A person should have saved enough money for his retirement by the time he stops working. But increasingly, this has become harder to achieve, owing to factors such as low interest rates and higher cost of living.For many individuals, their savings in the Employees Provident Fund (EPF) are not sufficient for their retirement years. In March, EPF CEO Datuk Shahril Ridza Ridzuan said nearly 80% of contributors who turn 55 this year would not have enough EPF savings to enable them to live on RM800 a month for the rest of their lives.
The Allianz International Pension Papers 2015 ranks Malaysia No 47 out of 49 countries based on its Retirement Income Adequacy Indicator (RIA), which ranks countries according to their potential to provide retirees an adequate retirement income.
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