So, you must have at least RM1 million in your account if you want to retire comfortably and sustain a healthy life, according to an investment consultant.
Sasinathan Krishnan of ReMark Malaysia said a study has shown that most retirees did not have such an amount in savings, prompting them to work again after retiring.
More worrying, the study found that people's savings in the Employees Provident Fund could only last up to three years, he told the audience at an investment seminar on Wednesday which was held in conjunction with Minggu Saham Amanah Malaysia (MSAM) 2010 here in Kuching.
Sasinathan suggested that the retirement age be revised to 65 years from the present 55 years. He felt that 55 was too "premature" for Malaysians to retire as countries in Europe and Japan, for instance, cap their retirement age at 65.
"The study also found that at the retirement age of 55, Malaysian employees become less productive two to three years earlier. In comparison, workers at that age in Europe and Japan still retain a high level of efficiency."
He noted that the failure of many Malaysians to save sufficiently before retiring was due to lack of discipline and inability to manage their money prudently.
More worrying, the study found that people's savings in the Employees Provident Fund could only last up to three years, he told the audience at an investment seminar on Wednesday which was held in conjunction with Minggu Saham Amanah Malaysia (MSAM) 2010 here in Kuching.
Sasinathan suggested that the retirement age be revised to 65 years from the present 55 years. He felt that 55 was too "premature" for Malaysians to retire as countries in Europe and Japan, for instance, cap their retirement age at 65.
"The study also found that at the retirement age of 55, Malaysian employees become less productive two to three years earlier. In comparison, workers at that age in Europe and Japan still retain a high level of efficiency."
He noted that the failure of many Malaysians to save sufficiently before retiring was due to lack of discipline and inability to manage their money prudently.
"I don't discount that this phenomenon is due to the strong family ties among Malaysians. Parents here expect their sons and daughters to take care of them when they are old. But this expectation is not entirely true as children could also become a liability, not just an asset," Sasinathan added.
Some of us have raked the millions, others are just living on the periphery of sustainability.
Whatever we are, millionaire or not, just count our blessings.
