cover your retirement??
Phased EPF withdrawals a better option
“IF WE were to start EPF all over again, I think we should go for regular monthly payments like the pension scheme or phased withdrawals rather than having retirees take out their money in one lump sum,” says Rusma Ibrahim, the EPF deputy chief executive officer (organisational development and strategic planning). |
Rusma: ‘The retirement age should be around 58 or 60’
|
And it is up to the contributors to manage that money. But sadly, EPF has found that contributors tend to go through that money rather quickly.
Their first survey shows that 70% of retirees use up all their EPF money within three years after retiring. A second survey done in 2004 shows them doing better – they managed to stretch their money up to 10 years.
But that might not be good enough given the fact that people tend to live a lot longer these days. In Malaysia, life expectancy for women is 76 years and for men 72 years, which means that after retirement they have to support another 20 years of living.
And on average, contributors have RM106,000 in their EPF account when they retire; and for a number of people the EPF is their only form of savings.
“If one reaches 55, the probability is he could live until 80 even up to 83. But you can't stretch that RM100,000 for 30 years. It’s not possible,” says Rusma.
While the private sector is deemed to offer better salaries and perks and a lump sum in the EPF, ironically it is the civil servants who tend to have it better after retirement.
Their monthly pension, which is half their last drawn pay, assures them at least of a continuous source of income regardless of how long they live.
“A good pension scheme is one where there must be regular payment. The quantum will differ but at least you are guaranteed of something,” says Rusma.
"Retirement ISN'T Important, BUT Being Able to IS"
Do we spend more over the weekend or holiday or over weekday/ workdays?
Everyday is a holiday when we retire, we are working for the '2 us'; the current us and the future us. We need to use money for current lifestyle and set a side some money for future lifestyle, as we need to spend money in our retirement with no money earned.
Hence, the future us are using the money which the current us is setting aside now...
 |
| We do not want this to happen to us.. |
"Can you retired?"
Malaysian Start Retirement Preparations Late
When do people start preparing for retirement? According to a Retirement Scope 2010 study, having children is a big turning point for working Malaysian (55%). Reaching a key age is also an important trigger (47%), which, combined with the first factor, explain why Malaysians wait a certain time before they start saving for retirement, it says.
Malaysians atart preparing for their retirement at a later age-39 years for Malaysian workers versus 35 years for workers in all the other countries surveyed. Among the young (defined in the survey as 25 to 34 years old), only 20% have started to prepare for retirement. Malaysian who have family responsibilities (57%) and those who have paid off their home loans (48%) prepare more for retirement.
In general, workers like to retire at 56 years and they expect to retire at that age, but those with larger family responsibilities increasingly want to retire later in life (58 years). There are also an increase in the number of people who want to work longer. The ideal retirement age for those working was 54 in 2007, but this has increased to 56 in 2010. Retirees quit working three years earlier than they would have liked (an average ideal age of 57 versus an actual average age of 54).
Malaysian are retiring earlier than their counterparts in the countries benchmarked in the survey (with the exception of China), while the working segment's ideal age of retirement is lower than the other countries (see chart).
Along with the late preparation for retirement, Malaysian workers' level of confidence in their own amount of retirement income has suffered a big drop since 2007.
Only 37% of workers consider that their future income will be sufficient, versus 62% in 2007 (lowest among 10 countries surveyed with the exception if Japan). Retirees are slightly more positive, with 46% saying it is sufficient. In Japan, however, the survey found a big gap, with only 11% of workers thinking tht their retirement income will be sufficient, and with 53 % of retirees it is sufficient.
The survey interviewed 520 working people aged between 25 and 75, and 517 retired or pre-retired aged between 45 and 75.
by Tan Su-Yin
Retirement Planning
Retirement is the second phase of life. I cannot guarantee that you will be rich; but I can guarantee that you will not be poor if you plan your retirement with the right saving scheme.
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