Malaysian - are worried about retirement. The HSBC’s Future of Retirement, A Balancing Act survey shows that more than two thirds of working aged people are concerned about running out of money during retirement.
Adding to that are troubling statistics released by the Randstad Workmonitor Q1 2015 survey which show that 82% of employees in Malaysia expect to retire between the ages of between 60 and 65 – well above the retirement age. These reports all point towards one undeniable reality, that is, the middle class think that they do not earn or have enough to save for their retirement.
To echo this point, the EPF 2014 annual report shows that the majority of savings accumulated in the EPF by the age of 54 are less than RM50,000 – hardly enough to live comfortably for a couple of years. By the age of EPF withdrawal, many Malaysians would find their funds depleted due to the many qualified withdrawals they had made beforehand.
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