Saturday, November 26, 2016

Do you have enough savings for your retirement needs?

  1. The average lifespan of Malaysians is 75 years. This means you need savings to sustain yourself for at least 20 years.
  2. Each senior citizen (who retires at 55 years old) needs RM228,000).
  3. 65% of EPF members - at age 54 - have savings of less than RM50,000.
  4. That would be RM950 a month for expenses till you are 75 to finance your basic retirement needs.
  5. With the effect of compounding, you will be surprised at what you can save in the long run.
  6. The earlier you start saving, the more money you accumulate when you retire.
  7. The amount needed for retirement depends on your needs and requirements, health condition and lifestyle.
  8. With an average of life expectancy of 75 years, the Malaysian population is expected to experience health problems in the last eight to 10 years of their lives.
  9. Have more than one source of income so that you will not depend on your EPF savings alone to support you through your retirement years.

Source : EPF / STAR

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