- The average lifespan of Malaysians is 75 years. This means you need savings to sustain yourself for at least 20 years.
- Each senior citizen (who retires at 55 years old) needs RM228,000).
- 65% of EPF members - at age 54 - have savings of less than RM50,000.
- That would be RM950 a month for expenses till you are 75 to finance your basic retirement needs.
- With the effect of compounding, you will be surprised at what you can save in the long run.
- The earlier you start saving, the more money you accumulate when you retire.
- The amount needed for retirement depends on your needs and requirements, health condition and lifestyle.
- 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.
- 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