PETALING JAYA: Retirement is usually envisioned as a time when those in their golden years can sit back and reap the rewards of their decades of hard work.
However, with current economic conditions, do retirees or those approaching retirement age have enough to live comfortably?One even suggested that Malaysia make use of the hundreds of billions of ringgit floating around in limbo to create a buffer.
He said these bodies held assets and money amounting to RM321bil, adding that it was more than enough to kickstart the fund.“Payouts would also supplement the remaining savings in its beneficiaries’ EPF accounts,” he said, adding that federal and state governments or even private funds could be merged into this “superfund”.
“Those approaching retirement have a similar problem, where they may need to save more to have a pension that allows them to live better in a future where prices will be higher,” Prof Williams added. “Meanwhile, those in their 20s and 30s should start saving up more consistently through EPF schemes, alongside voluntary contributions,’’ he said.
“From an individual perspective, a useful rule of thumb would be to save at least 20-30% of monthly income, although this can vary by age, life stage, spending needs and priorities,” he said.“Through proper career planning, household budgeting and spending, alongside appropriate savings and investment strategies, they can stay ahead of inflation,” he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EPF should look into tiered dividends, Petaling Jaya MP says | The Malaysian InsightLee Chean Chung says this will provide highest returns to savings contribution.
Read more »
Damaged track causes delays on LRT Ampang, Sri Petaling lines | The Malaysian InsightRapid Rail closes service between Masjid Jamek and Bandaraya after kinks found in track.
Read more »
3 new Sabah assistant ministers sworn inPETALING JAYA: Three new assistant ministers took their oath of office before Sabah governor Juhar Mahiruddin at Istana Seri Kinabalu in Kota Kinabalu today.
Read more »
Covid-19 Watch: 132 new cases bring total to 5,035,205PETALING JAYA: Malaysia recorded 132 new Covid-19 cases on Wednesday (Jan 25), says the Health Ministry.
Read more »