News – M’sians may not be financially ready to retire: survey

Do not retire early! You will not have enough money to support your standard of living once you’re out of the workforce. Our own concerned politician knew what best for us, by extending the retirement age just a little bit longer, you can continue to work a bit more longer in your current position until you are nearing the average death age of most people (For Malaysia – 70.8 years). If you think hard about it, once you realize that you have only couple of years to live after you retire (at age of 66), you will not be so worry. After all, all those working years (40++ years) is well spent and not to mention that your are contributing to our politician… oppsss… government your hard earn money in term of tax.

 

The CSIS East Asia Retirement Survey reveals that an astonishing 92 per cent of current retirees in Malaysia report that they had already left the workforce by age 60 and suggests that Malaysia’s pattern of premature retirement will likely persist. Malaysia is the only country in the survey whose fertility rate is above the 2.1 replacement level and the only one that will have a growing population and workforce in the coming decades, the report said.

“In China, the elderly share of the population will be approaching 30 per cent by 2040 -– and in Hong Kong, Singapore, South Korea and Taiwan it will be approaching 40 per cent. In Malaysia, it will still be under 20 per cent,” it said.

Malaysia’s early mandatory retirement age, however, offsets its demographic advantage in building an adequate and sustainable retirement system, it added.

 

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